Classic Ferrari 250 GTO becomes most expensive car in the world at $52m

 Driven personality: 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 in 1998
It cost £6,000 when new, but has since seen a 533,233.33 per cent increase in its value.


A 1963 Ferrari 250 GTO racer has been sold for a cool $52million (£32m), making it the most expensive car on the planet.
The legendary Ferrari 250 GTO is the world’s most sought-after car, especially as there were only 36 models built between 1962 and 1964.

FAST FACTS ON THE 250 GTO

• The Ferrari 250 GTO was only produced between 1962 and 1964 - and only 36 were ever produced
• It has a 3.0 litre V12 engine and a five-speed manual transmission
• Designed as a racing model, the car won a plethora of FIA races in the early '60s
• The '250' refers to the volume of the displacement caused by the pistons in the cylinders
• When sold for new, Enzo Ferrari is said to have individually vetted each owner
• Famous owners include Nick Mason of Pink Floyd and DJ Chris Evans

The record-breaker was bought by Connecticut-based car collector Paul Pappalardo in 1974 and recently sold to an unknown buyer, according to Bloomberg.
Remarkably, the vintage sports car’s value had gone up by 49 per cent in the past year alone, with an apple-green model belonging to Stirling Moss going for $35 million in 2012.

Britain’s most expensive car sale also involves a 250 GTO changing hands.

In February 2012 Foxtons estate agent owner Jon Hunt parted with a 1963 GTO for £20.2 million.

John Collins, chairman of classic Ferrari specialist Talacrest, said: ‘Classic Ferraris have seen more gains than others, they’re like the Picassos of the car world.
'And the 250 GTO is the golden car of its generation, show me a man who wouldn’t want one.

‘They are bought by people who have a love of cars and see them as an investment.’

The model sold by Mr Pappalardo – chassis number 5111 – has seen plenty of action, with Jean Guichet driving it to victory at the 1963 Tour de France road race.

 

The 250 GTO was fitted with a 3-litre V12 engine developing 300bhp - meaning a 0-60mph time of 6.1 seconds and reach a top speed of 174mph.
The official Ferrari website says: 'The 250 GTO was the ultimate expression of the Ferrari 250 GT car. It was equally at home on the road or track – perhaps the last dual purpose road/race car produced – and has achieved legendary status amongst aficionados of the marque.
'With only a relatively small production run of 36, and with many of the examples produced having a great race pedigree, it has become one of the icons of Ferrari production history, with a revered position in collectors' circles.'

House about that: Jon Hunt parted with a 1963 GTO for £20.2 million (stock image)

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