Pricing includes a $1,250 destination charge and a $1,700 gas-guzzler tax.
In comparison, the base 2015 Audi R8 starts at $120,150, including shipping and a gas-guzzler tax.
The R8 competition is street legal. Just 60 units will be made available to Audi's U.S. dealers. Buyers can order the R8 Competition in November, with deliveries expected in early 2015.
The high-performance R8 Competition features a 570-horsepower 5.2-liter V10 engine mated to a seven-speed S tronic transmission. It has a top speed of 199 mph and sprints from zero to 60 mph in 3.2 seconds, according to the automaker.
"The R8 competition is engineered to push the limits, sharing the same naturally aspirated V10 FSI engine as the Audi R8 LMS racecar which has won Daytona and Nurburgring 24 hour races, as well as all other major GT races around the globe," said Audi of America in a statement on Tuesday.
Matte carbon elements embellish the R8's exterior, including a fixed rear spoiler, mirror housings, side blades, front spoiler and rear diffuser. The cabin is equipped with more matte carbon-fiber touches, including the center console.
This is not the most expensive version of the R8 ever. A limited-edition version of the 2012 Audi R8 GT Spyder had a base MSRP of $213,650, including a $2,100 gas-guzzler tax and $1,250 destination charge, the automaker said.
Edmunds says: This collector's item is bound to be snapped up in short order.