This Ferrari Sold For A Record $48.4 Million

A 1960s race car that originally cost $18,000 (that’s $151,203.60 in today’s money) crushed records with a nearly $50 million auction sale at an auction this weekend.

The 1962 Ferrari 250 GTO, a two-seater coupe, sold at an RM Sotheby’s auction in California for $48.4 million. This is the highest auction price ever for a vehicle. In 2014 a car Ferrari sold for $38 million at an auction.

Only 36 Ferrari 250 GTO were made between 1962 and 1964, making it a rarity and highly desirable for collectors. This particular Ferrari raced in the 1962 Italian GT Championships and won. The car has a top speed of 280 km/h.

This was the third 250 GTO made and it comes with a strong lineage of racing wins and achievements. The car’s new owners now have access to highly exclusive auto events.