The Ferrari 250 GTO continues its reign as the world’s most expensive car, with a 1963 racer selling for $52 million.
This time around, it’s a red competition car that belonged to collector Paul Pappalardo and was sold to an unidentified buyer in a private transaction. For decades now, the Ferrari 250 GTO has been “the car to own” if you’re a collector, and its increase in value over recent years has proven that point.
The $52-million value shows a 49 percent increase on the record for any auto, which was achieved last year with another 250 GTO when it sold for a $35 million. That version was a 1962 model year and was the same car that sold 10 years prior for just $8.5 million.
According to records, this particular 250 GTO was purchased by Pappalardo in 1974 before it was restored and subsequently driven in numerous historic races, including the 2002 Le Mans Classic. Pappalardo declined on commenting or confirming the sale.
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