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The classic Ferrari 250 GTO has been reportedly sold for $52 million according to the Bloomberg News. It states that the 1963 250 GTO race car was purchased last month from its previous owner, Paul Pappalardo.
Bloomburg reported that the identity of the new owner has not been revealed but that the car was purchased in a private transaction. Details of the sale and price of the car were disclosed to the Bloomburg news by three independent specialist traders.
The car was originally purchased by its previous owner, Paul Pappalardo, in 1974. The car was based in Connecticut with a chassis number 51111 and it is one of just 39 such cars built by Ferrari. It is believed that the Ferrari 250 GTO was built to compete in GT racing.
Not only was this model of Ferrari a successful racer but it has long been regarded as one of the world’s most beautiful and exclusive cars.
Nick Mason, drummer of Pink Floyd and a classic car collector, owns a similar model of car which he bought in 1977 with the proceeds from Dark Side of the Moon. It was reported that in 2010, he turned down an offer of $35 million for the car and he continues to receive offers of between $40 to $50 million from investors who are looking to take advantage of classic cars of this calibre.
Pappalardo’s car is known for taking victory in the 1963 Tour de France road race and has more recently competed in historic racing events at Silverstone as well as Le Mans Classic. The price achieved for the sale is a 49 per cent increase on the previous record holder of another 250 GTO which was sold last year for £35 million.
Our guess is that Pappalardo is feeling quite happy with his sale considering the car would have been purchased for around £6,000 back in 1962!