World’s Most Expensive Car: 1963 Ferrari 250 GTO

By Ganesh

One 1963 Ferrari 250 GTO recently became the most expensive car in the world. The said car was bought by an unknown billionaire who paid a staggering $52 million for this rare car. That's 321 crores in Indian rupees!! The car was sold at a private auction and the sale only became known after it was confirmed to Bloomberg News.

The person who sold the $52 million 1963 Ferrari 250 GTO is private collector Paul Pappalardo from Greenwich, Connecticut. Pappalardo has clearly declined to provide any sort of confirmation about the price his car fetched. Remember that the previous car which held the record for the most expensive car was also a Ferrari 250 GTO. So what makes this particular car so popular among the uber rich? Here are some interesting facts.

$52 Million 1963 Ferrari 250 GTO

Only 39 Ferrari 250 GTO racing cars were ever built. These were developed to participate in GT racing events such as the Le Mans 24-Hour.

$52 Million 1963 Ferrari 250 GTO

The earlier record holding car, also a Ferrari 250 GTO (a green one), was once driven by to Sterling Moss which went for $35 million. At $52 million, the latest price paid has exceed the previous one by 49 percent.

$52 Million 1963 Ferrari 250 GTO

Ferrari 250 GTO's were created by a team led by Giotto Bizzarrini. The racing cars were based on the road going 250 GT SWB.

$52 Million 1963 Ferrari 250 GTO

Each car was powered by a 300 HP, 3.0 liter V12 engine, the same ones that powered 250 Testa Rossas. Mated to 5 speed manual transmission, the cars could reach a top speed of 280 km/h.

$52 Million 1963 Ferrari 250 GTO

Enthusiasts paying insanely high prices for Ferrari 250 GTOs has got experts calling them the Mona Lisa of cars.

$52 Million 1963 Ferrari 250 GTO

In fact, the value of rare, classic Ferraris, particularly those from the 1950s and 60s have been increasing at an average rate of 15 percent every year.

$52 Million 1963 Ferrari 250 GTO

Experts say it is possible for individuals to have paid even more than $52 million for a car. They do not come to light since many of these transactions are kept private.

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Article Published On: Monday, October 7, 2013, 18:29 [IST]
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