Ferrari 250 GTO Sells for $52m Privately

Bloomberg reveals the record-setting sale of a $52m Ferrari 250 GTO:

The red competition car, owned by the Greenwich, Connecticut-based collector Paul Pappalardo, was acquired last month by an unidentified buyer in a private transaction, said three specialist traders who independently confirmed the purchase and price to Bloomberg News.

The price is a 49 percent increase on the record for any auto, achieved last year for another 250 GTO. Values of classic cars, particularly postwar Ferraris, continue to grow, attracting new enthusiasts, investors and speculators — and prompting fears of a bubble in the market.

“Today the GTO is considered the top car to own,” the California-based dealer Don Williams of Blackhawk Collection said in an interview. “It’s like the Mona Lisa. It has a mystique. If you have a GTO, you have a great collection.”

Ferrari GTO Becomes Most Expensive Car at $52 Million (Bloomberg)