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Ferrari 250 GTO likely to be sold at $56 million in open market

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Breaking traditions of close door sales and an auction, a 1962 Ferrari 250 GTO is up for sale in the open market for a whopping $56 million – a price that if realised will put the car at the top of the most expensive cars in the world list.

The 1962 Ferrari 250 GTO in question is a 3387GT that has been put up for sale by Talacrest – one of the best known companies for their dealings in vintage Ferraris. The Ferrari 250 GTO was produced in 1962 and the one on sale is the second unit of a total of 36 units ever built. Despite being over fifty years old, this car continues to be as reliable as it was when it first rolled out of the production line. It manages to achieve 0 to 60mph in around six seconds.

According to Talacrest, the car was used by the factory for the tests at Monza, driven by Lorenzo Bandini, using chalk marked test license plate “Prova MO-49” before it was sold to Luigi Chinetti and his legendary North American Racing Team.

It was the first Ferrari GTO to be ever used in a competition with Phil Hill at the wheel finishing first in its class and second overall at the 12-hour Sebring race. The car was then raced at the 1962 Le Mans 24-hour race, where it finished third in its class and sixth overall. Between 1962 and 1965 it picked up numerous other podium places.

In 1969 it was sold for $5,400 (£4,345) and then again, later that year, for $11,000 (£8,850). The car changed hands in 1975 when it was bought by a Mr Steve Griswold for $13,000 (£10,460) who restored the car before selling it in 1978 for $125,000 (£100,500).

Over the past 40 years it has been shown at numerous Concours events around the world and was recently on display in a museum.

With a £45 million asking price, the 250 GTO is 245 times more expensive than a brand-new Ferrari 488 and 4,500 times the price of a Ford Fiesta, Britain’s most popular car.

Back in 2014, a Ferrari 250 GTO went under the hammer for a whopping $38 million (£30 million). This is the first time in 20 years that a Ferrari 250 GTO is being put up for sale in the open market – at least in the UK. According to information provided by Bonhams, the last time a GTO was auctioned before this was in 1990. Generally GTOs change hands behind closed doors with a select few brokers helping the uber rich to strike those expensive deals.

John Collins, who runs Ascot-based Ferrari specialist Talacrest, is selling it for more than £45 million ($56 million). Mr Collins said: “I have already had one offer on the car and know there will be interest. It will get you on the Ferrari 70th anniversary tour next year.”

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