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1962 Ferrari 250 GTO sells for record-breaking $35 million

by Ronan Glon

Chassis number 3505GT was built for famed English pilot Stirling Moss.

A 1962 Ferrari 250 GTO has just changed hands for the jaw-dropping sum of $35 million, making it the world's most expensive car. The previous record was held by a 1936 Bugatti Type 57SC Atlantic which sold two years ago for an undisclosed amount that lies in between $30 and $34 million.

The record-breaking 250 GTO wears chassis number 3505GT and was built specifically for Stirling Moss, an iconic English pilot. Victim of a tragic accident, Moss did not get to spend much time behind the wheel of the GTO but his name is said to be engraved on the back of the driver's seat.

In the early 1960s Moss raced for a team called UDT-Laystall, which explains why the car is finished in light green and not in the stereotypical shade of red that is often associated with Ferrari.

Chassis number 3505GT was sold by a U.K.-based businessman named Eric Heerema to Seattle-based car collector Craig McCaw. The car has drastically gone up in value in recent years; it reportedly changed hands in 1996 for $3.5 million, a tiny sum compared to what it is worth today.

As the values of vintage Ferraris rise to unprecedented heights, many analysts speculate that the 250 GTO will become even more valuable in the future because there are simply not enough of them to go around.

"It's difficult to find cars at the moment," said John Collins, a U.K. based classic Ferrari dealer. "The Arabs have started buying because of Formula One and the Chinese have now entered the market."

Photo taken by talacrest.com.