Did the auction winner paying for the 1962 Ferrari 330 LM/250 GTO get a great deal on this car? The price paid is more than most of us ever see in a lifetime.

There is only one 1962 Ferrari 330 LM/250 GTO by Scaglietti in the world. This car likely never sees the tarmac on a racing track, and it’s certainly never driven on the open road. The car that changes hands and sits in collections with one wealthy person at a time boasting ownership was sold at auction for an incredible $51,705,000. The actual auction bid was $47 million, but the fees associated with such a sale pushed the price to the final figure.

Did the buyer get a bargain on this Ferrari?

The early estimates indicated this extremely rare and impressive car should sell for more than $60 million at auction, but that wasn’t the case at all. The car is the most famous Ferrari car in the world, mostly because of its exclusivity but partly because of the heritage and history surrounding the car. The story continues to be told as this single model survives from the limited run that took place in 1962 to build this amazing sports car.

What’s the story behind this 250 GTO?

Why is this one model so incredibly famous and valuable? There are other 250 GTO models in the world, but this one is extremely special. The 1962 Ferrari 330 LM/250 GTO by Scaglietti was built to meet new class stipulations for the 24 Hours of Le Mans. Thes new class stipulations required the vehicles to be equipped with 4.0-liter engines, which were larger than in previous years. This single model, chassis 3765, was modified and equipped with the new engine to become the only GTO Tipo from 1962 to be equipped for this race.

The addition of the larger engine makes this model a cross between the 250 GTO and the 330 LM, which is what truly makes it special and unique. The larger V12 engine required a bespoke floor pan, ensuring the engine could fit. It would be even more of an intriguing and interesting story had the car won the race in 1962, but that’s not the case. Instead, this Ferrari slid into a sand bank after the brakes locked up, which put it in 53rd place during the race. Although the team got the car running again, the engine began overheating, and the team had to retire the car on lap 56.

What happened after the race?

Although a failure at the track, this special Ferrari was sold to a private buyer after the race. This car was sent to the Ferrari factory and converted back to a regular 250 GTO with a 3.0-liter V12 engine, which is what it still has today. This engine is attached to a 5-speed manual transmission to make it a great racing car of the time. Once converted, this Ferrari racing car was raced at a few tracks before it was sold again and exported to the United States in 1967.

A Ferrari that changed hands

Although the 330 LM part of this particular Ferrari was gone, the build is still in place, and the car could be converted back to its Le Mans setup if desired. That said, the car was sold in 1974 to Fred Leydorf, the former chairman of the Ferrari Club of America. He retained ownership until 1985, when he sold it to the owner, who has recently auctioned it off at the RM Sotheby’s auction house. Thankfully, this is one of the rare cars that hasn’t been tossed about from collection to collection for several years.

The 250 GTO is a long-lasting car

The Ferrari reputation was strong enough in 1962 that most cars to come out of the Maranello production factory remain in existence and functional. It’s widely believed, although not confirmed, that all 36 models of the Ferrari 250 GTO are still in existence today. The single Ferrari 330 LM/250 GTO is a unicorn among a car that was built in extremely limited numbers. At the time, the 3.0-liter V12 engine produced 300 horsepower, which doesn’t seem like much by today’s standards, but it was incredibly powerful and impressive at the time.

Will this rare Ferrari change hands again in the next few years, or will it remain in the hands of the current buyer for several years? Regardless, the price paid is much less than expected, which makes this rare car a bit of a bargain, although most of us would never think to spend that much money on one car.