A car which featured in the 1968 movie Chitty Chitty Bang Bang has been sold at an auction for $505,000 (GBP252,500). The 'flying' red and yellow car was bought by Florida resident Ralph Spencer at the auction in Indiana. Spencer, who also owns a Batmobile says, "I've always liked this car. I was a fan of the movie." The car had previously been displayed in a Chicago restaurant but was being sold off to pay off a bankruptcy debt, according to the auction listings.