Ferrari 250 GTO becomes world's most expensive car

Ferrari 250 Gto Still

A 1963 Ferrari 250 GTO racer has become the world’s most expensive car, selling for $52m.

Bloomberg reports that the red competition car, owned by the Greenwich, Connecticut-based collector Paul Pappalardo, was acquired last month by an unidentified buyer in a private transaction, said three specialist traders who independently confirmed the purchase and price to Bloomberg News.

The price is a 49% increase on the record for any auto, achieved last year for another 250 GTO. Values of classic cars, particularly postwar Ferraris, continue to grow, attracting new enthusiasts, investors and speculators - and prompting fears of a bubble in the market.

'Today the GTO is considered the top car to own', the California-based dealer Don Williams of Blackhawk Collection said in an interview. 'It’s like the Mona Lisa. It has a mystique. If you have a GTO, you have a great collection'.

One of the dealers who spoke about the record-breaking sale was directly involved in the transaction. Based in the U.K., he said he was unable to comment directly because of confidentiality clauses.

To access the complete Bloomberg article hit the link below

Ferrari GTO Becomes Most Expensive Car at $52 Million

Bitcoin Bets Feed Twitter Dreams as Regulators Circle

Danske CEO Slams Five Years of Bad Returns in New Strategy

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts