Published October 04, 2013
A classic car was recently sold in a private transaction for a staggering $52 million.
Citing anonymous sources with knowledge of the sale, Bloomberg reports that the rare 1963 Ferrari 250 GTO was owned by noted Connecticut based car collector Paul Pappalardo, and likely sold to a Spanish collector.
If accurate, it was the highest known price ever paid for an automobile, smashing the record set by another Ferrari 250 GTO last year, which went for a reported $35 million.
When contacted by Bloomberg, Pappalardo had no comment.
The 250 GTO was a street legal racing car that cost less than $20,000 when new. Pappalardo purchased the car in 1974 for an unknown price and has entered it in several historic racing events over the years.
A total of 39 250 GTOs were built from 1962 to 1964 and just 36 are known to exist. No two are exactly the same.
Prices for the cars have skyrocketed in recent years following an $18 million sale in 2010 (shown above.)