The Tech Herald

Classic Ferrari sells for staggering 20.2 million

by Steven Mostyn - Feb 7 2012, 20:07

Image: Netcars.com/Flickr.

When it comes to the purchase of ageing high-performance sports cars, you’d be forgiven for thinking you could buy two or three old Ferraris for the same price as, say, the Italian’s giant’s current FF model, which sells for $300,000 USD.

And you’d be right—up to a point. Indeed, while nabbing a common Ferrari from the 1980s might not break the bank, buying one from the early 1960s is something only the truly mega-rich can even consider.

Take, for example, the beautifully elegant 1963 Ferrari 250 GTO that was sold this week by wealthy British businessman Jon Hunt for a bowel-loosening £20.2 million GBP (approx. $32 million USD).

In production between 1962 and 1964, during which time only 39 were made, the iconic 250 GTO has since become one of the rarest and most pocket-testing sports cars in the world.

This particular model, which passed on to Mr. Hunt in 2008 for a then record price of £15.7 million GBP, has now taken its place as the second most expensive car ever sold—behind only a vintage 1936 Bugatti Type 57SC that sold for close to £26 million GBP in 2010.

Although the identity of the Ferrari 250 GTO’s new owner has not been revealed, it is believed the car is currently being transported to a mystery destination in Spain.

In terms of assessing the car’s maturing value over time, each of the limited-run Ferrari 250 GTO models produced in the early 1960s sold for £6,000 GBP (approx. $9,500 USD).

Although manufactured some 50 years ago, the original 250 GTO came with a growling 3.0-liter V12 engine capable of producing 300bhp, a 0-60mph acceleration time of 6.1 seconds, and a staggering top speed of 174mph (280kph).

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