Ferraris are expensive but you could buy a lot of them for $48 million. However, you have to be exceptionally passionate and not to mention wealthy to buy just one from 1962 for a whopping $48 million. That’s exactly what someone did when they purchased a rare 1962 Ferrari for $48 million at auction.

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The rare 1962 Ferrari 250 GTO sold for $48.4 million at RM Sotheby’s annual collector car auction in Monterey California. It has unsurprisingly set a new world record for any car sold at an auction, ever. This title was previously held by a Ferrari 250 GTO Berlinetta which sold for $38 million four years ago. In third place was a 1957 Ferrari that fetched $35 million in Paris back in 2016.

This particular Ferrari is rightly considered “the Holy Grail in collectible cars,” and parting with it is former Microsoft executive Greg Whitten. This car won the 1962 Italian GT championship and counts 15 class and overall wins from 1962 to 1965. Phil Hill, the first American to go on and become a Formula World Champion, was one of the drivers for this car.

These cars are exceptionally rare because not only were they Ferrari’s most successful racing cars but the company only built 36 of them. All of them are still running so it’s no surprise that they’re fetching insane amounts of money at auctions.

Filed in Transportation. Read more about . Source: cnbc

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