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 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.
History Of The Ferrari 250 GTO Production
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.
There are how many Ferrari 250 GTOs in existence?
To be homologated for Group 3 Grand Touring Car racing in 1962, a car had to be produced in at least one hundred examples, according to FIA standards. Ferrari only produced 36 250 GTOs (33 of the 1962-design Series I cars and three 1964-design Series II cars, with revised bodywork). The three more “330 GTO” vehicles with the four-liter 330 engine—identified by the noticeable hump on the bonnet—are occasionally added to the total production number, bringing it to 39. It became a common misconception that Enzo Ferrari moved the same automobiles between different places to give the appearance that all 100 cars were there when FIA inspectors arrived to verify that 100 examples had been produced. Actually, no deception was necessary because the older 250 GT Berlinetta SWB model’s homologation paid the cost of the construction of the 250 GTO. These homologation papers were issued in 1960, but between 1961 and 1964, extensions were often requested and approved, enabling Ferrari to make additions not covered by the initial specification, such as alterations to the engine, transmission, and suspension. Additionally, because more than 100 bodies had been constructed in accordance with the previous 250 GT SWB specification, FIA rules permitted the design of a new body, which resulted in the creation of the new 250 GTO body style. Similar procedures were employed to homologate the Aston Martin DB4 GT Zagato and the Jaguar E-Type Lightweight, so this form of homologation was not exclusive to Ferrari.
How many Ferrari GTO 250 models exist today?
Despite the widespread belief 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. Each street-legal racer rolled out of the Italian factory with a 3.0-liter V12 engine that is rated at 300 horsepower.
The Ferrari 250 GTOs are owned by who?
Two 250 GTOs are currently held by three people: Wal-Rob Mart’s Walton, hedge fund owners Tony and Lulu Wang (who are unrelated to owner Brandon Wang in the United Kingdom), and British industrialist Sir Anthony Bamford, who had briefly owned the chassis that just sold.
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.
How can one obtain a Ferrari 250 GTO?
In the game, there is a good reason to get the Ferrari 250 GTO 1962. Of all the vehicles, the 250 GTO has the greatest valuation at 50,000,000 credits. But there is a clear benefit to spending time to locate the barn for any Forza Horizon 5 gamer. A participant of the game will have the opportunity to acquire the pricey car by discovering the barn.
On the eastern coast of Mexico, close to Los Jardines road, is where you can find the barn housing the 250 GTO. The two concrete roadways are connected by a dirt road that players must find. At a spot where the track going to the barn can be found, both of those routes come together.
However, given how long it takes to restore the car, things can get really complicated. Although a precise estimate has not been made, the restoration time is determined by how much time the player spends playing. Therefore, locating the barn and pausing the game for a few days won’t immediately unlock the automobile. Some players claim that there is a method for accelerating the development.
What was the selling price of the Ferrari 250 GTO?
The Ferrari 250 GTO cost $18,000 when it was first offered in 1962. Consider how substantial that sum must have felt to people in 1962 when the average household income was only about $6,000 per year. It may not seem like much money by today’s standards. That is the equivalent of three years’ worth of wages going into the Ferrari 250 GTO. But wait, if you thought $18,000 was a lot. A Ferrari 250 GTO was auctioned off in 2018 for $48.4 million (no, that is not a typo). It holds the distinction of being the most expensive vehicle ever sold at auction thanks to this price.
People that are willing to spend that much money on anything, including cars, are uncommon to find. Unbelievably, this car is not the most costly vehicle ever sold, even though it holds the record for being the most expensive vehicle ever sold at auction. Another Ferrari 250 GTO (not many were manufactured, mind you) was sold for around $80 million in a private sale, breaking the previous record. One of the top auto auction houses, RM Sotheby, sums up why people are prepared to pay such outrageous prices for the 250 GTO when it calls the automobile “the world’s most important, desired, and iconic motor car.”