1962 Ferrari 250 GTO sells for record $35 million

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A lineup of red 1962 Ferrari 250 GTOs in a grassy area.

A 1962 Ferrari 250 GTO sold for a record $35 million. (Photo Credit: CC BY-SA/J.Smith831/Wikipedia)

You don’t have this kind of money to spend on a car, no way, no how. In a private transaction that was listed among high-end vehicle sales on the boutique classic car auction site Anamera.com, an apple-green 1962 Ferrari 250 GTO that was made for race driver Stirling Moss sold for a record $35 million. Only 39 GTOs were made between 1962 and 1964, notes Bloomberg.

From vineyard to collector

The record-setting Ferrari was sold by Dutch-born Eric Heerema, who owns the Nyetimber vineyard in Sussex, southern England. U.S. classic car collector Craig McCaw purchased the ultra-rare 1962 Ferrari vehicle. At the time of the sale Thursday, neither party was available for media comment.

“The market is very active at the moment,” said James Cottingham, acquisition consultant for Ferrari dealer DK Engineering of Hertfordshire, U.K. “A lot of new buyers are expanding their collections and the baby-boomer generation of collectors has reached an age when they’re not using their cars as much as they used to. They want to sell.”

McCaw certainly doesn’t lack for cash. The co-founder of McCaw Cellular sold out to AT&T in 1993 for a cool $11.5 billion. McCaw’s net worth is listed at $1.6 billion, according to Forbes.

Classic Ferrari sales busting out all over

McCaw’s 1962 Ferrari 250 GTO purpose isn’t the only classic Ferrari purchased in the past few months. A 250 Testa Rossa that U.S. racer Phil Hill used to win the 1958 Le Mans 24-Hour race was sold by French collector Pierre Bardinon for about $25 million, according to Anamera.com. Another 250 GTO was purchased for $18 million in 2010, then subsequently re-sold for a price that was reportedly “in the high 20 millions,” according to the most recent purchasing party.

“I’ve heard of eight Ferraris selling for a total of $135 million during the last eight weeks,” said car dealer John Collins of Talacrest Ltd.

The Ferrari to end all Ferraris

McCaw’s 1962 Ferrari 250 GTO was called the greatest Ferrari of all time in 2010 by Motor Trend Classic magazine. U.K. racer Moss’s name is scrawled on the back of the right-hand driver’s seat, and the body is painted in the same apple green color of Moss’s UDT-Laystall race team of that time. Moss suffered a career-ending injury at the Goodwood circuit on April 23, 1962, before he could actually drive the 250 GTO in a race. Fellow U.K. driver Innes Ireland ended up driving the car at 1962 Le Mans, where the vehicle was retired.

Breaking the record

The previous private transaction record sales price for a classic vehicle was somewhere between $30 million and $34 million for a 1936 Type 57SC Bugatti Atlantic. California collector Peter Mullin bought the vehicle in 2010, but would not reveal the exact purchase price.

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1962 Ferrari 250 GTO on display, sounding off





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