Ferrari

1962 Ferrari GTO sells for record-breaking $70 million

The Ferrari 250 GTO is one of the most infamous and desirable sports cars ever to be produced in the world. There were only 39 examples of the 250 GTO ever built, making the sports car one of the rarest models ever developed. Subsequently, the price of one of these GTOs, whenever one becomes available, is sky-high. This recent private sale of $70 million in June 2018 supersedes the previous official sale record of $38 million set in 2014 at a Bonham’s auction. A secret deal of $52 million was rumoured to have been made in 2014. Nevertheless, this sale sets a new record for the highest price ever paid for a car.

The GTO is powered by the Ferrari Tipo 168/62 V12 engine, which can reach a top speed of 280 km/h. The GT car was produced by Ferrari between 1962 and 1964 and falls under the Group 3 Grand Touring Car category. The minimalist interior, which was standard practice with sports cars of that era, reflects the car’s racing pedigree. Cloth upholstered bucket seats are set upon a carpetless flooring the cockpit ventilation is via exterior air inlets, and there isn’t even a speedometer.

Upon its launch in 1962, the GTO 250 was priced at a mere $18,000, a far cry from the $70 million price tag it carries now. The record set this June 2018 for this exquisite example of a 1962 250 GTO will be hard to surpass. Few cars can claim to be so rare and priceless as the GTO. It is much more than just a classic car. It has proved itself by winning the prestigious Tour de France. Owning one of these historic cars is a dream only billionaires might realise, if they manage to find a willing seller that is.