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Ferrari 250 GTO Sells for $48 Million

Ferrari 250 GTO Pebble Beach Number 23

The Ferrari 250 GTO is an icon — we know that. It was only a matter of time before prices got out of hand as good examples become increasingly difficult to acquire. But no one could predict just how competitive the market would become.

Ferrari 250 GTO Pebble Beach Front Angle

The legendary car went under the hammer at Pebble Beach over the weekend courtesy of RM Sotheby’s in Monterey where it sold for an astounding $48.4 million USD. Outdoing the Ferrari 250 GTO Berlinetta that sold for $38 million USD in 2014 and the 1957 Ferrari 335 Sport Scaglietti that sold in Paris at an Artcurial Motorcars auction for roughly 32 million euros, or $35.7 million USD in 2016.

Ferrari 250 GTO Pebble Beach Driving

So, why did this 250 GTO command such an exorbitant price?

Ferrari 250 GTO Pebble Beach Side Profile Driving

Well, the car itself is 1 of 36 GTO models ever built, but more importantly it is 1 of 4 GTO’s that has been upgraded by the period correct Scaglietti — the Italian autohaus and coach building company that was active in the 1950s.

Ferrari 250 GTO Pebble Beach

Furthermore, the car has real racing pedigree. In 1962, Edoardo Lualdi-Gabardi, drove it to victory in the Italian GT Championships before the car amassed a long list of victories between 1962 – 1965.

Ferrari 250 GTO Pebble Beach Side Profile

The 250 GTO is powered by the iconic 3.0-litre V12 engine that paved the way for the Italian car maker for years to come. The breathtaking silhouette was designed by Pininfarina with aerodynamic properties that were cutting edge at the time.

Ferrari 250 GTO Pebble Beach Rear Angle

RM Sotheby’s are remaining tight lipped about the identity of the buyer — but they can confirm that Greg Whitten, one of the earliest Microsoft employees who has an estimated net worth of $38.5 billion, was the seller.

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