A 1964 Peel P50 microcar – best known globally for its unforgettable appearance on an episode of Top Gear – has sold at auction for $85,000 by Donington Auctions, after it was found undisturbed in a Gold Coast garage.

The tiny three-wheeler, hailed by the Guinness World Records as the smallest production car in history, has fascinated enthusiasts for decades and this latest result reflects both its rarity and cultural significance.

Originally produced on the Isle of Man in the early 1960s, the Peel P50 was designed for one adult occupant and a shopping bag, powered by a modest 49cc single-cylinder engine. It had no reverse gear – owners were instead expected to lift and manoeuvre the car using a handle attached to the rear. Its compact design, weighing just 59 kilograms, made it as much a conversation piece as a mode of transport.

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This particular example, chassis D533, is an extraordinary barn find with single-family ownership for 49 years. It was purchased by a microcar enthusiast in the UK in 1976 for just £750 (A$1545), before being shipped to Queensland in 1988, where it remained hidden away in storage for nearly four decades.

Despite being repainted brown from its original Dragon Red, the Peel retains its originality and comes complete with its original buff logbook, confirming its early registration in Manchester in 1964.

Fewer than 50 Peel P50s were ever produced, and only around 27 are believed to survive, making this one of the world’s rarest microcars. Its fame skyrocketed after Jeremy Clarkson famously drove one through the BBC offices on Top Gear, squeezing into lifts and navigating tight corridors – an appearance that cemented its place in popular culture.

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The model offered at auction is currently non-operational but appears complete, offering an exciting restoration opportunity for the successful buyer.

Included in the sale was a trove of historical documents, including customs papers, MOT records and correspondence with the Peel Register and National Motor Museum.

With values for authentic Peel P50s climbing steadily – one example sold in the US in 2016 for more than US$170,000 – this $85,000 result underscores the enduring appeal of one of motoring’s smallest giants. For collectors seeking the ultimate conversation starter, the Peel P50 remains in a class of its own.