The Ferrari 250 GTO is one of the most desirable cars in the world. So much so, that ridiculous amounts of money exchange hands just to own one. Recently, at the Bonhams auction a 1962 Ferrari 250 GTO was sold for an amazing $38,115,000 or RM120,497,989, cementing the notion that it is one of the most valuable cars in the world at the moment. Surprisingly, this isn’t the highest amount of money that changed hands for a 250 GTO.
In fact, in October of 2013, the car with chassis number 5111GT was sold by a Connecticut-based collector to an unnamed buyer for $52,000,000 or RM183,917,983.23. Now, what makes this car so special that it results in people throwing silly money at owners in the hopes of owning one? Well, for starters it’s a very good-looking car and one, which is said to truly encompass the true essence of a Ferrari sports car.
It’s very rare as it was part of a limited production run, which saw only 39 cars in total being produced. Based on the 250 GT SWB, the 250 GTO road car was built to comply with homologation regulations to participate in the FIA Group 3 Grand Touring car category. Regulations stipulate that manufacturers produce at least 100 road going versions before a race car is deemed eligible for races. But Ferrari got around this issue by stamping chassis numbers that were not in sequence and as such got away with producing just 39 cars.
The number 250 in its name denotes the displacement in each cylinder while the letters GTO is an abbreviation for Gran Turismo Omologato or in English, Grand Touring Homologated. Considered one of the last competitive front engine race car Ferraris, the 250 GTO is 4,325mm long, 1,600mm wide,1,210 high and weighs a minuscule 880kg. Under the bonnet is a 3.0-litre V12 engine that produced a 300bhp, which was pretty good power for the time.
The 250 GTO is regarded by many as one of the best looking cars in the world, its curvaceous and elegant body contours come together to create a distinctive look that will never look out of date. Though market value for the 250 GTO has seen its fair share of fluctuations, there’s no denying that the car will never stop being appealing.