A 1962 Ferrari 250 GTO has sold for staggering $48.4 million (£34.5 million) at auction.

The auction held by RM Sotheby’s at their annual Monterey collector car sale produced a winning bid of $44 million. The total price paid for the 1962 Ferrari 250 GTO was $48.4 million, including a 10% ‘buyer’s premium’ paid to the auction company.

Ferrari 250 GTO
© 2018 courtesy of RM Sotheby’ s

World record for car sold at auction

The sale of the Ferrari at $48.4 million is a world record for any car ever sold at auction. Previously, the title was held by a 1962-63 Ferrari GTO which sold for $38 million at a 2014 Bonhams auction.

GTO legend

The Ferrari sold at auction is the third of only 36 GTO’s ever built, and began its life as a factory test car driven by Phil Hill for the 1962 Targa Florio road race.

The car was then sold to its first owner, one of Ferrari’s most favoured privateer customers, Edoardo Lualdi-Gabardi. The Italian gentleman racer entered the GTO in 10 races in 1962, winning all but one and securing him the Italian National GT championship that year.

Lualdi-Gabardi’s incredible track success with the early GTO, right out of the gate, contributed significantly in cementing what would become the GTO legend and legacy as known today.