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If you thought the only things being released for Chinese New Year were small streetwear items, you’d be mistaken!

To celebrate the year of the dragon, Rolls-Royce has released a $1.2 million version of their popular Phantom model.

The average going price for a regular Rolls-Royce Phantom is $380,000, so you’d think one that’s almost triple in price might just sit in showrooms collecting dust. However contrary to popular belief, the car has completely sold out.

PHOTOS: Year Of The Dragon Soars In & Gets Specialty Items Made To Celebrate!

Rolls-Royce has not released any information about how many cars were actually sold, but we do know that it was available exclusively in China, a country whose number of millionaires has now risen to third worldwide behind the United States and Japan.

As a result, Rolls-Royce reportedly plans to add another ten dealerships to its current network of 14 in China by the end of 2011.

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The added bonuses that set this car apart from other Rolls is a gold-colored “coach line” (that being a pinstripe down the flank) to dragons inlaid in the wood and embroidered into the leather – all aimed at marking the new year on the Chinese calendar.
You can take a look at some close up shots of the special edition Rolls-Royce Phantom in the accompanying gallery above.