That's the total Richardson Bike Mart is hoping to raise in a charity auction of a gold and diamond adorned Trek Madone 5.9 SL. This Texas bike shop sold Lance Armstrong his first road bike and helped him start his cycling career.

Think £5000 is high price for a bike? How about £57 000?

On Sunday, the specially-commissioned bicycle will be unveiled at Richardson Bike Mart.

Jeweller Alan Friedman has manufactured a ‘Diamond 7’ plaque which will be affixed to the front of the bicycle. The plaque is made in 14K white and yellow gold and contains seven one-carat intense vivid yellow handmade-in-the-USA Gemesis diamonds, each representing one of Armstrong’s Tour de France victories.

Jim Hoyt, owner of Richardson Bike Mart, said: “This is a special bike honouring a very special person. We designed a Diamond 7 emblem set in a spoke pattern glittering with diamonds and set it on a reproduction of the bike that Lance rode victoriously into Paris."

The Madone 5.9 SL was donated by Trek.

The bicycle will be auctioned at the annual Lance Armstrong Foundation Gala in New York on October 19th.

"Our goal is to raise in excess of $100,000 for the foundation. This could make it the most valuable bicycle in the world," said Hoyt.

Alan Friedman, a third generation Beverly Hills jewelry designer renowned for coloured diamonds, designed and hand crafted the emblem in Los Angeles.

Richardson Bike Mart started a shop-sponsored cycle team in 1983. Lance Armstrong – who lived across the street from the store – bought his first road bike from Jim Hoyt and joined the shop team in 1987 as a junior, his first ever cycling team.

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