Ferrari 250 GTO Sells Privately for $52 Million, Highest Ever for a Car

Last year, A 1962 FerrariFerrariItaly, 1947 > present233 models
5131 photos
37 videos
250 GTOFerrari 250 GTOItaly, 1962 > 19646 photos
originally ordered by Sterling Moss but never driven by him sold privately for $35 million to become the most expensive car ever sold. Now, a 1963 250 GTO has shattered that record by being privately sold for $52 million.

The red 250 GTO came from the collection of Paul Pappalardo, a car collector in Greenwich, Connecticut, and sold to an unnamed buyer. According to Bloomberg, three brokers who arranged the sale confirm the price but would not reveal the name of the buyer. The price is a 49% increase over Moss’ GTO.

Pappalardo bought the car in 1974, restored it and has been driving it in historic events since then, including the Pebble Beach Concours d’Elegance and 2002 Le Mans Classic.

Ferrari built 36 250 GTOs from 1962 to 1963 and three more 330 GTOs with larger, 4.0-liter engines. Pappalardo’s car was chassis number 5111, which is one of the final cars made, and won the 1963 Tour de France and came second in the race in 1964.  They were meant to be cars that customer racers could buy and immediately win on the track. 

According to brokers, the buyer was quite keen to purchase a 250GTO and had been offering other owners $40 million or more for their cars.

There is some fear in the collector car market that there might be a price bubble, especially for Ferraris, and buyers who are investing in the cars, rather than buying them for enjoyment may get caught out. The HAGI Index, which evaluates the prices of classic cars, shows that compared to last year Ferrari prices are up 44.38%, which is more than double Porsche, up 19.07%.

Source: Bloomberg