Rare Ferrari 250 GTO sells for record US$48.4 million at auction

1935 duesenberg ssj 07 This Ferrari 250 GTO is the most expensive car sold at auction

1935 duesenberg ssj 07 This Ferrari 250 GTO is the most expensive car sold at auction

This, however, has seen prices soar to insane levels in recent times, and things don't appear to be cooling down one bit.

Despite eclipsing the previous world record held by another 250 GTO, chassis #3851GT which was sold by Bonhams for 38m dollars in 2014, the sale did not surpass the recent reported 70m-dollar private exchange for the silver ex-Pierre Dumay and Léon Dernie auto. Three collectors literally phoned in bids over the course of almost ten minutes - moving in million dollar increments - the victor securing one of only 36 Ferrari 250 GTOs ever built. GTO chassis number 3413 bested the $38.1 million record, also for a Ferrari GTO. That honor, at least as far as publicly available prices are concerned, is the $70 million paid for another 250 GTO snapped up by WeatherTech CEO David MacNeil in June in a private sale.

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The seller was Greg Whitten, chairman of Numerix Software Ltd. and an early Microsoft Corp. employee, who purchased it in 2000.

The third GTO built, chassis #3143GT is one of the better examples in existence. The GTO began its life as a Series I automobile and was used as a test auto by Phil Hill for the 1962 Targa Florio road race, before proceeding to win 1st in class at the event for the next two years. And took the Italian National GT Championship in 1962. Bulgari, who would lead the famous jewelry brand, entered the vehicle and won its class at the 1963 and 1964 Targa Florio. In fact, it retains the original V-12 engine, transmission, and rear axle.

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