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-breaking price of $48.4 million at auction

A $48.4 million  1962 Ferrari 250 GTO

A $48.4 million 1962 Ferrari 250 GTO

$44 million 1962 Ferrari 250 GTO
A 1962 Ferrari 250 GTO

1962 Ferrari 250 GTO Sells for Record-Breaking $48.4 Million at Monterey Auction

In August of 2018, a red 1962 Ferrari 250 GTO was sold at auction for $48.4 million.

The $48.4 million dollar price tag was the most a classic car has ever sold for at an auction. The 1962 Ferrari 250 GTO was sold by Dr. Gregory Whitten, the Chairman of Numerix Software, car enthusiast, Ferrari connoisseur, and vintage racing driver. According to Bloomberg, Whitten had purchased the Ferrari in 2000, with the market price for Ferrari’s being around $10 million at the time. 

This particular 250 GTO is chassis number 3413 GT and it was the third vehicle built by Ferrari.

It was driven in the 1962 Targa Florio by reigning Formula 1 world champion Phil Hill, and in the hands of Gianni Bulgari the following two years.

This particular car was last sold in 2000 to Dr. Greg Whitten, a software lead at Microsoft during the company’s ascent. Whitten raced it on multiple occasions.

“My journey with the 250 GTO has come to an end, but I am excited to see how this fantastic car is enjoyed by the new owner,” Dr. Whitten told Auto Classics.

“They will have seen the seemingly unbelievable list of superlatives that are used to describe it—legendary, historic, holy grail—but I can assure them that once they get behind the wheel, they will understand that every one of them is true.”

Another 250 GTO was sold privately for an alleged $80 million to the CEO of Weathertech. It’s believed that the 250 GTO—the most valuable model of car in the world by far—may cross the $100 million threshold within the next few decades. We can only wait to find out if that’ll be true.