Given how few were produced by the Italian company, the Ferrari 250 GTO is so pricey. Just 36 were built in a brief production period from 1962 to 1964.
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.
- It’s unusual – only 36 GTOs were ever made, making this one of the most sought-after vintage automobiles in the world
- It boasts a strong V12 engine that allows it to reach a top speed of 174 mph.
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You can infer something from the fact that the high point in 2012 was $35 million and yet a vintage GTO with a similarly impressive pedigree sold for $52 million in 2013. As a result, the market price for excellent GTO examples has at least doubled in the past six years.
One of the greatest GTOs ever is thought to be the vehicle that recently sold. The 10-day 1964 Tour de France Automobile endurance race was won by chassis number 4153GT, who finished fourth in the 24 Hours of Le Mans the year before. Additionally, despite having a long history of racing (it was also raced in the 1990s in classic rallies, including at Goodwood in the UK), it was fortunate enough to never have a collision. Additionally, it had undergone a comprehensive restoration and, according to speculation at the time of its most recent sale, was painted in the same Ecurie-Francochamps livery that year’s Tour de France champion wore: silver with a yellow band across the hood.
GTO stands for Gran Turismo Omologato in Italian. alternatively Grand Touring Homologated Around the same time, John DeLorean, who was working for GM at the time, developed the Pontiac GTO in the US, a cool muscle car but unquestionably no match for the extremely rare Ferrari. Since then, the term “grand touring” has been applied in a variety of contexts, leading to the appearance of the GT moniker on everything from sedans to SUVs. It says something that even the purest form of an idea, like this Ferrari, is still valuable to those with substantial financial resources.
The GTO’s MSRP in the US at launch was $18,000, which, when adjusted for inflation, is equivalent to almost $150,000. The $215k Portofino is the “cheapest” new Ferrari available in the United States today. Who knows though, maybe it will appreciate 533 times as much as the GTO in 60 years. We have our doubts about it.
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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.
Is the 1963 Ferrari 250 GTO the priciest vehicle in existence?
($52 million and $70 million) 1963 Ferrari 250 GTO Paul Pappalardo apparently owned it and raced it in a variety of heritage race series before selling it in 2013. With a sale price of $70.2 million, another Ferrari 250 GTO in silver blue was the most expensive automobile ever.
What is the market price of a 1963 Ferrari 250 GTO?
The astounding news was revealed by CNBC in June 2018. When the media revealed some of the facts of the sale between two Ferrari fans, a 1963 Ferrari 250 GTO amazed readers. And it’s thought that the price of this privately negotiated sale may be the highest ever for a car.
For a staggering $70 million, the new owner took home this 1963 250 GTO (more about that later). And sales figures like these keep the general public interested in the arrival and departure of these legendary automobiles.
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.
Has every Ferrari 250 GTO been located?
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.”
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.
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.