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.
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Breaking the auction record, a Ferrari 250 GTO sold for $48.4 million.
The legendary 1962 Ferrari 250 GTO, chassis 3413, owned by renowned auto collector Greg Whitten, was the highlight of Saturday night’s RM/auctions Sotheby’s at Monterey Week. Lot 247, the vehicle, sold for $44 million at the hammer price after only 12 minutes of spirited bidding in an environment brimming with enthusiasm. The final cost, including the buyer’s premium, is $48.4 million. Since the new owner was not yet known at the time of publication, the winning bid was made through an agent. As described above, the highly rare Ferrari was widely regarded as the most valuable car to ever be offered for auction.
Greg Whitten, the seller, exclaims, “I’m really thrilled,” as he clinks champagne with his wife and close friends.
Ferrari 250 GTOs continue to command astronomical prices and are in high demand. German race car driver Christian Glaesel recently sold his 1963 Ferrari 250 GTO, chassis 4153, to WeatherTech floor mats inventor David MacNeil in a private transaction for somewhere between $70 million and $80 million. The most expensive vehicle ever auctioned went for $38.1 million in 2014 when chassis 3851 was sold at auction. Paul Pappalardo, an American collector, is believed to have sold his 250 GTO for about $52 million in a separate rumored private transaction in 2013.
In a recent interview with CNBC, Ferrari historian and expert Marcel Massini said that within the next two to three years, a car comparable to the $70-million plus chassis 4153 will sell for over $100 million. Ralph Lauren, Nick Mason, the drummer for Pink Floyd, Peter Sachs, the great-grandson of Samuel Sachs, the founder of Goldman Sachs, and Jon Shirley from Microsoft are among the current owners of the 250 GTO. Two 250 GTOs are currently held by three people: Wal-Rob Mart’s Walton, hedge fund founders Tony and Lulu Wang (who are unrelated to owner Brandon Wang in the UK), and British industrialist Sir Anthony Bamford, who had briefly owned the chassis that just sold. That $100 million dollar mark is getting closer if any of them decide to sell, and Whitten’s automobile has established a new record.
The RM/performance Sotheby’s auction’s defies a vintage vehicle market that has been cooling since 2013, when shrewd investors flooded the market in search of post-recession deals. Jose Luis Celada, a vintage vehicle collector from Buenos Aires who was recently profiled by the New York Times, claims that because the opportunists are less active and the market is once again dominated by specialists, there are fewer purchasers. However, classic Ferraris are still among the most desired, particularly those that are in perfect and, ideally, operational condition.
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 Baron Irvine Laidlaw, #3527GT
Former House of Lords member Irvine Laidlaw of Scotland built his fortune by founding Institute for International Research (IIR), a global conference organization, in 1974 and selling it for PS768 million ($1.4 billion) in 2005.
There are several signs that the good Baron knows what money is for, including the fact that, at his young age of 72, he only stopped racing automobiles five years ago. A Le-Mans-winning 1955 Jaguar D-Type, a 1965 Porsche 904/6 Carrera GTS, a 1966 Ferrari 275 GTB/C Berlinetta Competizione, a 1957 Maserati 250S by Fantuzzi, a 1960 Maserati Tipo 61 “Birdcage,” a 1970 Chevron B16, and a 1971 Chevron B19 were among the race cars in his collection that were sold by RM-Sothebys in 2013.
When it was owned by Swiss banker Armand Boller in 1963, this specific 250 GTO, which had previously been driven by people like Umberto Maglioli, Lucien Bianchi, and Claude Dubois, enjoyed a remarkably successful year. Lord Anthony Bamford possessed the vehicle for seven years, according to its provenance. In January 2005, Laidlaw bought Ferrari 250 GTO #3527GT for an undisclosed sum.
MacNeil gains popularity among collectors after purchasing a Ferrari 250 GTO
When David MacNeil spent over $70 million to buy one of just roughly three dozen 1963 Ferrari 250 GTOs, he acquired more than just a rare car. He also earned a spot on The Collector Auto Trust’s annual list of the top 100 car collectors in the world, which is included in The Key, the organization’s yearly publication.
When he purchased the most expensive car ever sold under a private agreement in May 2018, MacNeil “became a buzzword in the car collecting world,” according to The Key. “He purchased the best Ferrari 250 GTO on the earth for a “undisclosed” amount of $70 million. He is THE auto expert.”
While the purchase of Ferrari chassis 4153GT served as the impetus, The Key said that MacNeil was also chosen due to his expanding collection of automobiles, the fact that his WeatherTech company sponsors the IMSA racing championship and Laguna Seca Raceway, as well as his personal racing background.
While serving as the German tuning company AMG’s vice president of US sales, MacNeil founded WeatherTech in 1989 to manufacture automotive floor mats and other accessories. He also founded the pet feeding system manufacturer PetComfort.
The inclusion of MacNeil and the other entrants, who are all under the age of 60, brings down the average age of the top 100 collectors from 72 in 2018 to 71 this year.
According to The Collector Car Trust, those 100 collectors collectively own 3,121 vehicles worth a total of $10 billion.
Fred Simeone, who placed second on the first ranking a year ago, is at the top of the top 100 list for 2019. Simeone, a former neurosurgeon, is the owner of the Simeone Foundation Automobile Museum in Philadelphia. Simeone edged out Miles Collier, the founder of the REVS Institute for Automotive Studies at Stanford University, who scored 83.40 points this year and was ranked No. 1 in 2018, with a score of 83.58 on The Collector Car Trust rating system.
Arturo Keller, Ralph Lauren, Peter Mullin, Rob Walton, John Mozart, Albert Spiess, and Lawrence Auriana were all among the top 10.
A Ferrari 250 GTO is owned by whom?
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 many Ferrari 250 GTOs exist worldwide?
Less than 40 Ferrari 250 GTOs were built between 1962 and 1964, and buyers had to have Enzo Ferrari’s personal approval.
Who purchased a $70 million Ferrari?
You can get an idea of how much it actually costs to join this extravagant club by looking at some of the prior sales of GTOs during the past ten years. Chris Evans, a boisterous and animated British DJ and TV host, paid $17.7 million for a 250 GTO at RM Auctions in 2010.
One was purchased for $31.7 million by an unnamed buyer from a UK real estate agent in 2012. Craig McCaw, an American Telecoms typhoon, also bought one privately that year for $25 million to add to his collection of more than 400 vehicles. The following year, a GTO changed hands for a cool $52 million in another private transaction.
Then, in 2014, one of these incredibly sought-after vehicles was sold at auction by Bonhams for a second time, this time for $52 million. Three years later, former race car driver and antique car dealer Gregor Fisken paid $44 million to become a member of the exclusive GTO club.
If some of the aforementioned figures have you struggling for breath now, the events that occurred in 2018 will shock you even more. Because in same year a guy by the name of David MacNeil from Chicago, USA, the creator of the automobile accessory company WeatherTech, paid an eye-popping $70 million for a silver 1963 Ferrari 250 GTO (chassis number #4293GT). the most money ever spent on an automobile.
Let’s quickly review some of the items you could buy with $70 million (not including charity gifting or using the money to make the world a better place). You could purchase a 3,000-acre island in the South Pacific (close to Fiji) if you want some peace and quiet to unwind on and top off your tan. You could also purchase Richard Branson’s Caribbean Mansion on the gorgeous Necker Island if you’re interested in real estate. If you want to make some extra money, you can rent it out for $42,000 per night.
Or, if you’re a fan of football and would like to build your own stadium, you could design the seating yourself to ensure that you get the greatest seat in the house at every game. The immaculate 60ct Pink Star diamond, which comes from a South African mine, is also an option if you enjoy wearing jewelry. It would make a great addition to your home. You can also opt to direct and produce your own Hollywood hit if you enjoy watching movies. You could give yourself the lead role and the headlines, and you could even pick your co-star. What a wonderful idea that is!
In all honesty, it appears that the value of historic cars has increased significantly in the last few decades. First, there were significant increases in the 1980s, which were followed by significant decreases in the 1990s. A 250 GTO sold for only $2.7 million in 1994, and prices didn’t start to rise again until the late 1990s. They are still increasing today, and they are rising so quickly.
When will it end, is the obvious question. Or is it more conceivable that one of these expensive, rare Italian automobiles will soon be sold (Grimace) for $100 million?
What is it about this ancient, no-frills Italian race car that appeals to people so much?
What makes the 250 GTO so expensive?
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.