Ferrari GTO 250

In record breaking auction on the last Saturday of August in California the largest sum ever was paid for a car at auction, the red 1962 Ferrari 250 GTO sold for $48.4 million

Obliterating the previous record of $38.1 million for a 1963 model, the offering from RM Sotherby’s had originally estimated to fetch something in the region of $45 to $60 million.

Seller Greg Whitten, chairman of Numerix Software and early employee of Microsoft Corp. is though to have paid something in the region of $10 million back in early 2000, based on the market price for similar Ferraris at the time.

The truly limited edition model had just 36 examples produced by Ferrari between 1953 and 1964, highly sought after these cars have commanded the highest price tags of all vintage automobiles sold in recent years, Sotheby’s claim a 1963 model sold privately for $70 million at the beginning of the year.