The Classic Ferrari 250 GTO has created a new record for being the most costly sports car in the world after it has been recently sold to an unknown buyer for a cloud-touching price of $52 million, as reported by Bloomberg. Surprisingly, the value of the 1963 model GTO racer was raised by a blooming 49 per cent in the previous year. One of the most spectacular pieces in the history of car-making, Ferrari 250 GTO racer was previously owned by an avid car collector, Paul Pappalardo, based in Connecticut. The car was bought by him in 1974.
The red chassis number 5111 was on the racing track since long, when owned by Pappalardo. It gained victory in the 1963 Tour de France road race, as well as also competed in other racing events, like Silverstone and Le Mans Classic.
The most highlighted fact of Classic Ferrari 250 GTO is that only 39 models of these cars have been manufactured by Ferrari, which makes it the most sought-after car. In 1962, the price of the car was about £6,000.
Talking about its features, the numerical part ‘250’ refers to the amount of displacement in each cylinder of the car’s engine. It is powered by a 3.0-liter V12 engine with other striking features, like an A-arm front suspension, hand-welded tube frame, disc brakes, Borrani wire wheels, and live-axle rear end.
The car has been owned by some of the famous personalities, like Nick Mason of the Pink Floyd band, who bought it in 1977, and since 2010, he has been receiving offers between $40 million and $50 million from a number of buyers, who want to purchase this car for the purpose of investment. Other owners of this million-dollar sports car include DJ Chris Evans, Peter Sachs –the owner of Goldman Sachs, Rob Walton – the chairman of Walmart, and Lawrence Stroll, who was responsible for making Tommy Hilfiger into one of the biggest brands.
According to John Collins, the chairman of Classic Ferrari specialist Talacrest, “Classic Ferraris have seen more gains than others; they are like the Picassos of the car world. And the 250 GTO is the golden car of its own generation; show me a man who wouldn’t want one. They are bought by people who have a love of cars and see them as an investment”.