The Ferrari 250 GTO, The World’s Most Expensive And Sought After Car

Posted by: : Paul EbelingPosted on: November 9, 2013 The Ferrari 250 GTO, The World's Most Expensive And Sought After Car

The Ferrari 250 GTO, The World’s Most Expensive And Sought After Car

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The Ferrari 250 GTO was produced by Ferrari from 1962 to 1964 for homologation into the FIA Group 3 Grand Touring Car category.

GTO means “Gran Turismo Omologato”, Italian for “Grand Touring Homologated.”

When new, the GTO sold for US $18,000 in the USA, and buyers had to be approved by Enzo Ferrari and the company’s North America distributor, Luigi Chinetti.

In all 36 cars were made in the years ’62/’63, then in Y 1964 the  ‘Series II’ was introduced, which had a slightly different look, 3 series II GTO’s were made, and 4 older ‘Series I’ were given a ‘Series II’ body, bringing the total of Ferrari 250 GTO produced to 39.

In Y 2004, Sports Car International placed the 250 GTO 8 on a list of Top Sports Cars of the 1960s, and nominated it the #1 Sports Car of All Time. And Motor Trend Classic placed the 250 GTO #1 on a list of the “Greatest Ferraris of all time”.

The 250 GTO was designed to compete in GT racing.

The car was based on the 250 GT SWB. Chief engineer Giotto Bizzarrini installed the 3.0 L V-12 engine from the 250 Testa Rossa (TR) into the chassis from the 250 GT SWB and worked with designer Sergio Scaglietti to develop the body.

After Bizzarrini and most other Ferrari engineers were fired in a dispute with Enzo Ferrari, development was handed over to new engineer Mauro Forghieri, who worked with Scaglietti to continue development of the body, including wind tunnel and track testing.

Unlike most Ferrari’s, it was not designed by a specific individual or design house.

The rest of the car was typical of early 1960s Ferrari technology: hand-welded tube frame, A-arm front suspension, live-axle rear end, disc brakes, and Borrani wire wheels.

The Porsche designed 5 speed gearbox was new to Ferrari GT racing cars; the metal gate that defined the shift pattern that became a tradition that is maintained today.

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The GTO’s interior was basic in the extreme, to the point where a speedometer was not installed in the instrument panel, and many of its switches came from the Fiat 500 Cinquecento .

From about 1978 to the late 1980s, classic car values rose rapidly and the Ferrari 250 GTO took the lead and became the most valuable of all classic racing Ferrari GTs.

A 250 GTO (4757GT) was seized by the US government (DOJ)  belonging to the deceased Chris Murray, a drug dealer who fled the United States in Y 1984, the car was sold in a sealed bid auction in Y 1987 for approximately $1.6-M.

Then a notable sale of a 250 GTO wa made to a Japanese buyer for $14.6-M  + commissions.  By Y 1994 that example changed hands for about $3.5-M.

In Y 2008, a British buyer bought a Ferrari 250 GTO that formerly belonged to Lee Kun-hee of Samsung Electronics at an auction for a record GBP 15.7-M.

In May 2010, BBC Radio 2 DJ Chris Evans bought chassis number 4675 GT for GBP 12-M.

Then Ferrari 250 GTO chassis number 5095GT was sold by British Real Estate Agent Jon Hunt to Carlos Hank Rhon of Mexico, a member of one of most important families within PRI Ruling Party.

In February 2012, in what is believed to be the largest single car transaction in the United Kingdom, a Ferrari 250 GTO sold for over . US$31.7-M.

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Then in May 2012 the 1962 250 GTO made for Stirling Moss became the world’s most expensive car, selling in a private transaction for $35-M to US billionaire Craig McCaw.

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Just a bit over a month ago in October 2013, 250 GTO chassis number 5111GT was to an unnamed buyer for a new record of $52-M.

Here is a personal rememberence of #5111GT, it is a good read: http://www.velocetoday.com/henry-manney-and-the-52-million-dollar-gto/#more-54583

Note: Buyer Beware, the rarity factor and high “Dollar” values led to the creation of several replica 250 GTOs and other rare and in demand classic Ferrari’s on more common Ferrari chassis,  misrepresentations of the original cars, offered for sale at full market prices  have been reported.

It is very important that when considering acquiring one that the utmost care be taken, the professional and ethical consultants, purveyors and auction houses  be engaged at the start of the acquisition process.

HeffX-LTN enjoys a long time relationship with the top participants in the vintage and classic car field and is available to assist in the sale or purchase of tier 1 collector grade examples of the top marques, including; Ferrari, Mercedes-Benz, Porsche, Bugatti, Alfa Romeo, Maserati, Bentley and other rairities.

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Below it a complete price development list as of this writing for the Ferrari 250 GTO, as follows;

1962-4 (New FOB USA): $18,500

1965 (Dec): $10,500

1968 (Jun): $6,000

1969: $2,500

1971 (Jan): $9,500

1971 (Jul): $12,000

1973 (Jul): $17,500

1975 (Dec): $48,000

1978: $85,000 (#3987 Ralph Lauren)

1980 (Mar): $180,000-200,000

1983: $300,000

1984: $500,000

1985: $650,000

1986: $1,000,000

1987 (Oct): $1,600,000

1988 (Jul): $4,200,000

1989 (Jul): $10,000,000

1990 (Jan): $13,000,000

2012 (May) $35,000,000

2013 (Oct) $52,000,000  (#5111GT)

Prices fell substantially during the car market correction of the early 1990’s, tapping a low of $2,700,000 in September 1994, and $2,500,000 in May 1996.

Prices began to climb again in the late 1990s, and reached about $7,000,000 by Y 2000.

They reach $10,000,000 again in Y 2004. As of Y 2013 the most recent record is now 4X (400%) that of the $13-M paid in January 1990.

Stay tuned, this is an exciting and dynamic anternative investment sector.

HeffX-LTN

Paul Ebeling

 

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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