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1962 Ferrari 250 GTO Sells For $38 Million At Auction

A 1962 Ferrari 250 GTO became the most expensive car ever sold during an automotive auction Thursday night when a buyer paid $38 million for the vehicle at a Bonhams event. Only 39 of the racers were ever built, and it is a favorite among collectors. One reportedly sold for $52 million in a private sale. If true, it would be the most expensive car ever purchased. Another Ferrari GTO built for legendary racecar driver Stirling Moss sold for $35 million in 2012. Thursday's sale broke the auction record set at a Goodwood auction last year of a Mercedes W196R that was driven by Juan Manuel Fangio to wins in the 1954 German and Swiss Grand Prix races by $8 million. Pretty good for a car that went to the auction block with no reserve, meaning there was no minimum price set for the sale of the car, though bidding started at $11 million, according to the Los Angeles Times. The Ferrari 250 GTO was the star of the show, but it wasn't the only rare Ferrari on the auction block. Bonhams brought ten of the most collectable Ferraris in the world on stage, including a 1962 250 GT Short-Wheelbase Speciale Aerodinamica that went for $6.875 million, a 1953 250 Mille Miglia Berlinetta driven to racing victory by Phil Hill for $7.26 million and even a 1978 312 T3 Formula One car for $2.31 million. All told, the Ferraris sold for $65.945 million, according to Autoblog.

Watch 40 Ferrari F12s hit the Nurburgring at once

Of all the cars we'd love to drive around the Nurburgring, the Ferrari F12 Berlinetta ranks pretty high. It's got mountains of power sent from a smooth V12 at the front to a set of fat tires at the back, near-perfect handling balance, anchor-like brakes... we could go on and on, but the point is that it'd be a hoot to drive on any track, let alone the vaunted Nordschleife. As you can see from this video, the boys from Maranello evidently agree. This latest owners' meeting attracted 40 F12s (and at least one California T) to the Green Hell to see how their machinery could handle one of (if not the) most challenging racing circuits in the world. Ferrari's chief test driver Raffaele de Simone was on hand to drive some hot laps, and the owners had the chance to push their F12s to near their limits. The official video footage is a little overproduced, in typical style, and could do with a little less dramatic music and a little more of the unbridled engine and exhaust sounds for which Ferraris are known. But as far as the fantasy of gaining admission to such an elite cadre of supercar owners, this is about as close as most of us are likely to get. Related Video:

Ferrari to pay Fiat Chrysler $2.8B prior to spinoff

Fiat Chrysler Automobiles is trying to get capital together in a hurry to finance the automaker's growth plans. Among its strategies to raise money, Ferrari will be spun off from the FCA mothership next year with an initial public offering. However, the Italian supercar maker will be a couple billion dollars poorer at the start of its new life.
According to a filing with US regulators obtained by Automotive News, FCA intends to "enter into certain other transactions including distributions and transfers of cash from Ferrari currently estimated at 2.25 billion euros ($2.8 billion)" before it spins the supercar maker off. Those funds might include paying a dividend to investors, and FCA possibly transferring some of its debt to the Prancing Horse.
The Ferrari IPO will likely be in the second or third quarter of 2015, according to Automotive News. Ten percent of the automaker will go onto the public market in the US and possibly Europe too, and 80 percent will be distributed among current FCA shareholders. The other 10 percent is held by co-chairman Piero Ferrari, according to AN.