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 |  Aug 22 2011, 2:00 PM

The annual Pebble Beach Concours d’Elegance is known to attract some priceless classics, but this year, this 1957 Ferrari 250 Testa Rossa prototype took the cake. Gooding and Company, a well known auction house, was catapulted into the record books last week, selling the 250 TR for $16.4 million.

This price was the highest ever realized for an automobile. The TR was actually sold for $14.9 million, or $16.4 million including the mandatory buyer’s premium. The Ferrari was involved in several devastating crashes during its storied history, but was present at the auction in stunning condition.

The right-hand drive Ferrari was once driven by Phil Hill on the Nurburgring, and the car has seen action across the world. The car was also owned by numerous private teams before the successful California entrepreneur Bev Spencer registered the vehicle for road use in the early 1960s. Interestingly, an owner in the 1960s set the car ablaze to collect insurance money, but the car survived the fire, and since the early 1970s has led a pampered life on the show circuit.