It was the first registration plate issued in Essex and belongs to Essex County Council, which had used it on the council chairman's car since 1904.

However, a suitable buyer - such as Mr Irvine or somebody else with Formula One-sized bank balance - couldn't be found and the number plate remains with the council, which was selling it to raise funds.

Although the Co Down man is well known for his champagne lifestyle, even he must have thought that the 101-year-old plate was a little on the pricey side - there was speculation that the reserve could have been as high as £350,000.

The plate went under the hammer at the Goodwood Festival of Speed in Chichester along with racing memorabilia.

Jon Baddeley of auctioneers Bonhams had forecast: "As a result of its worldwide appeal, we expect the F1 number plate to fetch a six-figure sum."

Another plate owned by Essex County Council - 1F - did sell, an unnamed telephone buyer forking out £144,500.

Had the F1 plate been snapped up, it was expected to become the world's most expensive. In 1993, a number plate reading K1 NGS was bought for £231,000 by the Sultan of Brunei.

While Eddie Irvine mightn't have his buyer power, the former race ace could still no doubt become the owner of the F1 plate should it make another auction house appearance.