Who would’ve thought that there exists a Ferrari whose price cannot be guessed? A company that manufactures sports cars constructed a masterpiece worth a fortune. The vehicle was named Ferrari GTO 250, a GT (Grand Tourer) which is used for vehicles which are luxury, have high performance and high speed. This car was produced in the year 1962 to 1964 for certification to race in a league and it was powered by Ferrari Colombo Engine.
There were only thirty-nine GTO 250 or should we say grand touring homologated manufactured in the year 1962 to 1964 out of which three cars were created with bodywork of 250 LM and 3 with four-liter 330 engine which is another model known as 330 GTO. In the year 1964 four more cars were upgraded to this, and these cars were made to run in group three GT racing.
At that time the cost of this wild GTO 250 was $18000. Also, its buyers were personally approved by the founder of Ferrari and his dealers.
According to the news, Paul Pappalardo who is a collector in Connecticut sold the car with the chassis number 5111GT to someone for almost $52 million which is the highest price ever paid for an Italian car. The expensive Ferrari GTO 250s are ultra-rare to find, and it’s even rarer to see them in a public auction. In 2014, in Bonhams Quail Lodge auction the GTO 250 was sold for $38.1 million.
Late in June 2018, with a selling price of over $70 million this car made an all-time record.
In Sports Car International (SCI) this car was on the eighth number in the list of best cars of the 1960s. An automobile magazine called it the greatest of Ferraris of all times, and at one place it was called the hottest car of all time.
In 1980’s the price of classic cars skyrocketed and the 250 GTO was declared the most valuable model ever produced by Ferrari but in the late 90’s the prices fell drastically due to the market crash. The price ranged from $2.5 to $2.7 million, and it began to rise and continued to in the late 1990s.
Ferrari 250 GTO has broken the records of all times and has been sold for a price no one can guess in auctions and private sales.