1962 Ferrari 250 GTO becomes world’s most expensive car

A 1962 Ferrari GTO has been sold for US$ 35 million, or about Dhs 128,555,000, making it the most expensive automobile on the planet. The figure beats the previous record of US$ 32 million billed for a 1964 Ferrari 250 GTO back in February and the estimated US $34 million price tag on the 1936 Bugatti Type 57SC Atlantic, back in 2010.

It seems that the price of the car has multiplied ten times since its US$ 3.5 million purchase in 1996. About a decade ago, the car was then purchased for US$ 8.5 million by its last owner, a Dutch entrepreneur. The car is now owned by car collector Craig McCaw, a telecommunications tycoon who made his big bucks by selling his company to AT&T for US$ 11.5 billion back in 1993.

The chassis number on this particular 250 GTO is “3505GT” and it was built specifically for legendary race driver Stirling Moss. Although Moss never had the opportunity to drive its tyres over a race track due to a career-ending crash in April of 1962, the car has appreciable racing history and has notched more than just a few wins. The lime-green livery 3505GT also competed in the 1962 24 Hours of Le Mans but failed to finish the competitive outing.

The car was displayed at Pebble Beach Concours d’Elegance last year during the the 250 GTO’s 50th anniversary celebrations.