Gran Turismo Omologato, which translates to “Grand Touring Homologated” in Italian, stands for the displacement in cubic centimeters of each of its cylinders. The number “250” in the name signifies this.
Of the 250 GTOs, only 36 were produced between 1962 and 1964. This contains three 1964 Series II cars and 33 Series I vehicles with bodywork resembling the Ferrari 250 LM from the years 1962 to 1963. In 1964, four earlier Series I vehicles from the years 1962 to 1963 were upgraded with Series II bodywork.
The 250 GTO originally cost $18,000 in the United States, and Enzo Ferrari and his dealer in North America, Luigi Chinetti, personally authorized customers. [ref] Since then, this model has grown in popularity among auto enthusiasts, and sales have frequently shattered sales records. In June 2018, the 1963 250 GTO (chassis 4153GT) that now holds the record for the most expensive Ferrari was sold in a private transaction for $70 million.
The 250 GTO was recognized as the best sports vehicle of all time by Sports Car International in 2004 and ranked ninth on a list of the Top Sports Cars of the 1960s. The 250 GTO was also ranked first on a list of the “Greatest Ferraris of All Time” by Motor Trend Classic, and it was dubbed the “Hottest Car of All Time” by Popular Mechanics.
In This Article...
A Quick History of the Ferrari 250 GTO in the World of Luxury
Every time a Ferrari 250 GTO is put up for sale, a big event occurs. It is not only one of the most sought-after sports vehicles in history, but it is also one of the most uncommon. Only 36 were made, all between 1962 and 1964, yet, astonishingly, collectors can identify every single one of them. Ralph Lauren and computer tycoon Craig McCaw each possess one. In August 2014, a 1962 Ferrari 250 GTO broke the auction record when it sold for $38.1 million. Another 1962 GTO, the third one ever constructed, will be put up for auction at RM Sotheby’s on August 24. With a presale estimate of $45 million, this Ferrari is likely to smash the auction record in addition to having an illustrious racing history.
The 250 GTO, the last edition of Ferrari’s 250 model, was designed for racing but also served as a road vehicle. GTO stands for Gran Turismo Omologato, meaning Grand Touring Homologated. The body, which was effectively a 250 Testa Rossa, was powered by a 300 horsepower, 3-liter V12 engine. Each owner of such a beauty received the personal endorsement of Enzo Ferrari, who set the price for such a beauty at $18,000 (about $150,000 today).
1962 250 GTO was a steal at $5,400 when it was sold privately, decades before it was deemed a classic.
The Greatest Barn Find: Chassis 3987 spent 15 years decaying in a field before it was repaired and brought back to life. In 1986, [+] was sold for $1 million.
A 1962 250 GTO that had rusted in a field for 15 years before being repaired was purchased by collector Frank Gallogly for a then-record $1 million a year after Ralph Lauren paid $650,000 for chassis 3987 and Ferrari fever was in full swing. He sold it for $4.2 million two years later.
Cellphone pioneer Craig McCaw purchased a 1962 250 GTO that had formerly belonged to racing icon Stirling Moss in a $35 million private deal.
Record Holder, Part 1: Will the 1962 Ferrari 250 GTO’s auction sale price be surpassed in… August [+]?
A 1962 Ferrari 250 GTO earned a record price at Bonhams’ annual Quail Lodge auction when it sold to Carlos Monteverde, the son of billionaire Brazilian philanthropist Lily Safra, for $38.1 million.
Record Holder, Part 2: The CEO of WeatherTech reportedly paid $70 million for this 1963 Ferrari.
David MacNeil, the founder and CEO of WeatherTech, purchased a 1963 Ferrari 250 GTO privately for an estimated $70 million (the equivalent of about a million car mats).
The New Prize: Will this 1962 Ferrari 250 GTO surpass all previous auction records for a vehicle?
After a successful racing career, Gianni Bulgari purchased the 1962 250 GTO chassis 3413 in 1963. The Ferrari was bought by billionaire Sir Anthony Bamford six years (and a few owners) later, and after a few more owners, Greg Whitten, a former Microsoft chief software architect, bought it in 2000 for $7 million. The car is currently being offered for sale at RM Sotheby’s, where it is anticipated to break auction records. Whitten justifies his choice to sell by saying, “I’ve had the GTO for a long time.” “I want to buy additional cars as well.”
A record-breaking US$130 million is paid for two vintage Ferrari 250 GTOs.
A 1963 model, one of just 36 Italian automobiles produced, is purchased privately for up to US$80 million, while a 1962 model sells at auction for US$48.4 million.
One of just 36 Ferrari GTOs ever produced, the 1962 model was sold by RM Sotheby’s last Saturday for a record-breaking US$48.4 million at auction in California.
Concerning the Ferrari 250 GTO
Since the 250 GTO is the Ferrari that has received the greatest praise, it is worthwhile to learn more about its background. There are only 36 copies, and each one has a fascinating past. Racing in the 1960s was not about preservation; some vehicles had long since lost their original engines and aluminum bodywork, making the few correct vehicles even more desirable.
Despite the prevalence of fakes, “all 36 examples of the real object are accounted for, none having ever been lost, and all have proven lineage”2 Several excellent books have been produced on the subject, one of which details the rescue of chassis 3589GT from a field.
What is the market price of a 1963 Ferrari 250 GTO?
The most ardent Ferrari collectors will go to any lengths to acquire a vintage model. The absurd sums that affluent aficionados have paid to add vintage Ferraris to their collections serve as evidence for this. In 2018, a record price was paid at auction for a classic car, and the 1962 Ferrari 250 GTO is no exception.
At a Sotheby’s auction in California, one fortunate investor won the renowned Ferrari with a price of $48.4 million. It was anticipated that the red 1962 Ferrari 250 GTO would sell for between $45 million and $60 million at auction.
The winning price of $48.4 million is substantial, but it falls short of expectations given what was anticipated of the Ferrari. Even more amazingly, a 1963 Ferrari 250 GTO was also sold in 2018 for $80 million, albeit privately. The hand-built nature of every Ferrari 250 GTO that left the factory only serves to enhance the attraction of this legendary GT.
There are how many Ferrari 250 GTOs?
On how many 250 GTOs were constructed, sources frequently differ. The Ferrari factory claims that a total of 39 were produced between 1962 and 1964. In 2018, more than $70 million was spent on a single vehicle. A 1963 Ferrari 250 GTO was involved.
How uncommon is a 250 GTO Ferrari?
This one is for you if you consider yourself to be a car enthusiast or if you enjoy classic vehicles. Every few years, a Ferrari 250 GTO is put up for auction, and it always appears to be a big deal. It is not just the most sought-after and perhaps even most revered sports car in history, but its scarcity is amazing as well.
Less than 40 were created between 1962 and 1964. Additionally, all of these few occurrences can be attributed to collectors. Stay tuned if you’ve ever wondered how much a 1963 Ferrari 250 GTO may sell for in the current market. This rare of a gem commands a hefty price.
What automobile costs the most money worldwide: the 1963 Ferrari 250 GT0?
In the world of collectable cars, the Ferrari 250 GTO is recognized as the Holy Grail. It is one of the rarest Ferraris in existence and one of the most successful racing cars of its era, which only increases the value of this historical artifact. Only 36 units were produced between 1962 and 1964.
There is no such thing as a cheap Ferrari 250 GTO, but this specific model from 1963 with the serial number 4153 GT currently holds the record for the most expensive vehicle ever sold at auction for a staggering $70,00,000. powered by a Tipo Comp engine with 302 hp. This front-engined GT car could run the quarter-mile in just 13.1 seconds and achieve 174 mph, which was unheard of at the time, thanks to its 3-liter V-12 and 5-speed gearbox with a Porsche-style synchromesh. One of the main factors in this record-breaking example’s high price is the fact that it even won the Tour de France in 1964. If and when the anonymous owner of this legendary piece of automotive history decides to sell it, the same example is predicted to bring over $100 million.
What remains of the 1963 250 GTO?
Although it’s popularly believed that all 36 of the 250 GTOs are still in existence today, it was just the third 250 GTO to ever roll off the Maranello assembly line.