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.
In This Article...
Find out why a Ferrari 250 GTO sold for $52 million and how it came to be that price.
The Ferrari 250 GTO is extremely rare and sought-after because just 36 of them were ever produced.
Feast your eyes on the Ferrari 250 GTO if you’ve ever wondered what the most expensive car in the world looks like. It was just sold for $52 million, making it the priciest automobile ever.
It goes without saying that purchasing a classic car is not inexpensive. A increasing number of collectors are very interested in vintage cars and will pay very high prices for them. But even the most liberal funds won’t cover the Ferrari 250 GTO.
The Ferrari 250 GTO has had a 500,000% increase in value when it first cost PS6,000. There are a few main causes for this:
- It is quite valuable because Jean Guichet drove it to victory in the 1963 Tour de France.
- Only 36 GTOs were ever produced, making it one of the most coveted classic automobiles in the world.
- It boasts a strong V12 engine that allows it to reach a top speed of 174 mph.
Italian 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. When RM Sotheby, one of the top auto auction organizations, refers to the 250 GTO as “the world’s most important, desired, and famous motor car,” it sums up why people are prepared to pay such exorbitant rates for the automobile. That is a fairly strong assertion.
What makes the Ferrari 250 GTO unique?
The Ferrari 250 GTO was able to reach an extraordinary top speed of 170 miles per hour because to its fantastic V12 engine and aerodynamic body design. One of the most storied engine combinations in a car is this one because it has larger valves and dry-sump lubrication.
Additionally, the engine had a twin overhead camshaft, six twin-choke Weber carburetors, and wet cast-iron cylinder liners. A five-speed all-synchronized transmission was also added to the Ferrari. When you put it all together, you get a 2,953cc masterpiece that had 300 horsepower.
The Ferrari 250 GTO won the GT World Championships in 1962, 1963, and 1964 using this engine and architecture. It also won the Targa Florio, Sebring 12-hour, Le Mans, and Spa 1000km.
The Ferrari won more than 300 races across the world when it was on the track, taking first place in its class. These accomplishments rank among the best wins for a road car, or any car for that matter. Legendary statistics back this up.
Only three 4.0L with 3967cc engine GTOs were produced in 1964. At 7500 rpm, the engine was producing 390 horsepower.
This was in fact Ferrari’s last excellent front-engine GT car to be produced.
A 1962 Ferrari 250 GTO is 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.
The Ferrari GTO—is it unique?
With scarcity on its advantage, a vintage Ferrari GTO recently sold privately for almost $70 million: Only 39 GTOs were produced between 1962 and 1964, and they are regarded as among the most attractive sports vehicles ever made, not just in terms of Ferraris.
How many Ferrari 250 GTO models are there today?
Individual 250 GTOs differ from one another in both obvious and subtle ways due to handbuilt manufacture, revisions, and repairs throughout each car’s existence in competition. Cars frequently have different air intake/vent configurations. The factory, Scaglietti, or other body shops modified the original bodywork, typically following collisions or at the request of a racing team.
Ferrari commissioned Mauro Forghieri and Mike Parkes to modify the 250 GTO’s bodywork in 1964, giving birth to the GTO ’64. (or Series II). Three new cars were constructed to the 1964 specification, while four earlier 250 GTOs were converted to it by the factory. The FIA chose not to accept the 250 LM for GT-class racing during the 1964 season, so this revision was meant to keep the GTO competitive for another year. Numerous aerodynamic components from the 250LM were integrated by Ferrari engineers into the 1964 GTO. Despite the GTO not having the 250LM’s mid engine rear wheel drive arrangement, this led to a visual likeness between the two vehicles. Minor alterations were also done by the factory to the interior, chassis, suspension, gearbox, and engine. Despite these adjustments, there was only a modest improvement in performance overall. The GTO ’64 continued to have some racing success with factory and privateer teams, with Phil Hill and Pedro Rodriguez, driving for NART, taking the overall victory at Daytona in 1964.
Utilizing the 250 GTO chassis and body with 400 Superamerica 4.0-liter motors, three 330 GTO specials were produced. These cars, which can be identified by a bigger bonnet bulge, were temporarily utilized by Scuderia Ferrari for testing and racing before being sold to private clients. The number of 250 GTOs produced, according to some sources, includes these vehicles, bringing the total up from 36 to 39.
Some people classify the 330 LMB as a GTO version. These vehicles had a modified 250 GT Lusso body and 4.0-liter 330 engine. There were four created in 1963.
In 1964–1965, three 275 GTB/C Speciales were produced. Due to similarities in configuration and bodywork, they are frequently regarded as derivatives of the 250 GTO despite having started out as 275 GTB competition variants.
After leaving Ferrari, Bizzarrini created a unique racing vehicle for Scuderia Serenissima called the Ferrari 250 GT SWB Breadvan. It was created especially to compete with the 250 GTO, which was brand-new at the time. The Breadvan gave Bizzarrini the chance to advance the concepts he had initially explored with the GTO, including lower and more aerodynamic bodywork, the installation of a dry sump, and drastic lightening of the entire car, even though it was built on the older 250 GT SWB.
What does GTO in Ferrari mean?
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 cars 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.”
What was the purchase price of Chris Evans’ Ferrari 250 GTO?
Italian 250 GTO Chris is alleged to have declared his desire to acquire a 250 GTO after developing a taste 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.