Bloomberg reports that a 1962 Ferrari 250 GTO made for race driver Stirling
Moss has become the world's most expensive car, selling in a private transaction
last month for $35 million. The record price betters the $32 million paid for a
1964 Ferrari 250 GTO in February and the $30-34 million dished out for a 1936
Bugatti Type 57SC Atlantic back in 2010.
Built specifically for the legendary Formula 1 champion Stirling Moss, this 250
GTO has never actually been raced by the British driver because of his
career-ending crash just a week before he received the car. Nevertheless, it has
a significant race history with several wins. The car stands out among the other
250 GTOs thanks to its unique lime-green livery.
Amazingly, the price of this particular car has increased tenfold since 1996,
when it was purchased for $3.5 million. From there the car has changed hands a
few times, with the most recent owner, a Dutch businessman, purchasing it for
$8.5 million about a decade ago. The 250 GTO's newest owner, car collector Craig
McCaw, was the co-founder of McCaw Cellular, which was acquired by AT&T for
$11.5 billion in 1993.
"The market is very active at the moment," said James Cottingham, acquisition
consultant for Ferrari dealer DK Engineering, based in Hertfordshire, U.K. "A
lot of new buyers are expanding their collections and the baby-boomer generation
of collectors has reached an age when they're not using their cars as much as
they used to. They want to sell."