Introduced in 1936 as the successor to the legendary 500K, the 540K was advertised as the fastest production car in the world. It featured a 5.4-liter 8-cylinder engine with a Roots-type supercharger. This 540K was bodied by the English coachbuilding firm, Mayfair. A total of 419 540K chassis were built and 11 standard body styles were created for them by the factory at Sindelfingen, so very few carried custom coachwork.

This example was originally shipped from the factory on October 7th of 1936 to the factory store in Paris, France. Ralph Englestad of Las Vegas, Nevada acquired it in 1995 and treated it to an extensive restoration. It was sold in 2002 to General William Lyon. In 2011 it was shown at the Pebble Beach Concours d'Elegance as part of the 125 Year Celebration of Mercedes-Benz.