Ferrari 250 GTO sells for $52million

4 Oct, 2013 5:04pm Jonathan Burn

A 1963 Ferrari 250 GTO has become the world most expensive car after selling for $52million

A Ferrari 250 GTO has just been sold for $52million, making it the world's most expensive car. The 1963 Ferrari 250 GTO – once owned by collector Paul Pappalardo – beat another 250 GTO sold in 2012 to the title.

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The $52million price-tag (about £32million) represents a 49 per cent increase on the 2012 sale, which was a GTO raced by Sir Stirling Moss and sold for $35million.

The record-breaking sale was made in a private transaction and the buyer remains unidentified. The 250 GTO in question, chassis number 5111, has a decorated racing history having won the 1963 Tour de France road race with French racing driver Jean Guichet behind the wheel.

Such was the magnitude of the sale, experts are concerned about the effect this will have on future sales of classic cars. This year’s price index for classic Ferrari sales was up by 54.5 percent as opposed to the typical yearly increase of 15 per cent.