This 1962 Ferrari 250 GTO Sold For A Staggering $48.4 Million

Ferrari Made History By Selling Most Expensive 250 GTO At Auction

In August 2018, a 1962 Ferrari 250 GTO sold for a record price of $48.4 million dollars at an RM Sotheby’s Auction in Monterey, California. It became a record-breaking affair as the price tag was the most a classic car has ever sold for at an auction.

But there was a good reason why this car gained all this frenzy. This 250 GTO 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, who was then a lead software chap at Microsoft.

Whitten went ahead to race it over on multiple occasions. Shortly after the sale, Dr. Whitten said, “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.”

This is nonetheless not the first 250 GTO to fetch a super price in a sale. Earlier in 2018, 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. Will this eventually come to be? We will keep watching its developments with a hawk eye.