World's first flying car up for sale for nearly $1M

The world's first flying car, which was developed by inventor Moulton Taylor in the 1940s, has sparked nearly 1 million dollars bidding-war among high flying enthusiasts.

The first-ever Aerocar could not only fly but it was designed to drive on roads, too and it is complete with foldable wings to keep a street-worthy size.

The madcap collectors are battling to own the startling piece of engineering history, which is still able to cruise at a cool 110mph, the New York Daily News reported.

The 21ft Aerocar, which is up for sale for 600,000 dollars, is a two-place aircraft with side-by-side seating, four wheels, 30ft wingspan and a single Lycoming 0-320 engine mounted over the rear wheels.

The propeller is mounted at the end of a long tail cone, and the latter is angled up considerably, to provide adequate propeller clearance.

Its cruise speed is 100mph, and it initially sold for 25,000 dollars.