At $173K per horsepower, the Ferrari 250 GTO becomes the most expensive car ever sold

1963 ferrari 250 gto sells for 52 million

Vintage Ferraris, as it turns out, are recession proof, which is a good thing to keep in mind the next time you plan to make an automotive investment.

And what’s the pinnacle of the Ferrari market? Why it’s the the 1963 Ferrari 250 GTO. How much might a ’63 GTO fetch. Well, one has just sold for $52 million.

The car, covered in the ever-so-appropriate Competition Red paint, was owned by Greenwich, Connecticut-based collector Paul Pappalardo and sold to an unidentified buyer, Bloomberg reports.

The transaction price is 49 percent higher than the last record holder, another 250 GTO that changed hands last year.

The GTO is considered ‘the ultimate car’ by collectors, with owners (including Pink Floyd drummer Nick Mason) reportedly receiving typical offers in the $40 million to $50 million range.

So what makes this car so desirable?

First, it’s rare: only 39 250 GTOs were made. Each was hand-built, making each example that much more distinctive from the rest.

Legend has it that Enzo Ferrari commissioned the GTO as a response to the Jaguar E-Type. That would explain the Prancing Horse’s fabulous shape, another aspect of its charm.

The GTO also has a racing pedigree. The initials stand for Gran Turismo Omologato, which roughly translates to “race homologation special.” This particular car, chassis 5111 (car pictured above has a different chassis number), won the 1963 Tour de France road race.

There’s also a lot of magic attached to the GTO name, which is why Pontiac stole it for a GTO of its own – and why Ferrari used the name to sell limited-edition 599s. There’s something about the 250 GTO that just makes it better than other Ferraris in eyes of fans.

Still, $52 million is a lot to pay for a car.

Earlier this year, a 1953 Ferrari 340/375 MM Pinin Farina Berlinetta “Competizione” sold for about $12.8 million at auction. It was the second most expensive car to be sold at an auction; beaten only by a 1957 250 Testa Rossa that sold for $16 million in 2011.

Other examples of absurdly expensive collector cars include a 1967 Shelby GT500 Super Snake Mustang that sold for $1.3 million at auction this past May, and an original Batmobile from the 1960s television series, which crossed the block at $4.2 million.


We get up close with the Vision iNext concept to learn about BMW’s future

Through a massive worldwide campaign that visits various major cities around the world, we get our exclusive opportunity to get up close and personal with BMW’s latest Vision iNEXT Concept to learn about automaker’s future plans.

End your dependence on fossil fuels with one of these amazing electric cars

Electric cars are getting smarter, safer, and more capable with each passing year. Here are our picks for the best electric cars on the market, whether you're looking for a performance ride or a family-friendly crossover.

Nvidia's new RTX GPUs have arrived. Here's what you need to know about them

Nvidia's new RTX 2000 series graphics cards are impressive pieces of hardware, with some amazing advancements and some rather high price tags to match. Here's everything you need to know about Nvidia's new top-tier cards.

Ferrari’s latest special editions are stripped down, old-school sports cars

The Ferrari Monza SP1 and SP2 are inspired by some of the Italian automaker's most legendary sports cars. They mix old school rawness with modern carbon fiber construction and 789-horsepower V12 power.
Product Review

Alfa Romeo delivers the quintessential Italian high-performance SUV

Alfa’s Romeo’s Ferrari-powered sport utility delivers hair-raising straight-line performance, admirable capability in the corners, and head-turning style, but comes up a bit short in a few key areas.

Startup inks ‘world’s largest deal’ for driverless grocery deliveries

An increasing number of companies are testing delivery services using autonomous vehicles. Startup Udelv already has experience of running a trial in San Francisco, with Oklahoma City, Oklahoma set to become its next destination.
Smart Home

Amazon reportedly will introduce an Alexa-enabled microwave, amp, and more

Amazon's Fall 2018 Alexa device rollout is about to begin, sources say. Look for an Alexa microwave, an amplifier, receiver, and subwoofer, and an Alexa voice-responsive device for your car. Amazon is maximizing its voice-command presence.

Elon Musk: Tesla is bringing most collision repair in-house, outsiders too slow

Dissatisfied with third-party collision repair shops, Tesla CEO Elon Musk took to Twitter to announce the firm is bring most repair work in-house. The goal is a car as good or better than new with repair completed in under an hour.

Audi is finally taking the wraps off its Tesla-fighting e-tron electric SUV

The 2019 Audi e-tron is an electric SUV aimed at the Tesla Model X, Jaguar I-Pace, and Mercedes-Benz EQC. It's Audi's first mass-market electric car, but will it make a good first impression?

Volkswagen built a 210-mph Jetta, and broke a land-speed record with it

A modified 2019 Volkswagen Jetta just set a land-speed record at the Bonneville Salt Flats in the G/BGC class. Boasting a 600-horsepower engine, the Jetta hit 210 mph on the salt.
Emerging Tech

Smart sound system will give every car passenger their own wireless audio stream

Can't agree on what to listen to in the car? Imagine if each passenger could get their own way, courtesy of a personal audio stream — no headphones required. Sounds impossible, but it's almost here.
Emerging Tech

No more scraping? Anti-frosting advance could mark end of frozen windshields

Hate frozen windshields in winter? Researchers at Virginia Tech may have found a way to banish them for good, thanks to the world’s first passive anti-frosting surface. Here's how it works.

Lucid Motors accepts $1 billion investment from Saudi Arabian fund

The Public Investment Fund of Saudi Arabia will invest $1 billion in upstart electric car company Lucid Motors. Lucid hopes to launch a Tesla-fighting luxury sedan called the Air by 2020.

Lyft offers some fun stats to celebrate its 1 billionth ridesharing journey

Lyft cars have made a billion journeys since its ridesharing service launched six years ago. Announcing the milestone on Tuesday, September 18, the company revealed a few fun stats about its rides so far.