Someone Paid $71 Million for This 1962 Ferrari 250 GTO

A 1962 Ferrari 250 GTO was sold for $51.7 million USD including fees—the equivalent of $71 million CAD—at an RM Sotheby's auction in New York on Monday night. While considerably lower than its estimated value of more than $60 million USD, it’s good enough to earn the title of the most expensive Ferrari ever sold at an auction.

The previous record belonged to another 1962 250 GTO, which fetched $48.7 million USD in 2018.

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Described by RM Sotheby's as the Holy Grail of sports cars, the Ferrari 250 GTO is a legend from the Scuderia. The unit you see here (chassis number 3765) finished first in its class and second overall in a race of 1,000 km on Germany’s Nürburgring circuit. It also took part in the 24 Hours of Le Mans, where the team had to withdraw due to engine failure.

Soon after, the original 4.0-litre V12, which produced 390 horsepower, was replaced by a standard 3.0-litre engine.

Following several years of competition on the Italian mainland and in Sicily, the car was sold and exported to the U.S. in the late 1960s. Restored and modified, it changed American owners several times before ending up in the hands of an Ohio collector in 1985, who kept it for 38 years.

Don’t miss our photo gallery above for a closer look at this breathtaking 1962 Ferrari 250 GTO.

As for the most expensive car ever sold at an auction, the honour goes to a 1956 Mercedes-Benz 300 SLR Uhlenhaut Coupe—one of the rare and revered Silver Arrows—which went for 135 million euros last year, or approximately $182 million CAD.