Skip to main content

Going, going, gone! A rare Ferrari 250 GTO sells for more than $48 million


The Ferrari 250 GTO is often referred to as the “holy grail” by classic car aficionados who have tens of millions to spend on their hobby. Only 36 were ever produced, all of which are still around, and it’s considered one of the most beautiful Ferrari designs in history. That beauty is rivaled only by its unparalleled success on the racetrack.

At the Sotheby’s Monterey, California, classic car auction, the 250 GTO broke a new record. CNN has reported that the GTO has sold for more than $48 million,

The 1962 Ferrari 250 GTO by Scaglietti, chassis no. 3413 GT, was the third one ever built. It’s currently owned by Dr. Greg Whitten, chairman of Numerix and former chief software architect at Microsoft, and he’s owned it for about 20 years.

There’s a private club of owners, which adds to the mystique. First begun in 1982 by a group of French collectors, they gather every five years for a GTO anniversary driving and dining tour across the country. The only way to join this exclusive gathering is to own one of the Ferrari 250 GTOs.

The car, which still has its original engine, gearbox, and rear axle, began life as a Series I  test car for the 1962 Targa Florio road race, and then won 9 of the 10 races it entered in 1962. In 20 races, the car was never involved in an accident and never even failed to finish the race.

The value of the car is estimated at about $45 million, a figure it blew by at auction. One Ferrari GTO went for $35 million in 2012, and the previous auction record was set in 2014, according to Bloomberg, when a 1963 version sold for $38.1 million. A similar 1963 GTO was sold in private for $70 million earlier this year.

Shelby Myers of Sotheby’s said in a statement, “This marks just the third time that a GTO has been offered for public sale in the new millennium. I can think of no better place than our flagship Monterey event, an auction that has borne witness to the record-smashing sale of some of the most important cars in history, for the presentation of such an exceptional example of Ferrari’s most successful racer and the world’s most sought-after collector car, full stop,”

Updated on August 26, 2018: Updated with the car’s value at the auction. 

Editors' Recommendations

Mark Austin
Former Digital Trends Contributor
Mark’s first encounter with high-tech was a TRS-80. He spent 20 years working for Nintendo and Xbox as a writer and…
'World of Warcraft: Legion' sells more than 3 million copies in a day
wow legion sales art feat

World of Warcraft may not be the gargantuan online gaming force that it was a decade ago, but Blizzard's MMORPG still has quite the loyal following. The game's latest expansion, World of Warcraft: Legion, launched at the end of August, and it drew a record number of players.

"World of Warcraft's launch-week player concurrency climbed to its highest point since the 2010 launch of the Cataclysm expansion," Blizzard announced, "as champions from around the world united to strike a mighty first blow against the fel invaders."

Read more
Leaked images show the limited-edition Ferrari F12 GTO, a tribute to the 250 GTO
Ferrari F12 GTO

Two low-resolution images leaked from a private online configurator have prematurely revealed the Ferrari F12 GTO, a limited-edition model based on the F12berlinetta.

As its name implies, the F12 GTO is a tribute to the iconic 250 GTO, one of the most sought-after -- and expensive -- models ever built in the company's illustrious history. Up front, the F12 GTO gains a handful of heritage-laced styling cues such as a more oval grille and a pair of air ducts built into the hood. The back end gets air vents on the wheel arches that are reminiscent of the ones found behind the 250's front wheels, a retro-inspired metal gas cap and a strip of black trim that connects the tail lamps.

Read more
Super-rare 1961 Ferrari 250 GT SWB California Spider could break auction records
1961 Ferrari 250 GT SWB California Spider

When it comes to auctions, three major factors that influence a car’s value tend to be its vintage, its rarity, and its prestige. When you have a car that can bullseye each point, like this 1961 Ferrari 250 GT SWB California Spider, it's guaranteed to demand a high price.

RM Sotheby’s is once again preparing for its Villa Erba sale, held at the eponymous estate that sits on the shores of Lake Como, Italy. It’s a fitting setting to auction off one of the most coveted vintage cars ever sought.

Read more