A 1958 Chevrolet Corvette sold on Saturday, Jan. 19, for $270,000 in a charity auction for Habitat for Humanity Detroit.

The car was owned by General Motors Chief Executive Dan Akerson and bought by Richard Hendrick, a corvette collector and owner of the American NASCAR team Hendrick Motorsports. Akerson was not present at the auction, which was held in Scottsdale, Ariz., but he watched the action live from the Detroit auto show, according to Detroit News.

Proceeds from the auction help the charity with its improvement projects in Detroit's Morningside Commons neighborhood.

"I believe everyone, Individually and collectively and every company should do their part to help rebuild Detroit. It's commitment to Detroit, and specifically the Morning Side neighborhood, which we're trying to raise money and help for," Akerson said.

Chevrolet built 9,168 Corvettes in 1958 and only around 500 of them exist today. The car's design was inspired by the American sports car the C1 and features four headlights. Akerson's model is Regal Turquoise and has white "coves" along with a hardtop convertible. It is considered a rare collector's item.

Akerson's car was one of five Chevrolet sports cars sold at the auction. Also sold at the auction was the first retail 2014 Corvette C7 Stingray, which Hendrick bought for $1.05 million plus 10 percent buyer's premium.

The Corvette C7 was unveiled last week at the Detroit Auto Show. It is lighter in weight (around 300 pounds), thanks to lightweight composite body panels, and easier on fuel than the C6. It is also smaller in overall length compared to the C6 and does not have a split rear window like its predecessor.

Also at the auction on Saturday, a 2012 COPO Camaro Convertible sold for $400,000, celebrity chef Guy Fieri's personalized 2013 Corvette 427 Convertible Collector Edition for $270,000 and a 2013 Camaro ZL1 for $150,000.

The first Chevrolet ever sold, the Series C Classic Six, was in 1912 and was priced at $2,500. The brand was founded only a year earlier by racer and mechanic Louis Chevrolet and General Motors founder William "Billy" Durant.