A 1962 Ferrari 250 GTO has been sold at the RM Sotheby’s auction for a hammer price of $51.7 million (approx. R970 million) which is well below the initial estimate of $60 million but enough to set a new auction price record for the Italian car maker.
The special prancing horse was one of just 39 built by Ferrari or one of 34 produced with the ‘Tipo 1962’ bodywork and claimed to be the sole chassis raced in period by the Italian car maker’s factory team. It also raced at the 24 Hours of Le Mans but failed to take the checkered flag due to overheating issues.
Originally it featured a 4.0-liter V12 but after Le Mans it was swapped out for a standard 3.0-liter unit by the factory. A privateer bought the revamped car to take racing in 1963.
Even with the astronomical price it fetched, it failed to beat the existing private sale record for a 250 GTO, which was reportedly set by a 1963 example in 2018 at $70 million (apparently some have changed hands in private well North of that number too).