This Ferrari Just Became The Most Expensive Car Ever Sold At Auction

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Recently a Ferrari 250 GTO was sold at RM Sotheby’s for a record $48.4 million. The sale was part of the Pebble Beach Concours d’Elegance.

The Concours d’Elegance is an event for classic cars and wealth collectors that include five days of parties, unveilings, tours, races, and auctions in California.

Former Microsoft employee Greg Whitten was the seller, and said that its been a better investment (compared to Microsoft) since he bought it in 2000 for one-tenth of its selling price. Whitten has said that he purchased the car to race in vintage car races and once got it up over 155 mph.

“It’s a beautiful car, but it’s not whole until you are racing it,” remarked Whitten. He still has “about a dozen” other Ferraris and hopes to purchase plenty more classic race cars.

The Concours d’Elegance events concluded on Sunday with the Concours d’Elegance awards for best car restorations.

Hagerty, the classic car insurance and research firm, has said that the Ferrari helped push the total sales for the collectible car auctions to about $368 million. Compared to last year this is a 12% increase.

“Heavyweight bidders rose to the challenge posed by so many A-list cars, but the rest of the buyers weren’t so bullish,” said Hagerty.

Disclaimer: We have no position in Ferrari NV (NYSE: RACE) and have not been compensated for this article.