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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.

Maserati Levante could get a V8 to battle the Cayenne Turbo

Maserati's new Levante crossover is based on the platform shared by the Ghibli and Quattroporte sedans. The Quattroporte's top engine is a 523-horsepower, twin-turbo 3.8-liter V8. When asked if that engine would fit in the Levante, a Maserati engineer gave the answer we were hoping to hear almost immediately. "Yes, it fits, and we have a prototype already," said Davide Danesin, the head of Maserati vehicle programs. The Levante will launch with two models, both of which use the 3.0-liter twin-turbo V6 that Ferrari builds for Maserati, but in two different tunes. The first generation of the V6 launched in the Ghibli and Quattroporte. While the V8 is only currently used in the rear-drive Quattroporte GTS, Danesin assures us that packaging the V8 and an all-wheel-drive system works. There is that prototype, after all. The fact that Danesin volunteered that a V8 prototype exists leads us to believe it's being very seriously considered, since manufacturers reluctantly acknowledge that there will even be a future, let alone one that will bring new, as-yet-unannounced products. Maserati officials caution that it may be tough to make a case for such a vehicle, however, as the over-500-hp SUV segment is pretty small, at about 12,000 units per year by their estimates. It's also relatively crowded, with the logical bogeys being the Porsche Cayenne Turbo (520 hp) and Turbo S (570 hp) and the Range Rover Sport SVR (550 hp). None of them will touch the Levante's upcoming American cousin, the Hellcat-powered Jeep Grand Cherokee Trackhawk, but that's cool. View 21 Photos We'd guess that the yay/nay on a V8 Levante will hinge on the overall popularity of the new model as well as the mix of 345-hp Levante versus 424-hp Levante S models once customers start ordering. Which is to say, if you think you'll want a V8 Levante eventually, get out there and buy a few Levante S models when they hit dealers this October. In other Maserati powertrain news, we're told the second-generation V6, which makes 20 more horsepower in its angriest tune and debuts in the Levante, will show up in the Ghibli and Quattroporte "soon." We'd peg that at mid-cycle refresh time, which should be in a year or so. The second-gen V6 gets its extra power from re-profiled camshafts, some redesign work on the heads, and other tweaks, likely in software. Oh, and for more on the first Maserati crossover and that updated engine, watch for our first drive of the twin-turbo V6 Levante very soon.

Ferrari raises $893M, valued at $12B

Ferrari's stock is moving as quickly on the New York Stock Exchange as the brand's iconic sports cars do on the road. The company's incredibly popular initial public offering has already raised $893.1 million by virtue of 17.18 million shares sold for $52 apiece. If the deal's underwriters buy in as well, the figure would grow to $982.4 million. Plus, even after shouldering some of FCA's debt, the automaker carries an enterprise value of $12 billion, Bloomberg reports. Just as the company starts trading on the New York Stock Exchange, the share price is already racing upward, too. As of this writing, Ferrari stock, which is listed under the symbol RACE, is priced at $57.59. At its high so far today, the value reached as high as $60.95. While Ferrari is looking strong, the big winner in this success looks to be FCA because the company should raise $4 billion in the spin-off, according to Bloomberg. With nine percent of the sports car maker on the NYSE and one percent for the underwriters, another 80 percent will be distributed to FCA investors in 2016. When that's through, Exor, the holding company for the Agnelli/Elkann family, should have the largest stake at about 30 percent. Piero Ferrari holds the remaining 10 percent and has no intention to sell it. Related Video: FCA Announces Pricing of Initial Public Offering of Ferrari N.V. Common Shares Fiat Chrysler Automobiles N.V. (NYSE: FCAU/MI: FCA) ("FCA") and its subsidiary Ferrari N.V. ("Ferrari") announce today the pricing of Ferrari's initial public offering of 17,175,000 common shares at an offering price of $52 per share for a total offering size of $893.1 million ($982.4 million if the underwriters exercise the option described below in full). The shares are expected to begin trading on the New York Stock Exchange on Wednesday, October 21, 2015, under the symbol "RACE", and closing of the offering is expected to occur on October 26, 2015. In addition, the underwriters have a 30-day option to purchase an aggregate of up to 1,717,150 common shares of Ferrari from FCA. The offering is intended to be part of a series of transactions to separate Ferrari from FCA. Following completion of this offering, FCA expects to distribute its remaining ownership interest in Ferrari to FCA shareholders at the beginning of 2016. UBS Investment Bank is acting as Global Coordinator for the offering.