TERRE HAUTE, Ind. (AP) — The Rose-Hulman Institute of Technology is preparing to auction off a luxury sports cars owned by a graduate of the western Indiana school.
School officials say the 2015 McLaren P1 is expected to sell for between $2 million and $2.3 million at the March 10 auction in Florida.
The proceeds will endow a new chair at the Terre Haute campus. School officials say the Alfred R. Schmidt Chair will support transformative classroom experiences and boost interactions with top scholars.
The gas-electric hybrid car made by Britain's McLaren Automotive can reach speeds of 150 mph. It's owned by a Rose-Hulman alumnus who wishes to remain anonymous.
School President Jim Conwell says it's fitting the "high-performance, beautifully engineered" car will represent the school known for its undergraduate science, engineering and mathematics programs.