Ferrari 250 GTO sells for $52 million (£32 million)

It’s reported that a Ferrari 250 GTO – chassis number 5111 – has been sold in a private sale for £32 million, making it the most expensive car ever sold.

For a number of years the Ferrari 250 GTO has risen in value, culminating in the sale last year of a 250 GTO with links to Stirling Moss selling for $32 million.

But even that has been beaten with the news that another Ferrari 250 GTO – chassis number 5111 – has been sold in a private deal for an eye-watering $52 million, or £32 million.

Bloomberg are reporting that the 250 GTO, formerly owned by American collector Paul Pappalardo, has been sold to an unnamed buyer for a sum of money that equates to more than the cost of 30 LaFerrari.

But unlike LaFerrari, which seems unlikely to garner much more than a relatively modest premium of a few hundred thousand pounds in the short term, the 250 GTO looks set to continue rising in value as the world’s rich look for a safe haven for their money.

It may seem a ridiculous sum to pay for a car, but with just 33 Series 1 250 GTOs in existence, and far more buyers capable of buying one than ever before, it’s a strong investment; one comparable to buying a work of art.

Not only that, but owners of classic cars – certainly in the UK – will not find the tax man knocking at the door when they do decide to sell their cherished car on – private sales of classic cars are exempt from capital gains tax.

Which, as Paul Pappalardo bought his 250 GTO in 1984 for a relatively modest sum, will mean he still has reason to smile, even if he has divested himself of one of the world’s most desirable cars.