One of only 36 Ferrari 250 GTOs ever built sold for $48.4 million on Saturday in California, the most ever paid for a classic car at auction by RM Sotheby.
A 1963 version of that car sold for $70 million in a private transaction earlier this year, according to Sotheby’s.
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Sotheby’s declined to say how much the seller, Greg Whitten, paid when he bought the car in 2000, but said the market price for such Ferraris at the time was about $10 million.
Ten minutes and Three collectors were needed to smash the previous record of $38.1 million paid for a 1963 model of the same car in 2014.
The car was estimated to fetch between $45 million and $60 million, the highest valuation ever for a vintage auto at auction.
Greg Whitten is chairman of Numerix Software and former Microsoft employee.
Ferrari built just 36 of those elegant race cars between 1953 and 1964. The 250 GTOs model has generated the highest prices among all vintage automobiles in recent years.
The record price includes the buyer’s premium based on the hammer price of $44 million, calculated at 12 percent on the first $250,000 and 10 percent on the remainder.