Now here’s the first luxury convertible since 2002 and it is from Rolls Royce and will be unveiled in at Detroit auto show later this month. The Rolls Royce Phantom Drophead Coupé is due to start production in summer of 2007 at the luxury automaker’s Goodwood plant in England.

It will retail for $407,000, or about £208,000. It is the first Rolls convertible since it stopped production of the Corniche in 2003. This will only be the second car out since BMW took over the company. Jet aircraft maker Rolls-Royce Group had sold its motorcar division in 1980 to Volkswagen in 1998.

Production set to start in summer for this two-door, four-seat car that will have a 6.75-liter, V-12 engine. The roof will have five layers of material, lined with cashmere, to ensure quiet when the roof is up. The Rolls Royce brand is picking up in the US and motor enthusiasts will be eagerly awaiting the luxury convertible!