The World's Most Expensive Car: Ferrari 250 GTO (Part III)

Ferrari, as a brand, has carried with it a certain mystique that few brands have been able to match. Since the company's founding in 1947, Ferrari has been closely associated with three things: racing, sportscars, and millionaires. Enzo Ferrari cut his teeth as a team driver and manager for Alfa Romeo in the 1930's (the Scuderia Ferrari title, translated from Italian to mean Team Ferrari, along with the prancing horse crest of his team are still hallmarks of the Ferrari brand) and later founded a car manufacturer that bore his own name after WWII. Although many people know of Ferrari today for its street cars, Enzo was not a fan of road-going vehicles, producing them only to fund his racing exploits.

Ferrari's racecar were exceedingly successful. One stand out with the 1962-1964 Ferrari 250 GTO. GTO stood for Gran Turismo Omologato, or a grand touring race car that was homologated for street use. The 250 GTO was considered the ultimate 'Gentleman's Racer;' a car that could be driven from one's home to the track, race, win, and then driven back home again. The powerful, and now famous 3 liter V12, one of the Colombo engines, provided reliable power. The car's sleek and aerodynamic looks were not only sensual, but functional. Carroll Shelby employed the help of Peter Brock to design a successful competitor to the 250 GTO in the form of the Cobra Daytona Coupe not long after having his blocky Cobra racecars destroyed on the back straights of Sebring and Daytona raceway.

Shortly after Ferrari had completed the 36 250 GTO's it constructed (and 3 additional 4-liter V12 powered 250 GTO's, although they should be called 330 GTO's), Ferrari made the car outdated and obsolete with its new 330 racecars. An obsolete racecar was useless as it couldn't be used to win on the track, and was often too loud to drive on the road. Ferrari 250 GTO's fell in value and traded hands for as low as $5000 in the late 1960's and early 1970's (this is when Pink Floyd drummer Nick Mason purchased his 250 GTO that he still owns today). Price rose rapidly with the Ferrari market bubble of the 1980's, however, and by 1987, rumors ran rampant about Ferrari GTO's selling for up $15 million in private transactions.

Today, prices have settled a bit, but market valuation for the car still stands between $6 and $12 million, but no 250 GTO's have traded publicly in some time. Even still, this makes it the most valuable post-WWII car in the world.