Classic boat sells for $1.1 million

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A 600-horsepower 1953 Ferrari-powered speedboat sold for $1.1 million Saturday at an auction in Monaco.

The Timossi-Ferrari Arno XI Racing Hydroplane set a world speed record for its class in 1953, going 150 miles per hour. The boat was sold by the classic-car auction firm RM Auctions.

Click here for the full report by CNN.