A one-letter R license plate sold for HK$25.5 million ($3.18 million) at a state auction in Hong Kong, according to the South China Morning Post.

The auction was held on February 12 to mark the Lunar New Year. The event is held annually in the city.

This year, 49 lots were offered, including a license plate with the letter R. The auction, as noted by the newspaper, is held by the Department of Transport of Hong Kong. 

The initial price for a license plate with one letter was 5 thousand Hong Kong dollars, the newspaper said. Then the bids began to rise and the price went up to $2 million and then to $9.4 million. By the time the number was bought out, there were about 60 rounds of bidding.

The amount paid by a local resident was the second highest fee for a license plate in the history of the auction. Earlier in the event sold the number "W", also consisting of one letter. It was bought for HK$26 million (US$3.3 million), the newspaper said. 

Before the auction, market participants told reporters that the number with the letter R is expected to pay at least HK$10 million. They explained that the letter R is associated with race cars and is a lucky number in Chinese fortune telling. In China, the numbers 8 and 9 are considered lucky numbers, the newspaper noted.