Highest Amount Paid For a Car: Ferrari 250 GTO Sells for USD70 million

The Ferrari 250 GTO is considered to be the Greatest Ferrari of All Time. Manufactured from 1962 to 1964, only 39 of these Ferraris were made, and that rarity means that these cars will fetch a hefty sum whenever one goes on sale. Still, it would have been hard to imagine back then that people would be willing to pay an 8-digit sum for these cars today.

Recently, word circulated that a Ferrari 250 GTO--a 1963 model--sold for a staggering USD70 million (over PHP3.7 billion), which is thought to be the highest price ever paid for a car. The buyer is believed to be the CEO of Weather Tech David MacNeil, who struck it big selling car accessories such as car seat protector and covers, car floor liners, and waterproof floor mats. MacNeil is an avid Ferrari collector, and is known to show and drive the cars that he purchases in vintage race and rally events.

So what makes this particular Ferrari extra special? Aside from being such a rare car, the V12-powered 300 hp grand touring car has had a widely celebrated career in the world of motorsport racing, winning the over-2000cc class of the Federation Internationale de l'Automobile’s (FIA) International Championship for GT Manufacturers every year from 1962 to 1964.

A 1962 250 GTO set the all-time selling price record of USD38.155 million back in 2012. In 2013, 250 GTO with the chassis number 5111GT reportedly sold for USD52 million.