Sold for $38.1 Million!

A 1962 Ferrari 250 GTO Berlinetta was auctioned off last weekend in California by Bonhams for a record $38.1 million.

The car is one of only 63 produced. The 250 GTO was the last front-engine racing coupe built by Ferrari before the company switched to mid-engine racers in 1965.

The sale topped the previous auction leader, which was sold by Bonhams last year: a 1954 Mercedes-Benz W196R race car driven by Formula One legend Juan Manuel Fangio that went for $29.7 million.

Bloomberg News says the highest price ever paid for a passenger car was $52 million in a private sale last October of a 1963 Ferrari 250 GTO.

Experts tell Bloomberg the classic car market has skyrocketed over the past three years, with the prices of vintage Ferraris tripling over that period.