The $52 Million Ferrari 250 GTO

A report from Bloomberg tells us that the Ferrari 250 GTO seen here has just sold for a record-breaking $52 million, making it the most expensive single automotive sale ever.

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.