Ferrari GTO Becomes Most Expensive Car at $52 Million
#1
10-03-2013, 11:51 AM
Ferrari GTO Becomes Most Expensive Car at $52 Million
A 1963 Ferrari 250 GTO racer has become the world’s most expensive car, selling for $52 million.
Car collector Paul Pappalardo in action in his Ferrari 250 GTO during the Shell Ferrari Historical Challenge at the Coys Festival at Silverstone in Northamptonshire, England, on July 26, 1998. The car was recently in the hands of a Spanish collector. It has now been sold for $52 million, car dealers aware of the transaction told Bloomberg.
The red competition car, formerly owned by the Greenwich, Connecticut-based collector Paul Pappalardo, was acquired by an unidentified buyer in a private transaction, said three specialist traders who independently confirmed the purchase and price to Bloomberg News. Recently, the car has been owned by a Spanish collector, the car website barchetta.com said.
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 Ferraris of the 1950s and 1960s, continue to grow, attracting new enthusiasts, investors and speculators -- and prompting fears of a bubble in the market.
“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 car was acquired by Pappalardo in 1974, restored and subsequently driven by the collector in many historic races, including the 2002 Le Mans Classic, before being sold on.
“We don’t confirm these things,” Pappalardo said when telephoned last night. “I have no comment.”
Full article: Ferrari GTO Becomes Most Expensive Car at $52 Million - Bloomberg
Car collector Paul Pappalardo in action in his Ferrari 250 GTO during the Shell Ferrari Historical Challenge at the Coys Festival at Silverstone in Northamptonshire, England, on July 26, 1998. The car was recently in the hands of a Spanish collector. It has now been sold for $52 million, car dealers aware of the transaction told Bloomberg.
The red competition car, formerly owned by the Greenwich, Connecticut-based collector Paul Pappalardo, was acquired by an unidentified buyer in a private transaction, said three specialist traders who independently confirmed the purchase and price to Bloomberg News. Recently, the car has been owned by a Spanish collector, the car website barchetta.com said.
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 Ferraris of the 1950s and 1960s, continue to grow, attracting new enthusiasts, investors and speculators -- and prompting fears of a bubble in the market.
“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 car was acquired by Pappalardo in 1974, restored and subsequently driven by the collector in many historic races, including the 2002 Le Mans Classic, before being sold on.
“We don’t confirm these things,” Pappalardo said when telephoned last night. “I have no comment.”
Full article: Ferrari GTO Becomes Most Expensive Car at $52 Million - Bloomberg
#4
10-03-2013, 05:38 PM
Awesome. That is just crazy crazy crazy money. Nick Mason purchased his in the late 80s for a meer 80k I believe. Now that's an investment!!
#8
10-04-2013, 09:11 AM
Wow that's just insane, I mean my dad buys cars as an investment, but not even close to that kind of money. I would NEVER spend such an amount on a car, I'd be too worried to just brake a tiny thing while driving, cleaning, or whatever it..
