Dubai P7, world's most expensive number plate price, sold for a record breaking amount

‘Most Noble Numbers’: Why the car number plate 'P7' became the world's most expensive

For a vanity number, aka a VIP number, people frequently pay millions. Plate number 'P7', which at first glance appears to be the number '7' by itself with the 'P' off to the side, became the most expensive licence plate after it was sold for a whopping 55 million dirhams (Rs 123 crore) in Dubai

PICTURE FROM THE AUCTION

During the “Most Noble Numbers” auction, which was held in association with Mohammed bin Rashid Al Maktoum Global Initiatives and took place at the Four Seasons hotel in Jumeirah, plate number “P7,” which at first glance appears to be the number ‘7’ by itself with the ‘P’ off to the side, was put up for auction.

How Was Money Raised

The money raised, which was close to 100 million dirhams ($27 million or ~Rs 222 crore), will go to the Sheikh Mohammed bin Rashid-founded One Billion Meals Endowment campaign, a global food project.

Taking to Instagram, the auction house wrote, “We are proud to announce that the ‘Most Noble Numbers’ charity auction organised by Emirates Auction has set a new world record and entered the Guinness Book of Records!”

“Plate number P7 was sold for a whopping 55 million dirhams, making it the most expensive number in the world. We are thrilled that the proceeds will go directly towards supporting the ‘1 Billion Meals Endowment’ campaign, which aims to establish the largest Ramadan sustainable food aid endowment fund.”

The bidding

For a vanity number, often known as a VIP number, people frequently pay millions of rupees. The main explanations for its strong demand, according to the Times of India, include superstition or religion, numerology, uniformity, status symbolism, ease of remembering, having money will spend it, and more.

Outside of the Middle East, the VIP licence plates have also fetched staggering prices: earlier this year, the single-letter “R” plate was purchased for HK$25.5 million ($3.2 million or ~Rs 263 million) at an auction in Hong Kong.

In order to raise money for charity, the UAE regularly auctions off vanity licence plates that the super-wealthy use to flaunt their rank and wealth.

The P7 licence plate had a beginning bid of 15 million dirhams (~Rs 33 crore), but it quickly increased to almost 30 million dirhams ( Rs66 crores )

The proposal was made by Pavel Valeryevich Durov, the founder of the Telegram app, a French-Emirati businessman, and it remained at 25 million dirhams (~Rs 55 crore) for a while.

The bid panel number seven, who intended to stay secret, raised the price swiftly till it reached 55 million dirhams.

As each bid was made, the audience roared and applauded but its still not revealed that which unknown has purchased the record-breaking unique licence plate.

YOU CAN WATCH THE OFFICIAL VIDEO OF THE AUCTION POSTED ON YOUTUBE YESTERDAY