A rare Bentley which has lain gathering dust for years has been bought for almost four times its estimated value - but still needs a full restoration . The 1954 Bentley R-Type Continental Fastback was estimated to sell for around £200,000 by auctioneers but ended up being sold for £739,212 - a record for the auction house . Originally commissioned by Welsh racing driver R D Weatherall and painted in his racing colour of purple - the license plate still bears his initials . The 1954 Bentley R-Type Continental Fastback ( pictured ) sold for almost four times its estimated value . The rare Bentley needs a full restoration after it was allowed to gather dust in a barn over the past 15 years . More than 45 people placing bids on behalf of bidders from around the world in the room , over the phone and on the internet . The Bentley eventually sold a to an anonymous British car collector - who faces the task of restoring the car to its former glory . But when it is ready , it could be worth more than £1million - and would prove itself a wise investment for the buyer . A strong market and rising prices mean vintage vehicles are increasingly popular as financial investments - and the value of some classic cars rose by 257 per cent between 2005 and 2013 , it was recently reported . But when it is ready , it could be worth more than £1million - and would prove itself a wise investment for the anonymous British collector who bought it . Earlier this week , a clapped out 1962 Aston Martin DB4 Series III went on the market - offering car fanatics the chance to restore the virtually untouched vehicle - with the promise of being worth three times its £220,000 price tag when finished . The R-Type was the second series of post-war Bentley automobiles , replacing the Mark VI . It was considered the epitome of British luxury in the 1950s as well as being the first car to carry the Continental nameplate . It was the fastest production car of the period as it could reach 120mph . But despite its speed capability , the Continental model was produced specifically for the domestic market in continental Europe . And despite vehicles having the same uniform style , each car was unique in detail and unlike almost every car of its time , the Continental had an all-aluminum body . Richard Charlesworth , Bentley 's director of royal and VIP relations , described the 1954 Bentley as 'one of the rarest and most iconic cars of its time ' as only 218 were made . He also referred to it as 'almost the Bugatti Veyron of its day ' . However , this white model is far from fast after spending the past 15 years gathering dust in a barn . When new , the Bentley was the world 's fastest four-seat car - capable of 120mph . This was thanks to a 4.9-litre engine which developed almost 180bhp - a large figure for a 61-year-old car . Tony Cavell , director at Barons , said the winning bid was 'an absolutely fantastic result ' . He added : ' A 'lost ' car always attracts collectors ' attention , and when it 's such a rare , iconic and valuable machine , that interest can lead to a frenetic bidding battle such as we saw yesterday . 'It will be fascinating to see the 'journey ' the Bentley now takes , as its restoration commences . ' This virtually-untouched 1962 Aston Martin DB4 Series III went on the market for £220,000 will be worth three times the price if fully restored .
The Bentley R-Type Continental Fastback was expected to sell for £200,000 . But an anonymous car collector bought it for £739,212 in Surrey 1962 . When the vintage car is restored , it could be worth more than £1million . Described as 'one of the rarest cars of its time ' as only 218 cars were made .