Little has been known about the true health condition of Michael Schumacher, but the former Ferrari president reaveled some information. According to Luca di Montezemolo, the racer's health is "not good". Now, here are the latest updates on the health condition of Formula One's legend Michael Schumacer.

The seven-time racing champion was put in an induced coma following a horrible skiing accident in the French Alps.  The racer is reportedly recovering with a team of 15 medical specialists in his home on the shores of Lake Geneva.

Schumacher's family remains tight-lipped about the developments of the racer's recovery, with very few updates in media.

In an interview with reporters on Thursday, former F1 president gave some details about the racing champ's health but refused to elaborate in any way. "I have news and unfortunately it is not good," Di Montezemolo told in the Telegraph. "Life is strange. He was a fantastic driver and only had one accident with Ferrari in 1999 [Schumacher broke his leg in an accident during the British Grand Prix]."

Every day, millions of racing fans search online to have details about Schumacher's health condition, but reports are not updated and sometimes fake.  Schumacher's media lawyer Felix Damm has requested to respect the racer's privacy.

According to Daily Mail, Michael's rehabilitation costs US$150,000 weekly. Because of the high cost of his health maintenance, Schumacher's wife Corinna decided to sell some of their prized possessions.

Corrina sold their private jet, which costs around $37.2 million, when she realized that the racer would never fly again. Also, she sold off their holiday home in Norway last year knowing that her husband would never visit it again, according to German magazine Bunte.

During the opening of an exhibition of Schumacher's career in Germany, his manager Sabine Kehm said she hopes the racer will visit the exhibition someday, as per reports from The Guardian.

The 47-year old German racer is widely recognized as one of the greatest in motoring sport. He emerged victorious in 91 races from 1991 to 2006. In addition, he won five consecutive titles from 2000 to 2004, making him the most decorated driver in Formula One history. Schumacher retired from racing in 2012.

Pope Francis offered prayers for the faster recovery of the racing legend, according to a report from Express.co. The pontiff also supported a Formula One-led road safety campaign that aims to reduce the number of road accidents.