RM Sotheby’s annual collector car sale in Monterey, California auctioned off a rare 1962 Ferrari 250 GTO over the weekend, and it was sold for a whopping $48.4 million. According to the company, it's now the most valuable car ever sold at auction.

Dripped in an eye-catching red finish, the exotic coupe is one of just 36 that were made, with each slightly unique. Considered to be a holy grail of collectible cars, it has been a fixture in the historic racing circuit as well, winning the 1962 Italian GT championship, along with several major wins during its competitive career spanning from 1962 to 1965. Furthermore, unlike most racing cars, this 1962 Ferrari 250 GTO had never been wrecked or repaired.

Additionally, the vehicle was driven by prominent racers including Phil Hill, the first American to become a Formula 1 world champion, and it was previously owned by former Microsoft executive Greg Whitten since 2000, who bought it for less than the final sale price of $44 million purchased by an anonymous bidder, which translates to $48.4 million after auction fees.

For the full details and history of this rare and expensive 1962 Ferrari 250 GTO, head over to RM Sotheby’s

In related news, Ferrari celebrates 50 years of the convertible with a stunning 488 Pista Spider.

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