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.”
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.
A strong collecting tradition
When everything was said and done, there were 36 rare Ferrari 250 GTO models in total. With only 36 vehicles produced, the car quickly became incredibly uncommon and expensive. This model, which dates from between 1962 and 1964, has grown to be one of the most coveted and expensive in history. Even more astounding, every one of the 36 can be located and is either in use at auctions or in the custody of private collectors. In 1962, a Ferrari 250 GTO was available for about $18,000, but not just anyone could buy one at that time. The master builder, Enzo Ferrari, personally approved each owner of this special model. When the 1962 250 GTO was seven years old, the going rate in a private sale was roughly $5,400.
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.
Why are Ferrari 250 GTOs so uncommon?
Given how few were produced by the Italian company, the Ferrari 250 GTO is so pricey. During a brief production cycle from 1962 to 1964, only 36 were produced.
These sports vehicles were created for on-track competition in the FIA’s Group 3 class. The Ferrari 250 GTO had an exceptional track record during its prime because to such design. It became an icon after winning the 24 Hours of Le Mans, Tour de France Automobile, and several Grands Prix.
The 250 GTO was a force to be reckoned with as soon as it reached the circuit. The performance of the vintage Ferrari exceeded all expectations, and it quickly rose to collectible status.
It’s virtually impossible to get a genuine 1962 Ferrari 250 GTO because so few of them were ever made. Anyone who owns one wants to keep it, and anyone who wants to purchase one needs to have a lot of extra money.
The Ferrari GTO—is it unique?
There were only 39 GTOs made between 1962 and 1964, and they are regarded as not just one of the most beautiful Ferraris of all time but also one of the most gorgeous sports cars ever. A vintage Ferrari GTO recently sold privately for over $70 million, and it has scarcity on its side.
What is the value of a 250 GTO?
Due to the fact that the four most expensive Ferraris ever sold were all 1963 Ferrari 250 GTOs ($52 million and $70 million), even the smallest variations might result in significant price changes. Two 1963 Ferrari 250 GTO cars cost about $20 million apart, largely because of the condition of the first.
How many more 250 GTOs are there?
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.
Who has the largest collection of Ferraris?
The Sultan Hassanal is not the only member of the royal family that enjoys automobiles. Six 456 GT Venice Ferrari station wagons were ordered by his brother, Prince Jefri. The collection also includes an F90, a 1995 FX (the Sultan requested six of these cars), two 250 GTOs, and an F40, among other notable Ferraris.
There are several, numerous more. actually too numerous to list. The world’s largest automobile collection is so extravagant and lavish that it makes people cringe. However, every vehicle enthusiast must take a moment to collect themselves before leaving this literal sea of luxury due to the collection’s sheer size, worth, and beauty.
The number of remaining Ferrari F40s
One of the most famous vehicles ever is the Ferrari F40, and people frequently ask me how many were produced. There are several figures mentioned, but this is the most accurate estimation of the number of Ferrari F40s in existence.
The Ferrari F40 began production in 1997, and a total of 1,311 F40s were produced, 213 of which were shipped to the US market. Despite several collisions throughout the years, there are still well over 1,000 cars on the road. There are now 94 Ferrari F40s with road registration in the UK.
What was the purchase price of Chris Evans’ Ferrari 250 GTO?
Ferrari 250 GTO Chris is believed to have stated that he intended to get enough money to purchase a 250 GTO after developing a passion for Ferraris. And he actually accomplished that in 2010. He spent a whopping $17.7 million on what must be the most coveted trophy of all automobiles, a red 1963 Ferrari 250 GTO.