Ferrari From 1962 Fetches $51.7 Million at an Auction

Prices for classic Ferrari cars are known to reach jaw-dropping figures. Still, they are nothing compared to the $51.7 million that one buyer paid for a 1962 Ferrari 330 LM/250 GTO at an auction recently organized by RM Sotheby’s.

Announcing the news, the auction house revealed that it is the most expensive Ferrari ever sold at an auction. It only trails an ultra-rare prototype Mercedes-Benz 300 SLR Uhlenhaut Coupe, which was sold for $142 million last year. One Ferrari 250 GTO sold for more than $70 million back in 2016, but it was a private sale.

While there are 36 Ferrari 250 GTOs currently in existence, the one offered by RM Sotheby’s was unique for multiple reasons. It was initially built as a 330 LM model before being converted to 250 GTO. Also, it is the only one of its kind to be used by the manufacturer’s racing division Scuderia Ferrari. It took part in 1962’s 24 Hours of Le Mans and 1965’s Sicilian Hillclimb Championship among other races.

According to RM Sotheby’s, the car was originally sold to an Italian surgeon in the 1960s for $6,000. It changed hands several times before being acquired by the seller for $500,000 in 1985.

Despite its unique history and importance, this particular model didn’t meet the expectations RM Sotheby’s had for the car. The auction house expected to see the price reaching at least $60 million, but it ended up settling at $47 million before fees.