My Car Quest

July 23, 2024

A New World Record Car Price? – A Ferrari 250 GTO, Naturally

by Mike –

Bloomberg reported today that a 1963 Ferrari 250 GTO has become the world’s most expensive car, selling for $52 million.

Formerly owned by the Connecticut-based collector Paul Pappalardo, this GTO was bought by an unidentified buyer in a private transaction, said three specialist traders who independently confirmed the purchase and price to Bloomberg News. The seller is believed to be a Spanish collector.

My question is – why $52 million? Why not $53 million?

How does one set the price? My guess is that a billionaire is the new owner but why would he, or she, not bid that extra million dollars? The seller would probably like the extra million dollars so why not?

Did the seller say “$52 million – that’s my top bid, take it or leave it”?

Perhaps the selling process was handled by a sealed bid?

What do you think? How do a buyer and a seller agree to a world record price for such a rare and desirable classic Car?

Let us know what you think in the Comments.

I wonder if this Ferrari 250 GTO for sale here is the car that just sold? Or this one?

Ferrari 250 GTO

This is NOT the Ferrari 250 GTO that just sold

If you have a Ferrari 250 GTO or any other classic car for sale – read how you can sell it on My Car Quest – CLICK HERE.

Ferrari 250 GTO

This is NOT the Ferrari 250 GTO that just sold either

Ferrari Logo

Summary
A New World Record Car Price? - A Ferrari 250 GTO, Naturally
Article Name
A New World Record Car Price? - A Ferrari 250 GTO, Naturally
Description
A Ferrari 250 GTO sells for $52 million!
Author

Comments

  1. Great Question

    Did the seller offer it at 55million but it was negotiated down to 52 Million?

    How do you determine if you have a 50 million dollar car if that high of a price has never been paid before?

    • Seems like there had to be more than one interested buyer.

      • Peter dreissen says

        Hi Mike

        A possible answer to your great question is .:
        Because the buyer is supposed to be a Spanish guy he probably bid 40 million euros., a nice round figure .
        With the exchange rate of a few weeks ago it comes down to 52 million dollars .
        Makes sense to me .

        Regards
        Peter Dreissen from the Netherlands

  2. Hi there!

    I am trying to find a way in which to contact Paul Pappalardo, would anyone be able to help me?

    If not, maybe this may be of interest to someone here or to someone you may know.?

    Never in my life have I had the privilege of being a part of such a dedicated team of people all striving toward one goal: the world land speed record!

    A determined Australian man, Rosco McGlashan (Awarded the Order of Australia Medal by the Queen of England for his services to Motorsport) is soon to achieve a record that has never been achieved.
    Rosco will travel across the salt flats of Queensland aiming to achieve the following:

    To break the sound barrier;
    To set a new World Land Speed Record; and
    To reach a speed of 1,000 mph (1,600+ km/h).

    Amazingly the last Aussie Invader model made over 300 international news stories with a media reach exceeding 1,000,000,000 people (yes, 1 billion people).

    I just wanted to emphasise the magnitude of this project and that any sponsor involved would boast this same level of exposure by being associated with the Aussie Invader Project.

    We need companies / individuals to realise that this is not a one off race in the middle of nowhere, we will carry out a national media tour (Channel 7 are now our official media partners) as well as a large music festivals (with the help of Nova) and VIP events all of which need support!

    From Australia we aim to take this adventure further setting new records around that globe as we get faster and more efficient with our engineering skills and abilities.

    Sponsorship can come in many forms (products, monetary, support) and we welcome all negotiations.

    We need support, so do you, let’s help each other change the world!

    Looking forward to hearing from you!

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