A 1963 Ferrari 250 GTO racer owned by a collector and sold in a private transaction has become the new world’s most expensive car, selling for $52 million.
The red competition car, owned by the Greenwich, Connecticut-based collector Paul Pappalardo was acquired last month by an unidentified buyer, according to three specialist traders who independently confirmed the purchase and price to Bloomberg.
“Today the GTO is considered the top car to own,” the California-based dealer Don Williams of Blackhawk Collection said in an interview. “It’s like the Mona Lisa. It has a mystique. If you have a GTO, you have a great collection.”
The price is a 49 percent increase on the record for any auto, achieved last year for another 250 GTO. Values of classic cars, particularly postwar Ferraris, continue to grow, attracting new enthusiasts, investors and speculators.
One of the dealers who spoke about the record-breaking sale was directly involved in the transaction. Based in the U.K., he said he was unable to comment directly because of confidentiality clauses.
The car was acquired by Pappalardo in 1974, restored and subsequently driven by the collector in many historic races, including the 2002 Le Mans Classic.
) - Thursday, October 3rd, 2013 - filed under Ferrari
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