A red 1962 Ferrari 250 GTO will be auctioned in August during the annual Pebble Beach Concours d’Elegance motoring week in California. The car is being offered by RM Sotheby’s, which estimated it at more than $45 million, the highest valuation ever for a vintage auto at auction.
This classic Ferrari was manufactured from 1962 – 1964. The “250” in its name denotes the displacement in cubic centimeters of each of its cylinders; “GTO” stands for “Gran Turismo Omologato”, Italian for “Grand Touring Homologated.” When new, the GTO cost $18,000 in the United States, with buyers personally approved by Enzo Ferrari and his dealer for North America, Luigi Chinetti. In October 2013, Connecticut-based collector Paul Pappalardo sold chassis number 5111GT to an unnamed buyer for a new record of around $52 million. [Terrific Top 10]