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August 30, 2018

This Ultra-Rare Ferrari Sold for P 3.75 Billion

With just 39 examples built, the Ferrari 250 GTO is one of the rarest and most valuable cars on earth. And at a private sale that just happened recently, that reputation looks to be more than intact as an example sold for a record USD 70 million (~ P 3.755 billion)—the highest price ever paid for a car.

Confirmed by Marcel Massini, the world’s top collectible Ferrari expert, this sale beat the previous record paid for a 250 GTO at USD 52 million (~ P 2.790 billion) in 2013. Several sources point out that this particular 250 GTO was sold by a German collector to David MacNeil, the founder of WeatherTech, the maker of car floor mats and trunk liners.

The USD 70 million 250 GTO that was purchased by MacNeil won the 1964 famed Tour de France race and came in fourth at Le Mans, Massini said. Painted in silver and yellow, it was never crashed, unlike many other 250 GTOs.

Although MacNeil has yet to confirm this purchase, he’s a well-known Ferrari collector with several “multimillion-dollar cars.” Owning a 250 GTO puts him in the most elite club in car collecting: the “GTO Club” of billionaires and multimillionaires who own what many consider to be the greatest Ferrari ever made. The club includes Ralph Lauren, fashion mogul Lawrence Stroll, and Walmart heir Rob Walton.

Massini predicts that GTO prices will continue climbing, since the number of billionaire Ferrari collectors is growing but the number of top-quality GTO's remains constant, with very few willing sellers. Massini predicts that a 250 GTO may sell for about USD 100 million (~ P 5.366 billion) in the next 2 to 3 years.

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