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1962 Ferrari 250 GTO auctioned for a record $48 million

As anticipated, the 1962 Ferrari 250 GTO chassis number 3413 made some serious money at the RM Sotheby's auction at Pebble Beach. As the hammer came down at $48.2 million, the Ferrari became the most valuable car ever sold at auction; it made the Goldeneye Aston Martin DB5 look like a used DB7 in comparison. Last night, racing legend Derek Bell drove the Ferrari onstage, and bidding was opened at a breathtaking $35 million. Three bidders were involved in the sale, and the complete sum including fees came to $48,405,000. The auction house knew it was going to be expensive, having estimated the car at more than $45 million in June. It handsomely topped an earlier Ferrari 250 GTO record of $38 million. The Ferrari, the third one out of a 36-car production run and complete with significant racing history, has a numbers-matching powertrain and a Scaglietti-built Series II body. It has been with its previous owner since 2000, and the last time it was sold it commanded $7 million. The $40-million bump in value is simply incredible, Ferrari 250 GTO or not. And all this time the car hasn't just sat, appreciating; it has been seen in numerous classic events, in actual use. Related Video: Featured Gallery 1962 Ferrari 250 GTO at RM Sotheby's Monterey Auction View 10 Photos Image Credit: RM Sotheby's Ferrari Auctions Performance Pebble Beach ferrari 250 gto 1962 ferrari 250 gto ferrari auction

Ferrari CEO could retire Friday letting Marchionne step in

Rumors once again suggest that current Ferrari CEO Amedeo Felisa plans to retire from the role. Anonymous insiders tell Bloomberg that the announcement could come as soon as April 15, with an announcement at the company's upcoming investors meeting. Sergio Marchionne is the favorite to become the new CEO, the unnamed sources claim. Felisa would step down as CEO after Ferrari nominates its new board of directors, according to Bloomberg. He would likely retain a seat on the board and could still do some work at the company. Felisa joined the sports car maker in 1990 as director of product development. He replaced Jean Todt as CEO in 2008. Marchionne is already Ferrari's chairman, and taking on the CEO role in addition would give him greater control over the brand's future. Bloomberg's insiders note that Marchionne's takeover isn't final yet, and someone else could conceivably get the role. The sweater-wearing exec has a clear view for Ferrari's future, though. He plans to increase volume to around 10,000 vehicles a year, but he's staunchly against building an SUV or an EV. If he takes control, expect him to work out a plan to increase the Prancing Horse's share price. At its October IPO, the stock started at $52 a share; today it opened at $41.24. Rumors about this shift have been swirling for months. For example, reports from Italian media in June 2015 suggested Felisa would retire as CEO. Subsequent rumors claimed Marchionne was the frontrunner to take over the position. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Why this 1964 Ferrari 250 GTO will sell for at least $45 million

A 1962 Ferrari 250 GTO by Scaglietti will be up for auction by RM Sotheby's in Monterey next month. Actually, perhaps "the" 1962 Ferrari 250 GTO would be more appropriate, because the list of its accomplishments, claims to fame and reasons for being extremely expensive are probably more than the rest. And by "rest," we mean 36. And by "extremely expensive" we mean an expected sale price of between $45 million and $60 million. View 47 Photos If you want to read in vivid detail about the car in question, RM Sotheby's provides a lengthy tale of "the world's most important, desirable, and legendary motor car." Trying to regurgitate it here really wouldn't do it justice. Instead, here are some of the bullet points. No. 3 of 36 Ferrari GTOs built. Known as 3413. Considered by experts to be one of the most authentic and original of those 36, all of which survive One of only 4 of those 36 to receive upgraded at the time with Series II GTO/64 body work by Scaglietti. It is more aggressive in appearance, more aerodynamic and many say attractive Won the 1962 Italian GT Championship First in class at the 1963 Targa Florio in its original body work First in class at the 1964 Targa Florio in the Series II body work you see today, as detailed in the Sotheby's story Won its class in the 1964 Targa Florio, helping Ferrari win the 1964 International Championship for GT Manufacturers More than 15 class and overall wins from 1962 to 1965 Last purchased in 2000 for $7 million – There's a reason German banks are suggesting adding a classic car to your investment mix. 3413 has actually been driven during that time, making appearances at countless classic events and vintage races Purchase includes exclusive access to some of the world's most prestigious events and rallies, including the GTO club and tours – Value! Currently fitted with a 250 GT engine block built to GTO specification to allow the car to be driven to those countless classic events and vintages races – The original block has been removed for preservation and comes with the car. This Ferrari's expected price of between $45 million and $60 million would make it the most valuable car ever put up for auction. A 1963 250 GTO sold for $70 million in a private sale. Another sold at auction in 2013 for $52 million, so the upper level of 3413's sale estimate definitely seems feasible. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.