The 1962 Ferrari 250 GTO sold for $48.4 million at an RM Sotheby’s auction in California, making it the highest auction price ever for a car

The car’s original cost was $18,000, which is $151,203.60 in today’s money and shattered all records with almost $50 million auction sale this past weekend.

The valuable vehicle, a two-seater coupe, sold at an RM Sotheby’s auction in California and set the highest auction price ever. Back in 2014, another auction held this title, for a $38 million Ferrari.

What makes this car so valuable is the fact that only 36 of the Ferrari 250 GTO were made between 1962 and 1964, making it a rarity and a jewel for collectors. This particular one raced in the 1962 Italian GT Championship and won. It has a top speed of 174 mph.

This car was the third 250 GTO made and it comes with a strong history of racing wins and achievements. The new owners now have access to highly exclusive auto events.

Even though this auction sale was definitely a record, it does not beat the sale price of a 1963 version of the Ferrari that sold for $70 million earlier this year.

Here’s how the auction went:

Source: mashable.com