Ferrari GTO snatches title of world’s most expensive car at $52 million image

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 racing car, which belonged to the Greenwich, Connecticut-based collector Paul Pappalardo, was purchased by an anonymous buyer, according to three specialist traders who independently confirmed the buy 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 previous record for any auto, achieved last year for… another 250 GTO. Values of classic cars, particularly postwar Ferraris, continues to increase, reaching out to even more enthusiasts, investors and, of course, speculators.

One of the dealers who talked about the record-breaking purchase was also directly a part in the transaction. Based in the U.K., he said he was unable to disclose anything officially and directly because of many confidentiality issues.

Pappalardo got the beautiful model back in 1974, managed to restore it and was subsequently driven by the collector in many historic races, including the 2002 Le Mans Classic.

Via Bloomberg