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 buyers.
[Reference needed] Since then, this model has grown in popularity among car collectors, and sales have frequently shattered price 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 ranked first on a list of the “Greatest Ferraris of All Time” by Motor Trend Classic. It was dubbed the “Hottest Car of All Time” by Popular Mechanics.
In This Article...
A legendary 1963 Ferrari 250 GTO is sold for a record-breaking $70 million.
David MacNeil, the founder and CEO of WeatherTech, is probably unknown to you, yet he recently became a member of one of the most exclusive clubs on Earth after reportedly spending $70 million on a 1963 Ferrari 250 GTO that won the Tour de France. The car, which has the chassis number 4153 GT, is thought to be the priciest in the entire world.
MacNeil, a Chicago-based company, made a fortune selling high-end floor mats and has used some of the money to acquire an impressive collection of automobiles. Along with a stable of other “prancing horses,” his collection also includes a 1960 Ferrari 250 GT Berlinetta SWB, which just won best in class at the 2018 Concorso d’Eleganza Villa d’Este, as well as a 250 GT Lusso, 275 GTB, 365 GTB/4 “Daytona,” F40, and F50.
Between 1962 and 1964, the storied Italian manufacturer produced just 39 copies of the 250 GTO, and it’s incredibly unusual for an owner to sell one at any price.
Ferrari 250 GTO from 1963 sold for $70 million.
A Ferrari 250 GTO sold for the then-record-breaking sum of $52 million back in 2013, breaking all previous records for car purchases. On June 1st, another 1963 250 GTO, of which only 39 were made, sold for a tidy sum of $70 million USD, breaking the previous record.
WeatherTech president David MacNeil, a devoted racing fan and auto collector, purchased the 250 GTO. Cooper MacNeil, his son and a professional race car driver, will compete in this year’s 24 Hours of Le Mans while operating a Ferrari 488 GTE.
It is understandable why a Ferrari aficionado like David MacNeil would choose to invest such a staggering sum in the Ferrari 250 GTO. The word “invest” is appropriate because it won’t be long before another Ferrari 250 GTO is sold for a higher price.
Christian Glaesel, a German car collector, owned the vehicle that was sold. With Lucian Bianchi and Georges Berger serving as the car’s co-pilot and pilot, respectively, it competed in the 1964 Tour de France Automobile and took first place. This 1963 version of the vehicle bears the chassis number 4153 GT. In the GT division, the two drivers competed for the Ecurie Nationale Belge team. The vehicle competed in the 1963 24 Hours of Le Mans as well, finishing fourth. Over the next two years, it continued to compete in a lot more races. Amazingly, it never had an accident, which was at the time a small miracle.
Paying $70 million for an automobile is absurd to the average person. However, this sort of arrangement requires a different perspective. In particular, the 250 GTO model, powered by a V12 engine, is regarded as the pinnacle of Ferrari’s long history, on par with a great painter’s most renowned creation. Due to its mystique and the fact that just 39 of the 250 GTOs were made, its value has increased dramatically.
The car will be kept in the buyer’s private collection and will appreciate in value over time, much like a wise investment.
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 tech billionaire Craig McCaw both possess one.) When it sold for $38.1 million in August 2014, a 1962 Ferrari 250 GTO set a new auction price record. 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 rotting in a field before it was refurbished and sold in 1986 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.”
At ICE St. Moritz, the Ferrari GTO 250 Joins Other Classics
Mark mentioned that he was in St. Moritz for the yearly International Concours of Elegance on his 888MF YouTube channel (ICE St. Moritz). The ICE took place in late February 2022, and numerous renowned classic and contemporary vehicles were present. A 1965 Ferrari 275 GTB, a 1968 Lamborghini Miura, a 1967 Morris Mini Cooper S ex-works, a 1953 Jaguar C Type, and a 1939 Maserati 4CL were among these vehicles.
Nevertheless, a 1963 Ferrari GTO 250 in a dark blue color was the only vintage vehicle that managed to draw spectators’ attention. Only more than 30 of this beautiful grand tourer, which excelled in some of the most famous races in the world, were produced by Ferrari. The GTO 250 automobiles are incredibly expensive due to their legendary and uncommon reputation, with one of them (serial number 4153GT) being sold to WeatherTech CEO David MacNeil for $70 million.
Anyone in possession of a 1963 Ferrari 250 GTO?
In a private transaction earlier in June, German race car driver Christian Glasel sold his 1963 Ferrari 250 GTO, chassis 4153, to David MacNeil, the creator of the automobile floor mats company WeatherTech, for at least $70 million. The most expensive vehicle ever auctioned sold for $38.1 million in 2014 when chassis 3851 went up for sale.
How many Ferrari 250 GTOs from 1963 exist?
Let’s start with the Ferrari 250 GTO’s general public knowledge. These supercars are extremely uncommon because there were just 39 of them made. Finding current owners who are willing to sell their unicorns is even more difficult. However, the price of the Ferrari 250 GTO is affected by other significant aspects. For instance, this car at the time featured distinctive and innovative appearance. In fact, the 1961 prototype was so unique that the press initially referred to it as a “anteater,” according to Road & Track.
This car’s success in a few road races also contributed to its rise to fame. Arnold Clark contends that you don’t observe a 500,000% gain in value with a loss. With veteran driver Jean Guichet at the wheel, the Ferrari 250 GTO won the 1963 Tour de France competition, earning accolades for its performance. The 1962 GT Championship was won by the third 250 GTO ever made, an example of which sold in 2018 for $70 million. From 1962 to 1965, it also won more than 15 more races.
Each Ferrari 250 GTO is hand-built, making each one distinctive from the others and increasing its value. When buying a vintage racecar, paying close attention to every aspect matters. It became even more desirable if you could get Enzo Ferrari’s approval to purchase one of these automobiles. The idea that they can’t possess anything is something that extremely rich individuals find intolerable.