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A 1962 Ferrari 250 GTO sold at record price of over Rs 338 crore

A 1962 Ferrari 250 GTO sees a record bid of $48.4 million (over Rs 338 crore). The extremely rare Ferrari was brought under the hammer by RM Sotheby at the Monterey Week.

twitter-logo BusinessToday.In   New Delhi     Last Updated: August 28, 2018  | 09:23 IST
A 1962 Ferrari 250 GTO sells at a record price of over Rs 338 crore
PC: Forbes

A 1962 Ferrari 250 GTO sees a record bid of $48.4 million (over Rs 338 crore). The extremely rare Ferrari was brought under the hammer by RM Sotheby at the Monterey Week.

The 1962 Ferrari 250 GTO, chassis 3413, was undeniably the highlight of the auction. According to a report by Forbes, tIt received the highest bid of $44 million in an auction that just lasted for 12 minutes. With the buyer's premium adding on, the total amount went up to $48.4 million. The actual owner is still unknown, as the bid was placed by an agent.

Greg Whitten, the chairman of Numerix Software and an early Microsoft employee, was the seller of the ravishing red car who purchased it in 2000. "I'm very happy," he stated in the report.

The past few years have seen the market of Ferrari 250 GTO reaching sky-high.  In 2014, Ferrari 250 GTO, chassis 3851 was sold for $38.1 million at an auction. In another private sale this June, German race car driver Christian Glaesel sold his 1963 Ferrari 250 GTO for somewhere between $70 million and $80 million in a private sale to WeatherTech.

The Ferrari 250 GTO is a GT car produced by Ferrari from 1962 to 1964. It was powered by Ferrari's Tipo 168/62 V12 engine. The "250" in its name denotes the displacement in cubic centimeters of each of its cylinders; "GTO" stands for "Gran Turismo Omologata", Italian for "Grand Touring Homologated."

Edited by Rahul Bhargav

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