Nobody has ever been that expensive

Never before has a buyer paid so much money for a car at an auction. And that’s despite the fact that the 1962 Ferrari 250 GTO auctioned originally only cost $ 18,000.

The 1962 Ferrari 250 GTO

Ferraris are generally not cheap fun, but this price breaks records: A 1962 Ferrari 250 GTO fetched 48.4 million dollars, the highest sum ever paid for a car in an auction. Another Ferrari held the record so far, four years ago it was sold for $ 38 million in an auction.

Ferrari produced only 36 of the 250 GTO car between 1962 and 1964, which makes it a coveted item among collectors. Anyone who owns one belongs to an elite club, the Ferrari 250 drivers know each other and sometimes race against each other.

The special vehicle, which has now been auctioned by Sotheby’s, won 15 victories between 1962 and 1965. Among the drivers was Phil Hill, the first American to become Formula 1 world champion. He never won a race in the two-seater that was now auctioned off, but used it as a test car before an important race.

Original purchase value $ 18,000

The Ferrari was able to increase its value dramatically, primarily through the successes. The car used to cost $ 18,000, which wasn’t a bargain for the time. Greg Whitten, one of the first employees of the technology group Microsoft, can now look forward to the increase in value.

Whitten reportedly once paid around $ 10 million for the car. Even higher prices are obtained in private sales. The most expensive known Ferrari is also a 250 GTO from 1963. It changed hands for 70 million dollars.