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1962 Ferrari 250 GTO hits record $38 million sale at Bonhams' Monterey auction

This weekend's Pebble Beach Concours d'Elegrance brings together some of the rarest and most expensive automobiles in the world onto a tiny peninsula in California jutting out into the Pacific Ocean. But this year, there has been one vehicle on everyone's lips - a 1962 Ferrari 250 GTO. Bonhams put up this incredibly rare Prancing Horse at no reserve for its auction at the Quail Lodge, meaning it could have sold for just a dollar. It didn't though, this ex-Jo Schlesser owned Ferrari sold for a staggering $38.115 million. That makes it the most expensive car ever sold at auction, beating out Bonhams' sale of a Mercedes W196R last year for $29.65 million.
Ferrari only built 39 of these racers, and they have been million-dollar cars for years. One reportedly sold privately for $52 million last year, and one built for Stirling Moss went for $35 million privately in 2012.
While the spectacle of seeing a 250 GTO drive across the auction block with no reserve and then set a record price was certainly amazing, it wasn't the only rare Ferrari up for sale during the evening. Bonhams also handpicked some of the most collectible Ferraris in the world and brought them to the stage. The ten cars included a 1962 250 GT Short-Wheelbase Speciale Aerodinamica that went for $6.875 million, a 1953 250 Mille Miglia Berlinetta driven to racing victory by Phil Hill for $7.26 million and even a 1978 312 T3 Formula One car for $2.31 million. All told, the group of them sold for $65.945 million.

Mansory 4XX Siracusa is the carbon-fiberphile's Ferrari

We've already said the best thing about the Geneva Motor Show are the exotics on display. There's a new Koenigsegg, a successor to the Bugatti Veyron, the latest Aston Martin grand tourer, and even a pretty bad-ass Chevrolet Corvette. But for every good high-performance car, there are more, um, questionable decisions. This is the Mansory 4XX Siracusa, and it's what happens when someone decides the Ferrari 488 GTB isn't as extreme as it should be. The 3.9-liter, twin-turbocharged V8's output has been increased from 661 horsepower to 790 ponies, while torque is up from 561 pound-feet to 643 lb-ft. These are improvements we can support, but the impact on stopwatch performance isn't quite enough – Mansory claims the 4XX Siracusa will hit 60 in just 2.9 seconds and keep going to 212 miles per hour. But for those keeping track at home, the question with the Mansory is whether a tenth-of-a-second improvement and an extra seven mph on the high end is enough to warrant the, ahem, unique design direction of this aftermarket offering. You need to really like carbon fiber to enjoy the 4XX. Like, a lot. Because Mansory has gone beyond even Ferrari's optional carbon-fiber treatments, finishing the front splitter, rear diffuser, roof, pillars, mirror, fender vents, sills, intakes, taillight surrounds, parts of the hood, the spoiler, and both rear wings in the stuff. Then, if that wasn't eye-catching enough, the entire car gets a more aggressive body kit and very, very yellow paint. It's just too much. You can check out the full set of live images of Mansory's take on the 488 GTB from the floor of the Geneva Motor Show at the top of the page.

Michigan man gets jail time for Ferrari engine sale

Tax evasion is not something to mess about with. Ask Al Capone. For most of us that sell stuff, though, it's not something we really think about. Are you honestly going to pay taxes on that old iPhone 5 you sold? The couch with the questionable stain? No, because paying tax on something you sold for a relative pittance is just a pain in the butt. If you sell one of Aurelio Lampredi's Ferrari engines – used in a range of vintage racers, including the 750 Monza shown above – for over $600,000, you might want to make a point of paying the taxes on your profits. A Michigan man found that out the hard way, Reuters reports, after selling the Lampredi engine in 2009. 71-year-old Terry Myr of Smiths Creek, MI, was convicted in April of tax evasion and four counts of failing to file a tax return and was sentenced to two years in prison and two years of supervised release on Thursday. He was also ordered to pay $738,904 in back taxes, interest, and penalties – he already owed $195,000 in back taxes before his conviction – by a US District Court judge, Reuters reports. Now, this wasn't a simple case of Myr forgetting to set some money aside from the sale. The buyer wire-transferred the $610,000 into a corporate account he made the week prior. Then, Myr promptly withdrew $360,000, which he used to buy silver and gold coins, while the remainder was transferred to other accounts – be they personal or corporate – or simply used for checks to cash. Hence the tax evasion charge. According to Reuters, no explanation was given as to how Uncle Sam uncovered the engine sale in the first place. Related Video: