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Ferrari's 38 million dollar price tag sets car auction record

Monday, August 18, 2014 - 01:10

A red 1962 Ferrari races to a $38 million (USD) sale in California, the most ever for a car at auction. Tara Cleary reports.

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The car that set a new world record at auction - a red 1962 Ferrari 250 GTO Berlinetta. At a selling price of $38.1 million U.S. dollars, the Ferrari beat the $30 million paid in 2013 for a 1954 Mercedes Benz. Bonhams auction house says it's the world's longest single-ownership for this model Ferrari, held by one family for 49 years. In 1962 the almost-new Berlinetta crashed during a race near Paris, killing its French driver, Henri Oreiller. The car was repaired by Ferrari in Italy and sold the following year. Then in 1965, Fabrizio Violati, the son of a wealthy Italian family, bought the car, saving it from scrap and hid it from his parents. Bonhams says Violati drove the Ferrari in classic car and historic racing events for almost 40 years until his death in 2010.

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Ferrari's 38 million dollar price tag sets car auction record

Monday, August 18, 2014 - 01:10