Ferrari has once again broken records, however, this time it isn’t on the track. A 1963 version of its 250 GTO model has sold for an eye-watering $52 million (£32 million), making it the world’s most expensive car.
The stunning red model was once owned by American collector Paul Pappalardo, but is now the property of an unknown buyer. The private transaction was confirmed by three specialist traders, according to Bloomberg.
In true Ferrari style, the record hasn’t just been broken but absolutely smashed, with the $52 million price tag being an incredible 49 per cent increase on the past holder. However, this was also another Ferrari 250 GTO and it appears that many people with plenty of cash to splash are happily doing it for these premium, vintage models.
It’s possible that the unknown seller could be beaten to the record-breaking title sooner rather than later, as the price of classic cars, especially Ferraris, are escalating quickly. However, there are concerns that this could spark a bubble in the market.
California-based dealer Don Williams told Bloomberg that the GTO is the “top car to own”, even going as far as comparing the model to a famed piece of art by Leonardo da Vinci.
“It’s like the Mona Lisa. It has a mystique. If you have a GTO, you have a great collection,” said Mr Williams.
Ferrari 250 GTO
The Italian manufacturers first crafted the Ferrari 250 GTO in 1962 to compete at the Le Mans 24-Hour and other Grand-Touring car races. It’s easy to see that the model was built for speed, and with its stunning curves and classic interior, it was a head turner from the start.
All this, combined with the fact that just 39 models were produced, it’s takes no real explanation to determine why the Ferrari 250 GTO has become the world’s most attractive and expensive car.
As mentioned earlier, the model is no stranger to breaking records. A specially-crafted version was produced in 2012 for British racing driver Stirling Moss. The apple-green variant of the classic racing car sold for a record-breaking $35 million, according to a report from Bloomberg.
The money is well-spent too, as the Ferrari has a competition history that distinguishes it from many of its rivals. French driver Jean Guichet drove a GTO to victory at the 1963 Tour de France road race, showing the world that few can keep up with the Italian’s standard.
Discreet private sales often provoke the most astronomical prices. Nick Mason, drummer of British rock band Pink Floyd, is among some of the biggest famous faces to have stumped up the cash for their own Ferrari GTO. Offers often range from $40 million and $50 million, according to dealers.
The famous drummer was among the many GTO owners who gathered in France last year for a special 50th-anniversary event. He was in good company too, as the likes of Goldman Sachs banking scion Peter Sachs; Rob Walton, chairman of Wal-Mart; and Lawrence Stroll, the financier who built Tommy Hilfiger into a global brand in the 1990s, also made it along to the exclusive meeting.