The money was raised for the charity at the 2013 Formula Vee Motor Racing Festival, which took place at Mondello Park in July.
The latest Formula Vee event follows on from the success of the 2012 event, which was the largest car racing event to take place at Mondello Park for several years with over 5,000 people attending.
The money was collected through gate receipts, programme sales and a gala charity auction.
The cheque was presented by Steve Lynch, Marketing and Public Relations Manager for Dunlop Tyres, who said: "We are delighted to donate this money to Ireland's only children's hospice.
"We would like to thank everyone who donated money throughout the weekend and contributed to such a worthy cause.
"LauraLynn Children's Hospice supports children with life-limiting conditions and their families by providing high quality transitional care, home support, respite, crisis and end-of-life care."
Jane McKenna, Founder of LauraLynn, said: "Heartfelt thanks to all involved in the Dunlop Formula Vee Festival, for their fantastic support.
"Our service is a real lifeline and the funds raised will help support the children and their families who rely on our care, making the most of their short and precious time together."