A Ferrari GTO became the highest-priced car sold in an auction after it was put on sale for a mind-boggling $48.4 million tag on Saturday.
It eclipsed the previous record of $38.1 million paid for a 1962-63 Ferrari GTO at a Bonham's auction in 2014. The vehicle, which was presented by RM Sotheby's in the annual Monterey's car sale, was projected to sell in the range of $45 million to $60 million.
The luxurious ride was sold by Greg Whitten, chairman of Numerix Software Ltd and an early Microsoft Corporation employee, which bought the automobile in 2000. Sotheby refused to reveal how much Whitten purchased it for, but reiterated that the market value of such Ferraris at the time was in the distance of $10 million.
Ferrari manufactured 36 models of the automobile in the span of 1953 and 1964. These cars spawned the most expensive prices among all classical cars in the past few years, with a 1963 version sold for $70 million in a private transaction earlier this year.
Not Just A Typical Ferrari
Designed by Pininfarina, the Ferrari 250 GTO is built in with an improved bodywork that is comprised of a 3.0-liter V12 engine, a perpendicularly raked windshield, more immense track, and loftier tires. The version sold in the auction over the weekend accumulated 15 race victories from 1962 to 1965 including a 1962 Italian GT win.
Among its most notable drivers was Phil Hill who became the first American to win a Formula 1 world title. He made use of this Ferrari as his practice car before the 1962 Targa Florio race. Besides Hill, Gianni Bulgari also raced the car in the year after that.
"The 250 GTO, you open the door like you do on your car, you get in and you go. It really is that simple," RM Sotheby's car specialist Jake Auerbach said. "The GTO tours are, as far as that level of net worth goes, the ultimate event and there really is only one way to get in and that's to own one of the 36 cars," he added.
Interestingly, all of the 36 Ferrari 250 GTOs produced are still functioning and their possession has created a very privileged group. Sources added that Ferrari 250 owners are familiar with one another and sometimes come together for road races.
Meanwhile, a 1935 Duesenberg SSJ was also sold for $22 million in the past 72 hours. The Duesenberg SSJ is one of just two models made, with this car being owned by distinguished actor Gary Cooper. Before this week, only eight cars had been sold for over $20 million at an auction.
