A 1962 Ferrari 250 GTE has made auto history after being the most expensive car sold at an auction, fetching a whopping $38 million.
The car was sold at the Quail Lodge auction in Monterey, Calif., and while it did break records, some expected the car to go for as much as $50 million.
The car is one of only 39 Ferrari 250 GTO's ever made. These cars were only in production between 1962 and 1964.
The auction was made up of a number of collectors, with bidding starting at $11 million and progressing to $31 million within a minute. The auction then progressed in $100,000 increments until the car was finally sold for $34.65 million. Since 10 percent of the final price is added for buyer's fees, it brings the total to around $38 million.
The car, like many of its era, was not immune to accidents. This particular model was crashed and rebuilt more than once. Henri Oreiller, a French race driver and retired Olympic skier, crashed the car into a building and died shortly after. Experts speculated that the crash could diminish the value of the car, but others suggested that the car's history and rarity would make it even more valuable.
The Ferrari 250 GTO is one of the world's rarest cars, and has a history of being the most expensive car ever sold. Last year, a 250 GTO claimed that title with a price tag of $52 million. Before that, another 250 GTO claimed the title, being sold for $35 million. That car took the most expensive car title from, you guessed it, another 350 GTO, which sold for $28.7 million. The car that was just sold was not the most expensive car ever sold, but it is the most expensive ever sold at an auction.
Several other cars were sold at the auction for rather large price tags. A 1958 Ferrari 250 GT Series 1 Cabriolet was sold for $6.82 million, among others. Despite these sales, the 1962 Ferrari 250 GTO was the clear highlight of the event.
The seller of the car was Fabrizio Violata, who acquired the car in 1965 for only $4,000. The fact that one person has owned the car for the last 49 years also helps to increase its value.
The title of the most expensive car ever sold at an auction was taken from a 1954 Mercedes-Benz W196 R F1, which sold for $29.6 million in July 2013.
