1963 Ferrari 250 GTO Sells for $52M, Becomes World's Most Expensive Car
The Ferrari 250 GTO continues its reign as the world’s most expensive car, with a 1963 racer selling for $52 million.
This time around, it’s a red competition car that belonged to collector Paul Pappalardo and was sold to an unidentified buyer in a private transaction. For decades now, the Ferrari 250 GTO has been “the car to own” if you’re a collector, and its increase in value over recent years has proven that point.
SEE ALSO: 1962 Ferrari 250 GTO Becomes World’s Most Expensive Car
The $52-million value shows a 49 percent increase on the record for any auto, which was achieved last year with another 250 GTO when it sold for a $35 million. That version was a 1962 model year and was the same car that sold 10 years prior for just $8.5 million.
According to records, this particular 250 GTO was purchased by Pappalardo in 1974 before it was restored and subsequently driven in numerous historic races, including the 2002 Le Mans Classic. Pappalardo declined on commenting or confirming the sale.
[Source: Bloomberg]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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And there are starving people in the world....
...which the record will be broken by aston martin within the next 6 months...