1963 Ferrari 250 GTO Sells for $52 Million
A privately owned Ferrari becomes the most expensive car ever.
There is clearly something special about the Ferrari 250 GTO, as a recent sale of a 1963 example just became the most expensive car in the world with its price of $52 million, shattering the previous record of $35 million set by a Ferrari 250 GTO last year. According to Bloomberg, the car was sold by Connecticut-based car collector Paul Pappalardo to an unidentified buyer.
Only 39 Ferrari 250 GTOs were built between 1962 and 1964, and this particular red car (not pictured here) was acquired by Pappalardo in 1974. Pappalardo reportedly raced the 250 GTO in numerous heritage race series and restored the car as well.
The Ferrari 250 GTO is one of Ferrari's most exclusive and desirable models ever made. Built as a homologation special of Ferrari's 250 that competed in the Grand Touring Car category of the FIA's racing series, the 250 GTO was powered by a 3.0-liter V-12 engine. Originally priced at $18,500 in the U.S. when new, prices for examples of the rare 250 GTO began to rise significantly in the 1980s.
"Today the GTO is considered the top car to own," Don Williams of Blackhawk Collection, a classic car dealership in California, told Bloomberg. "It's like the Mona Lisa. It has a mystique. If you have a GTO, you have a great collection."