The most expensive Lamborghini in the world is a $4.8 million Aventador scale model (UPDATED)

€3.5 million, or $4.83 million, will buy you a lot of things, including 12 Lamborghini Aventador supercars. Why anyone would need that many Aventadors is beyond us, but what is even more mind-boggling is why someone would spend that much money on a 1:8 scale model of the new Lamborghini supercar. Yes, one is for sale and it’s priced at $4.83 million.

This unbelievable scale model was presented by former Mercedes-Benz engineer and German model maker, Robert Gulpen, at the Frankfurt Motor Show. Made from some of the most precious materials used for construction, the scale model Aventador comes wrapped in 1/1000mm thin threads of solid gold with carbon fiber forming the entire body of the car, and solid gold and platinum rims and interior to finish it off. On top of that, the material used on the windows is bulletproof glass and the Lamborghini logo adorned in the back is made from gold, platinum, and other precious gems.

All told, the whole project required €2 million ($2.8 million), which is insane just to read. The other half of that cost most likely comes as a result of 500 hours of build time.

The car is set to be auctioned off soon, possibly at Sotherby’s or Chrystie’s in New York or Dubai. Expect the model to fetch a starting bid of €3.5 million - $4.83 million - with part of the final purchase price going to charity.

Whether somebody’s insane enough to actually pay 12 times the price of an actual Lamborghini Aventador is besides the point. Paying $5 million for just about anything, let alone a scale model, is crazy enough.

UPDATE 12/02/2011: Robert Guelpen has decided to further increase the value of his Aventador by gilding it with gold. The car will be sold in December 2011 and will more than likely enter the Guinness Book of Records. The car features approximately 700 diamonds studded on each of the two seats inside, the chassis is made in solid gold, the wheel rims are platinum, and other elements are made of carbon fiber.

UPDATE 12/12/12: What was initially priced at €3.5 million ($4.8 million) at an auction in December in New York, Robert Guelpen’s Aventador scale model has been re-evaluated by Sotheby’s and now carries an estimated price of €10.5 million ($13.6 million!). That’s 65 times more expensive than an ACTUAL Aventador. Wow.

Hit the jump for a video showing off the Aventador scale model.