1962 Ferrari Racer Sets Auction Record at $48 Million

An unidentified buyer paid $48.4 million for a 1962 Ferrari 250 GTO race car at a RM Sotheby auction on Saturday during the Pebble Beach Concours d'Elegance in California.

The hefty price is the most ever for a car sold at an auction, eclipsing the previous record of $38 million for a 1962-63 Ferrari GTO in 2014. The prices include a 10% "buyer's premium" paid to the auction company.

Several vehicles have fetched higher prices during private sales. This includes a record $69 million paid for a 1963 Ferrari 250 GTO in June.

Ferrari produced only 36 of the 250 GTOs, all of which are still running, between 1962 and 1964. This weekend’s record-setter was the third such model built, bearing the chassis number 3413 GT.

The stylish two-seater cost $18,000 new. In 2000, the vehicle was purchased for $7 million by former Microsoft executive Greg Whitten.

First used as a test car by former Formula One champion Phil Hill, the 3413-model GTO went on to notch 15 class and overall wins during the 1962-1965 seasons. This includes the 1962 Italian National GT Championship with Edoardo Lualdi-Gabardi behind the wheel.

The Pininfarina-designed car is one of only seven of the 250 GTOs to receive an upgraded Scaglietti body with improved aerodynamics and handling. The car, which has a top speed of 174 mph, still has its original 5-speed manual transmission and rear axle.

The car’s original 3.0-liter V-12 engine, which was taken out and preserved several years ago, was included in this weekend’s sale. A similar mill built to GTO specification currently powers the car.