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Ferrari 250 GT California could be your day off for $8 million

Vintage Ferraris consistently top the list of the most expensive cars ever sold. In private treaty sales, the 250 GTO is king, but even at public auctions, it's the horses that prance the highest. After the Mercedes W196 grand prix racer that set the world record this past July at nearly $30 million, the list of eight-figure sales is populated almost entirely by Ferraris: a 275 GTB/4 NART Spyder for $27.5 million, the pair of '57 Testa Rossas that sold separately a few years ago for $17 and $13 million apiece, the 250 LM recently went for over $14 million and the 250 GT SWB California Spider that sold in 2008 for $11 million.
Now RM Auctions has another California - this time a long-wheelbase model - on consignment for its upcoming sales in Arizona, where it is expected to fetch between $7 and $9 million. The 11th of only 50 made, chassis number 1055 GT features matching numbers, in red over black with those highly-coveted covered headlamps from the factory. It was delivered new in 1958 to Texas and was owned by some prominent Ferrari collectors and historians across the United States.
It underwent a comprehensive restoration in 1994 before taking the top prize in its class at the Cavallino Classic and has made the rounds of numerous other concours. It's spent the last few years in northern Europe and is now being put up for auction. "It is so choice," as our childhood friend Ferris would say. "If you have the means, I highly recommend picking one up." Check it out in the gallery of achingly gorgeous photos above and the details in the auction listing below.

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.

Ferrari developing V-twin motorcycle engine?

When we read reports that Ferrari had applied for a patent on a V-twin engine design, our first thought was to check the date: this says the first of October, right... not April? And so here we are, entertaining the notion that Ferrari could be developing a motorcycle engine.
The report comes from Autocar, which claims to have dug up the application to patent the design for an "internal combustion engine having two cylinders, which are arranged in a 'V' configuration." In other words, a motorcycle engine. The application reportedly goes on to describe a balancing shafts to reduce vibration. Our own research did not lead us to find the application in question, so we'll have to take it with a grain of salt for the moment. But supposing it's all on the up and up, and that Ferrari was actually developing a motorcycle engine. Would that be so out of the ordinary?
Well, yes and no. Parent company Fiat, which is taking increased direct control of Ferrari, is undoubtedly looking at rival Volkswagen and its recent acquisition of Ducati (putting it in close proximity to Lamborghini) and would be keen to get in on that action. However tenuous the relationship, Lotus has also recently authorized a motorcycle bearing its name. And of course automakers like BMW and Honda, with which Ferrari has competed on and off the race track, also make motorcycles.