Ferrari 250 GTO tipped to fetch record $45m at auction

A classic Ferrari 250 GTO going under the hammer at this year’s Pebble Beach Concours d’Elegance is expected to make a record-breaking $45m (£35m). 

The historic racing car, one of only 36 made, is being sold at an RM Sotheby’s auction at the Californian motoring show, taking place on 24 and 25 August. 

The model up for offer is a Series I version produced in 1962 and served as a test car for the Targa Florio road rally in Sicily the same year, says Evo magazine. 

The 250 GTO was then sold to amateur racer Edoardo Lualdi-Gabardi, who drove it to victory in the 1962 Italian National GT championship, before selling it to jewellery designer Gianni Bulgari, according to Top Gear. 

In Bulgari’s hands, the 250 GTO won its class at the 1963 Targa Florio and completed a further 20 races over the following year, the motoring site says. Despite its history in motorsport, the car has never had a mechanical failure or been involved in a crash.

Although the bodywork was changed to the Series II silhouette by Italian design firm Scaglietti in 1964, The Sun says, the rest of the racer has been left untouched over its 56-year history, including the original 296bhp 3.0-litre V12 engine and gearbox. 

Their elegant looks and limited-production run have made Ferrari 250 GTOs one of the most sought-after vehicles among wealthy car collectors, says Fortune. 

The current record for a car sold at auction is also held by a 250 GTO, which fetched $39m (£29m) at Bonhams’s Pebble Beach auction in 2014. 

The record for the most expensive car ever sold was set earlier this month, when American businessman David MacNeil paid $70m (£53m) in a private sale for a 250 GTO that won the 1963 Tour de France.