The Ultimate Convertible.

$360,000 for a car? That's what Rolls-Royce is charging for its new Corniche, which will disappear forever after 2003

EVEN on the bumpy, rutted boulevards of Hancock Park, something happens hind the wheel of the new Rolls-Royce Corniche: You suddenly feel as if you were driving on bed of silk.

It's no wonder. The new Corniche is the largest, most expensive convertible in the world. It doesn't really drive; it glides so effortlessly that you feel as if you were sitting on a plush sofa waiting for your valet to arrive with a dry martini.

But you'd better hurry if you want one. Only 600 of these boulevard cruisers will be made worldwide -- 200 a year -- and the last is expected to roll off the assembly line in England on Jan. 1, 2003 when BMW takes control of Rolls-Royce.

Volkswagen AG bought the Rolls-Royce factories in 1998, but the Rolls nameplate was sold to BMW. The German luxury-car maker has no plans to build any more Corniches after it takes over in three years -- quite a blow for Rolls-Royce, for which the Corniche long has been the flagship car.

"The Corniche is a symbol of wealth and panache," said David Gooding, senior vice president of Christie's International Motor Cars. "It is the pinnacle convertible you can buy."

It should be. At a price tag of $359,990 -- $410,454 with taxes - it costs more than most houses in Los Angeles.

Many buyers in L.A.

"It's like the people at Rolls-Royce are turning to its new owners and are saying, 'We are going to show you how to build a world-class motor car, the ultimate luxury motorcar," said Paul Dean, publisher of the Robb Report, a magazine that chronicles luxury lifestyles; 'This car is Rolls' last hurrah."

These new hand-built Corniches, which can go 500,000 miles before a major overhaul, are arriving in Los Angeles showrooms while a roaring bull market grips Wall Street, churning out a record number of millionaires who are looking for ways to spend their money.

While only 200 will be made a year, 107 are expected to be sold in the United States -- of which half are likely to go to Southern Californians. Miami, New York and Palm Springs are also major cities for the new convertible.

Of course, you don't just run down to the dealership and pick one up. The cars are ordered to buyer specifications, and it takes six to nine months from order to arrival.

And they're not necessarily destined for Hollywood movie stars and major sports figures. The target buyer is a 48-year-old businessman with an average income of $14.4 million. (The potential variation in this demographic stems from the fact that rap music stars have recently discovered Rolls-Royces.)

"The people who buy these cars don't chase publicity," said John Crawford, a spokesman for Rolls-Royce's American division. 'Their wealth is not visible."

The Corniche buyer will probably have seven or eight other cars in his garage. As a result, the average Corniche is expected to be driven less than 5,000 miles a year, with an average yearly maintenance cost of between $2,000 and $5,000.

"It's the kind of car where you put down the top and cruise up the coast," said James R. Murphy, customer relations manager for Rusnak Rolls-Royce in Pasadena.

While men are most likely to buy the car, it is believed that it will ultimately be driven more by the lady of the house.

Entirely redesigned machine

The new Corniche is an entirely redesigned car. Gone is the boxy look of previous Rolls-Royces, replaced by a more aerodynamic machine that weighs slightly more than three tons. The new car is powered by a 6.75-liter, turbo-charged V8 Rolls-Royce engine that can push 125 mph. VW engineers decided to keep the older Rolls V8 engine, but refined it by using VW-Audi technology.

Road & Track magazine recently put a new Corniche through a test drive and declared, "Driving the Corniche is genuinely a feel-good experience. Front occupants have ample room; those in the rear have elevated seating that's great for the view (and a little discreet wave)."

The original Corniche was built in 1971 and ended its run in 1995. Its predecessor was the Silver Shadow convertible, which began its life in 1968 and ended its run three years later.

In recent years, the sporty, high-performance Bentley has stolen much of Rolls' thunder, outselling the Flying Lady (or officially the Spirit of Ecstasy, as the Rolls hood ornament is called), by five to one. The Corniche, which is named after the twisting mountain roads between Monte Carlo and Nice, may help change that.

"The Corniche is a statement of refined sportsmanship," said Christie's Gooding. "It's not a sports car. It's a big convertible. It's not a Jaguar or a Ferrari, which are more raw and unrefined. This is a gentleman's pleasure car."

World's slowest assembly line

Why does this ragtop cost so much?

The answer is in the quality of the car's craftsmanship -- its 15 coats of paint, its rich English leathers, its woods, its plush lamb's-wool carpeting and on-board computer systems that make the car react faster than any human being, especially in emergencies.

It takes 19 weeks to make one Corniche on what is billed as the world's slowest assembly line. Everything is custom-ordered by the buyer from a list of options. Unlike American cars, there are no warehouses jammed with Rolls-Royces awaiting buyers. Moreover, Rolls buyers are encouraged to visit the assembly line to see their car being built.

For a demanding high roller, a CEO or a Middle Eastern potentate, the $359,990 base price could soar after amenities like a refrigerator bar, bullet proofing, a DVD player or a diamond-encrusted steering wheel are tacked on. The company makes no judgments on the taste of its car buyers.

"A Jaguar is 90 percent of what a Rolls is," Rusnak's Murphy said. "The last 10 percent makes the difference. If Jaguar will spend $100 on a part, Rolls will spend $400, because the company knows that at $400, it will be perfect Money is no object to make the ultimate vehicle."

Christie's Gooding said the $400,000 price tag, while steep, shows that Rolls-Royce can charge the sky for the Corniche because there is so much wealth in the world, especially in the United States.

But are the cars good investments? "It's hard to say," he said. "Rolls' older convertibles from the '50s and '60s have always had a strong following. They (the new Corniche) are only going to be built for three years, which will help, and like anything the laws of supply and demand come into play, and supply is limited."

Robb Report's Dean agreed. "It's an instant collectible," he said, "and what makes a collectible is a car that is very rare, small production and the end of the line. This is the last pure Rolls."

Rolls-Royce Corniche

Body Type: Five-passenger, two-door convertible

Base Price: $359,990

Engine: 6.75-liter, turbo-charged V8, 325 hp

Transmission: Four-speed automatic

EPA Mileage: 11 city, 16 highway

Fuel: High-octane

Top Speed: 135 mph

Curb Weight: 6,031 pounds

0 - 60 mph: 8 seconds