1962 Ferrari 250 GTO Sells for $35 Million in Private Transaction Becoming Most Expensive Car

By Trevor Dorchies | June 04, 2012
If you're lucky enough to get your hands on one of the 39 Ferrari GTOs produced from 1962 to 1964, hold on tight and never let go. Why? Because a 1962 GTO netted $35 million in a private sale last month making it the most expensive car ever sold to date. The apple-green GTO left the ownership of Dutch-born businessman Eric Heerema and was sold to Craig McCaw, co-founder of McCaw Cellular, which was later acquired by AT&T for a cool $11.5 billion in 1993. The record for most expensive car in the world was previously held by Peter Mullin, a California-based car collector, and his 1936 Type 57SC Bugatti Atlantic for somewhere between $30 million and $34 million. When Bloomberg pressed Mullin for an exact price of the Bugatti Atlantic back in 2010 he declined to disclose how much. Two separate traders who specialize in collectable car trading confirmed the sale price of the 1962 GTO to Bloomberg. This is not the first high profile Ferrari to exchange hands over the last two month though. A Ferrari 250 Testa Rossa, driven to the win by United States racecar driver Phil Hill in the 1958 Le Mans 24-hour race, sold for around $25 million. Another Ferrari 250 GTO was acquired by Chris Evans, a television and radio personality in the United Kingdom, for around $18 million in 2010 and later sold for an estimated price "in the high 20s" dealers told Bloomberg.
Heerema purchased the 1962 250 GTO 10 years ago for around $8.5 million from Japanese collector Yoshiho Matsuda. As for Matsuda, he purchased the 1962 Ferrari 250 GTO from Talacrest, a classic Ferrari dealer, back in 1999. Talacrest picked up the world's most expensive car ever for $3.5 million back in 1996. The price for a classic Ferrari saw a 4.82 percent spike in the first quarter of 2012 according to Historic Automobile Group International.

Source: Bloomberg, YouTube