Scarr and his business partner have placed a $1m price tag on the 2002 vehicle.
Only 285 of the M-Spec Nür were made.
The scarcity of the model and spec, its good condition, under 14,000km, and the demand make the car worth that price, especially to collectors, Scarr said.
He likened the car to an artwork: the older it gets, the more its value increases.
“If we say they’re a million dollars now, I’d imagine, like 10 years ago, they could have been $200,000.”
Although Scarr would not disclose what the car was purchased for, the same model and spec with 60,000km on the clock sold at auction for $730,000 in January this year, according to Auto Trader.
United States import regulations also play a role in their hefty price tag.
Restrictions mean only Japanese cars over 25 years old are able to be shipped into the country.
Importify Cars values its recently purchased Nissan GT-R at $1 million.
Americans have recently been allowed to bring the cars in, making values spike.
Nissan has been in contact with Scarr and his business partner, asking if the car could be displayed in showrooms across Auckland, he said.
Scarr said he was open to the idea, as he would like as many eyes on it as possible.
“It’s nearly a once-in-a-lifetime [opportunity] to see one of these cars in person.”
Made from 1999 to 2002, the R34 was the last edition of the old GT-Rs produced by Nissan.
The interior of the Nissan R34 Skyline GT-R M-Spec Nür.
The Nür spec, named after the famous Nürburgring racing track in Germany where the car was tested, came in two variations: V and M.
The M variation, which Importify Cars acquired, is more street-focused, coming with leather seats, while the V spec is a more track-oriented version.
Performance-oriented cars made for the Japanese domestic market (JDM) have become hugely popular worldwide, helped by the Fast & Furious film franchise.
The series early instalments highlighted the 1990s JDM tuner culture, giving popular cars such as the Toyota Supra, Mazda RX-7 and Nissan Skyline GT-R.
Paul Walker’s character Brian O’Conner famously drove an R34 GT-R in the 2003 flick 2 Fast 2 Furious.
That initial exposure led to an explosion in Japanese cars’ popularity across the globe, Scarr said.
“I talk to people of a younger generation that are like, 11, 12, 13 [years old], the young kids that are like growing up and the cars they want are these old Japanese cars.”
Although there would be interest around New Zealand, an overseas purchaser will likely buy the car, he said.