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Ferrari 250 GTO may have set new sale record at $52M

Records are made to be broken, and it seems that one may have just been snapped again. An Italian website is reporting that a Ferrari 250 GTO, owned by American collector Paul Pappalardo, recently sold for $52 million.
Now, this is far from confirmed - Pappalardo responded to questions about the sale saying, "I do not confirm these things, I have no comment about!" - and if it's a private sale, it's unlikely that we'll ever know the exact amount of the transaction. If that figure is correct, though, it easily eclipses the $35 million made in a 250 GTO sale in April of 2012, as well as the $27.5-million sale of a 1967 Ferrari 275 GTB/4 NART Spider sold at RM's Monterey auctions in August.
What makes a car that had 39 examples built more valuable than one that had only 10 units produced? Racing pedigree. The 250 GTO is a racing legend, with each car having a unique provenance that is more than enough to add some serious value. According to 0-100.it, the GTO in question, 5111GT, found its first owner in French racer and winner of the 1964 24 Hours of Le Mans, Jean Guichet, back in 1963. The Frenchman used the V12-powered racer to win the GT category of the Tour de France Automobile in that same year.

FCA likely won't sell more than 10% of Ferrari stake

The initial public offering of Ferrari on the stock market is likely coming in the second or third quarter of this year, but apparently the exact stake of the Prancing Horse set to hit the exchange isn't final. When FCA first announced the plan to spin off Ferrari, the idea was for 10 percent of the stock to go on the open market in the US and maybe also in Europe. Another 10 percent would go to company vice chairman and Enzo's son Piero Ferrari, and the remaining 80 percent would be divided among current shareholders, including a large portion for the Agnelli family. FCA CEO Sergio Marchionne hasn't finished tweaking those numbers, though. Last month, he indicated the automaker might put more than 10 percent of Ferrari on the market to boost liquidity. However, the original proposal has now returned to the table. "I don't believe we will go above 10 percent," Marchionne said, according to Automotive News, but also noted things weren't final. By increasing the Ferrari stock on the open market for the IPO, FCA decreases the amount going to current shareholders, according to Automotive News. With that being the case, don't expect too much of the Prancing Horse to be offered up to investors when the stock hits the market. Related Video:

Ferrari issues stop-sale order on 488 GTB for fire risk

The Basics: Ferrari North America has issued a stop-sale notice to its dealers regarding 2016 models of the new 488 GTB. The Problem: As with the earlier recall of the California T, the issue stems from low-pressure fuel line that may not connect properly to the feed pipe of the fuel pump. That could cause a fuel leak in the engine compartment, which could in turn start a fire. Injuries/Deaths: None reported. The fix: Dealers will need to replace the fuel line assembly. If you own one: All the problematic units of the 488 are in dealer hands. According to the statement below from the National Highway Traffic Safety Administration, "no un-remedied Ferrari 488 vehicles have been sold to the public." Ferrari S.p.A. informed Ferrari North America, Inc. (FNA) of the possible defect on the low pressure fuel line connection of the fuel pump provided by Ferrari's supplier Dytech – Dynamic Fluid Technologies S.p.A. on 11/17/15. Ferrari S.p.A. has informed FNA that during a routine pressure check for Assembly Line Testing on 11/04/15, they found a small air leak on the above described pipe connection. On 11/05/15 Ferrari S.p.A. extended their testing to evaluate vehicles that had been produced with the same batch of low pressure fuel lines. On 11/17/15 Ferrari S.p.A. concluded the investigatory testing and determined that the fuel vapor leak was a safety defect. With regard to the Ferrari 488 vehicles, on or about December 10, 2016 Ferrari determined that affected vehicles had left our control bound for various Ferrari dealers. We have notified our dealer network with a "Stop Sale" Notice informing them that this recall must be performed before the affected vehicles are sold to customers. It is important to note that no un-remedied Ferrari 488 vehicles have been sold to the public.