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Ferrari 250 GTO Becomes the World's Most Expensive Car at $35 Million

Source: Bloombers via Autoblog.com | Published: Mon Jun 04, 2012

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."

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