First Ford Falcon XR8 Sprint sells for $92,500

The first retail Ford Falcon XR8 Sprint has sold for $92,500 at auction to raise funds for research into a cure for Type 1 diabetes.

Sydney businessman David Pearce submitted the winning bid, purchasing the car to lift his brother Mark's spirits, who is suffering from acute health difficulties.

The Pearce brothers are die-hard Ford fans, the XR8 Sprint joining a restored 1978 XC Falcon in the garage, which Mark learned to drive in.

The majority of the auction proceeds will go to the Juvenile Diabetes Research Fund (JDRF) to support the Artificial Pancreas Project, which aims to automate insulin pumps and ultimately offer a technological cure for Type 1 diabetes.

On top of donating the XR8 Sprint for auction, Ford Austraila has also donated a further $60,000, which builds on the $500,000 donated over the past 15 years.

Officially, Ford's final fast Falcons have sold out, however a number of cars remain with dealers.