1962 Ferrari GTO Sells For Record $38 Million At Auction

By Jay Casteel  |  08/16/2014

1962 Ferrari 250 GTO

A 1962 Ferrari 250 GTO became the most valuable car in the world Thursday (Aug. 14), when it was auctioned off for a record $38 million at the Bonham's Auction in Carmel, Calif.

This particular car was the 19th Ferrari GTO to be completed and was invoiced on September 11, 1962. It was most recently owned by Italian enthusiast Fabrizio Violati and was the centerpiece of his Collezione Maranello Rosso of precious Ferraris previously on view in the Republic of San Marino.

He acquired the Ferrari in 1965 for 2,500,000 lire (then around $4,000 USD) equating to around $33,500 USD today. It was originally finished in metallic pale grey with lengthwise red, white and blue centerline stripes when acquired by its first owner, French privateer Jo Schlesser.

The previous auction record for an automobile was a Mercedes W194 Grand Prix car, once driven by legendary racer Juan Manuel Fangio, which sold for $29.7 million.