Several media outlets are reporting that an undisclosed buyer has agreed to purchase a 1936 Bugatti 57SC Atlantic for between $30 and $40 million, making it the most expensive car ever sold at auction.

The vehicle, which once belonged to late car collector Peter Williamson, has been declared the most valuable car in the world by Autoblog Magazine. The previous record sale for a car at auction occurred last year, when another undisclosed buyer paid $12.2 million for a 1957 Ferrari 250 Testa Rossa.

“I am extremely pleased to have found the new buyer for the 1936 Bugatti Type 57SC Atlantic, one of the world’s most significant and valuable automobiles that has been in a private collection and rarely seen during the past four decades,” said David Gooding, founder of Gooding and Company, the automotive auction house that brokered the deal.

As with most high-end purchases, the auto auction refused to identify the new buyer. However, Gooding did indicate that he or she is “a devoted connoisseur” of automotive history. The only other 1936 Bugatti 57SC Atlantic in existence today is owned by famed fashion designer Ralph Lauren.