Rare 1962 Ferrari 250 GTO auctioned for a record breaking $48.2 million

The 250 GTO from 1962 has been auctioned for a record-breaking amount at Pebble Beach.

The chassis no. 3413, 1962 Ferrari 250 GTO broke all auction records at the RM Sotheby's auction held at Pebble Beach. The rare Ferrari has been auctioned for $48.2 million, becoming the most valuable car ever sold at an auction.

Earlier in June, the auction house had estimated that the car would be sold for over $45. At the auction, bidding started at $35 million and easily out passed the other Ferrari 250 GTO’s $38 Million record, owing to the three bidders who were involved.

Chassis no 3413 is the third car of 36 cars that were produced and has a number matching powertrain mated to the Scaglietti-built Series II body. This 250 GTO has been in the previous owner’s possession since the year 2000. On the previous occasion, it was auctioned for just $7 million. And even though the $41.2 million inflation in value is astounding, it's just as understandable. Since it was last auctioned, the 250 GTO has been showcased on numerous occasions in classic car gatherings and events and has seen some actual use, instead of being locked up in a shed This car has a full racing history that spans from 1962 to 1965, with 16 victories to its name in various events over the years.