Ferrari 250 GTO Sells for Record Price at Auction

Pricey Ferrari, But Not Most Expensive

At RM Sotheby’s Marquee Week Sales of Modern and Contemporary Art this past weekend, a 1962 Ferrari 330 LM / 250 GTO created history with its record-breaking sale price of $51,705,000. As a result, the vehicle has become the most costly Ferrari to ever be auctioned off. It does not however jump in as the highly expensive Ferrari of all, because two 250 GTO’s have fetched more through private sales. Therefore, Chassis number 3765 can now be said to take third place on the list of the most expensive Ferraris.

As the sole Ferrari-manufactured 250 Series I with full endorsement from Scuderia Ferrari, the GTO participated in a range of motor races, including winning first place in its class and an overall second at the 1962 Nurburgring 1000 KM. That same year, Bandini and Parkes took it to the arduous 24 Hours of Le Mans for Scuderia Ferrari.

The vehicle lineage of the 250 GTO encompasses models such as the 288 GTO, F40, F50, and LaFerrari. At present, the most noteworthy car that the marquee has to offer is the 812 Competizione.

Back in 1964, the automobile was purchased for a mere $6,000 (equivalent to roughly $61,000 in current times) and was utilized at the 195 Sicilian Hillclimb Championships, where it came secondingly.

Between then and the mid-1980s, the 250 GTO changed hands multiple times before eventually making its way to the US from a Californian connoisseur. Come 1985, the vehicle was acquired by Jim Jaeger, a renowned car collector located in Ohio. Mr. Jaeger owned the car for nearly four decades, carefully tending to it during this lengthy period of time.

Having paid $500,000 for it, the aficionado had the 250 GTO given a thorough overhaul by Shelton Ferrari in Florida. Following this, the car was showcased at various exhibitions and went on to win Concours honors everywhere.

The very exclusive 250 GTO, with only 36 of them in existence, is highly sought after. This example possesses an extra special attractiveness, as it has a 4.0-liter engine.

The only configuration initially installed with the higher-displacement motor diverged from the 3.0-liter engines found in other vehicles. Eventually, a 3.0-liter Colombo V12 replaced the initial engine, and it’s still found within the bonnet today.

RM Sotheby’s has not revealed the identity of the new proprietor, but they now have in their possession one of the supreme cars ever constructed. The 250 GTO is considered by many to be the pinnacle of collector cars; and few models have attained such sought-after levels of exclusivity, beauty, and lineage as this impressive machine.

Although the sale cost was stunning, it is noteworthy to remark that the Ferrari did not achieve its estimated value of above $60 million.

The whopping price tag of $51.7 million is staggering, yet this Ferrari will only increase in worth over the passage of time. To put it into context, if one were to distribute the same amount among 15.6 Bugatti Chirons, 251 Bentley Bentaygas, or 2,361 Toyota Corolla Sedans, the monetary value is obvious.

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