Chevrolet put the first 2014 Corvette Stingray up for auction last week at Barrett-Jackson in Scottsdale, Arizona. With a VIN ending in 0001, it was expected the all-new Corvette would fetch big money. What no one expected, however, was that it would fetch quite this much.

The winning bid: $1.1 million, according to Motor Authority. And who was crazy enough to pay that hefty amount? NASCAR team owner Richard Hendrick.

Hendrick also recently paid $270,000 for a rare 1958 Corvette owned by former General Motors CEO Dan Akerson. On top of that, Hendrick also shelled out $1 million for a 1968 Corvette racecar. Clearly, Hendrick is one wealthy Corvette collector.

What makes the price even more staggering is when you put it into perspective. The first 2013 SRT Viper only fetched $300,000 at auction – virtually peanuts next to the Stingray’s winning bid.

Funny thing is, Hendrick will have to wait until fall before he’ll receive his $1.1-million-dollar Stingray. C7 production in Bowling Green, Kentucky isn’t scheduled to begin for six months or so. The one rolled onto the Barrett-Jackson stage for auction was a test model.

When Hendrick’s C7 is delivered, however, he’ll be the owner of one of the most capable Corvettes ever. Powered by the new LT1 6.2-liter V8, the Stingray will produce 450 horsepower and 450 pound-feet of torque and be capable of 0-60 run in 3.9 seconds.

For those of us not blessed with a vast fortune, you can look for the Stingray to start somewhere around the $50,000 mark and will go on sale late 2013.