World's first flying car up for grabs for $1 million

The world's first flying car, developed in 1949 by an American designer, is up for sale for nearly $1 million.

Developed by inventor Moulton Taylor, the unique Aerocar could not only fly, it was designed to drive on roads, too. The flight system could be removed and towed by the car, then easily reassembled.

The car which cruises at a 177 kph has foldable wings to keep it a street-worthy size is now on sale for $938,340.

The 21-feet Aerocar is a two-place aircraft with side-by-side seating, four wheels, 30-feet wingspan and a single Lycoming 0-320 engine mounted over the rear wheels.

The Aerocar was set to take the world by storm but after almost 25 years of campaigning Taylor still could not strike a deal - he even lost a deal with auto giants Ford, the New York Daily News quoted Caters News agency as reporting.

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Along with the original prototype, only four others were ever built and now collectors are battling to own the startling piece of engineering history.

"This was the peak of 20th century design at the time and was close to taking the world's imagination by storm," Greg Herrick, of aviation enthusiast Historic Sales, said.

"There really was nothing like it around at the time and the design attracted so much attention - it was such an incredibly advanced piece of kit.

"It was on the front of newspapers, magazines, books and on TV shows across the globe - it's popularity was unprecedented.

"But the oil crash in the 1970s and a lack of businesses willing to invest eventually led to all interest fizzling away - to this day there is still nothing like it," he said.