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The most expensive car ever sold

Ferrari 250 GTO

Imagine a car that is worth more than the GDP of a number of countries. There is a popular phrase that goes “there are levels to this life thing”.  If there was ever a situation that is befitting of this phrase it is the Ferrari 250 GTO or its price rather.

The car itself is extremely beautiful but the subject of this blog post has little to do with its aesthetics and more to do with its pricing. Regular readers will already be familiar with the GTO because it featured as part of the shortlisted cars in a recent article about the most beautiful cars ever made.

Photo courtesy Getty Images

While the Ferrari 250 GTO failed to make it on to the number one spot for the most beautiful car ever made it totally outdoes any competition when it comes to pricing. Nothing comes close.

Photo courtesy WSupercars

A 1962 Ferrari GTO broke the record for most expensive car ever sold at an auction. The car went under the hammer for R738m! Just to put this into perspective this means that the car alone was sold for more than the GDP of Tuvalu. This is a single car that cost more than the total market value of all goods and services from this country in a year!

 

The car was sold by Greg Whitten who is a former Microsoft executive and one of Microsoft’s first employees. Having bought the car in 2000 Whitten describes how at the time of purchasing and selling the car it was a better investment than buying Microsoft shares. He states that his reason for selling the car is that he prefers to race his race cars as that is what they were designed to do and not simply collect dust. The value of the car no longer allowed him to comfortably do this.

As if R738m was not enough, a 1963 version of the 250 GTO was sold in a private sale for R1.07b! This one was sold to Weather Tech founder David MacNeil.

Part of the reason for this cars desirability could be the fact that only 36 of these were ever made and its racing pedigree. Experts predict that if trends continue as they are the GTO will be valued at R1.5b within the next five years! The history and Pedigree of this car deserve their own comprehensive write up, but for now it surfaces to just say there are levels to this car thing.

 

Marcus Phathwa

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Marcus@mzansirides.com

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