Michael Schumacher news update is bad news for fans as wife Corinna has put up his private jet for sale for $20 million, which signifies that his traveling days might be over. The Formula One champion's Ferrari is also put up for the auction block.

According to the Michael Schumacher news update by London's Mirror, wife Corinna is selling the grey Falcon 2000EX jet, which is described as capable of flying eight passengers at 600 miles per hour. It also has a personal insigna for the Formula One champion on the tail.

When he was still active in Formula One, Michael Schumacher reportedly traveled between 300 to 400 hours every year using the jet around the world. When he wasn't competing, he uses the jet to fly his family to destinations, or shuttle his kids, Gina Maria, 17, and Mick, 15 to their school in Switzerland.

"But now everything is different. The world of the Schumachers has changed," a source told a German publication.

According to the latest Michael Schumacher news update, the seven-time champion is reportedly doing well as he continues his rehab in Lausanne clinic, just half an hour's drive away from their home in Gland.

Michael Schumacher lapsed into a coma after a serious skiing accident suffered in December 29 last year at the station Méribel in the French Alps.

Meanwhile, in a related Michael Schumacher news update, Fox Sports reported that the Ferrari used by the Formula One champion in his final year at the Scuderia in 2006 is being put up in the auction block for $3.3 million.

"Schumacher piloted Ferrari 248 F1 chassis No. 253 in the opening three races of the season, qualifying on pole in Bahrain before finishing second in the race," the site said. "Schumacher raced it to sixth in Malaysia, before crashing out of the same spot midway through the Australian Grand Prix."