A 1963 Ferrari 250 GTO racer currently hold the title for most-expensive car ever sold. The vintage car has held the title for about a year and there doesn’t seem to be anyone on the horizon about to take the vintage car’s throne.
The red competition car was previously owned by the Greenwich, Connecticut-based car collector Paul Pappalardo. It was acquired by an unknown buyer in a private transaction, but has since been confirmed by three specialist traders who each independently confirmed the transaction and price to Bloomberg News. The car has passed hands a couple times – it was previously owned by a Spanish vintage car collector.
The price of the Ferrari was a 49% increase from the previous record, which was held by another 250 GTO. Values of Ferraris, particularly from the 1950s and 1960s seems to be a growing market. The prices on these cars are through the rough and the demand continues to increase. The market continues to attract new enthusiasts, investors and speculators causing a rising fear that it’s creating a bubble.
“Today the GTO is considered the top car to own,” according to California-based dealer Don Williams of Blackhawk Collection “It’s like the Mona Lisa. It has a mystique. If you have a GTO, you have a great collection.”
Pappalardo has owned the 1963 250 GTO since 1974 and has debuted the car at various events. Oh and for the record, the sale of the vehicle was $52 million!!
Image via Mike Hewitt/AllSport/Getty Images
