A 10 years old bright red Ferrari which was owned by President Donald Trump went on the auction block in Florida on Saturday and the Ferrari also sold for $270,000, the auctioneers said.

Bidding the 2007 Ferrari F430 F1 Coupe was expected to be between the cost of $250,000 and $350,000, the Bloomberg reported.

On the Fort Lauderdale auction block, at which 'Hail to the Chief' played over the sound system, the highest bid was $245,000, which was $5,000 below the reserve price.

But just after few minutes it left the podium, the Ferrari sold for $270,000, said the Auctions America, reported the CNN Money.

The organization did not provide details of who purchased the Ferrari, or the person who sold, the car.

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'Similar versions of the model without the celebrity provenance traditionally bring between $125,000 - $175,000 depending on mileage, condition and optional equipment,' said the Auctions America spokeswoman Amy Christie.

Mr Trump bought the Ferrari in the year 2007 and owned it for four years, which is enough to add on 3,860 kilometres (total mileage of the car is nearly 9,660 kilometres). It is certainly the only supercar to have been owned by the sitting president. Maybe the car would gain more worth if Mr Trump still owned it. The car was offered to the auction house by its second and the current owner.

President Trump’s Lamborghini Diablo sold for $460,000 in the September last year on eBay. That was 75 per cent higher than the today’s current average price for Diablos.

Mrudula Duddempudi.