Rare Ferrari 250 GTO may fetch record $65 Million at auction

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No, it's not a typo, and that figure is not missing a decimal point.

The Ferrari 250 GTO is the most sought-after classic vehicle on the planet.

Ferrari built just 36 examples of the model from 1953 to 1964, and these elegant race cars have generated the highest prices among all vintage automobiles in recent years.

The Ferrari 250 GTO could be on the auction market for $65m.

In fact, it's one of Ferrari's most successful racing cars, claiming overall victory or 1st in class in almost 300 races worldwide.

Later in 1962, the GTO was sold to regular Ferrari privateer customer Edoardo Lualdi-Gabardi. Occurring every five years since its inception, the meeting is a glorious driving and dining tour across the country of their choosing, and the only entry into this exclusive club is ownership; making the GTO the hottest ticket in the collector vehicle world.

The Ferrari 250 GTO on offer, chassis no. 3413 GT, is the third of the 36 examples built, and began its life as a Series I auto. Used as a test vehicle by Ferrari, it was driven by 1961 Formula 1 world champion Phil Hill during the '62 Targa Florio. A new Portofino or 488, for example, will set you back a good quarter of a million dollars, while the few examples of the rare LaFerrari Aperta commanded a couple of million when it was available - and one went for $10 million, making it the most expensive new vehicle ever sold. 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. Later on, Gianni Bulgari of Bulgari jewelry fame continued to race the vehicle, and miraculously it was never crashed, nor did it have to discontinue a race.

The Ferrari then went to Gianni Bulgari of the famous jewelry-making family, and in his hands -and those of subsequent owner Corrado Ferlaino-it was a class victor at the 1963 and 1964 Targa Florio. Despite that, 3413GT received a new, Series II specification body by Carrozzeria Scaglietti in 1964.

No doubt the current owner, Dr. Greg Whitten, will be hoping that the combination of classic beauty, racing pedigree and sonorous 3.0-litre V12, plus the car's status as a modern auction icon, will all set the stage for a record-breaking bidding war.

It's a 1962 Ferrari 250 GTO, which RM Sotheby's expects it to sell for over $45 million.

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