Gran Turismo Omologato is a series of Italian gobbledygook to most people, but to automotive enthusiasts, it can mean the world. And it can mean several handfuls of millions of dollars to collectors. Ferrari built thirty three examples of the V12-powered 250 GTO in the early 1960s to take on international motorsport. They were reasonably successful on track, but moreover they were just plain gorgeous. 56 years later, that translates to big money changing hands for the opportunity to own one.
Ralph Lauren, Nick Mason, and Goldman Sachs heir Peter Sachs, all own one. Wal-Mart’s Rob Walton, Sir Anthony Bamford, and hedge fund founders Tony and Lulu Wang all own two. Just weeks ago, floor mat titan David MacNeil purchased a 250 GTO for a new record $70 million, at least. The car pictured here is the third GTO ever built, and is coming up for auction at RM Sotheby’s Monterey sale in late August.
Surely there are millions of people in the world who would want to purchase this car, but how many can actually afford it? We all know the financial hard and fast rule that you should never spend more than 10% of your income on a car. If you assume an average low-interest 60-month auto loan, and a selling price of around the record-setting $70 million, then the note on this beast is somewhere around $1.2 million per month.
In order to spend $1.2 million per month on this Ferrari, the winning bidder, by conservative financial rules, should make at least $150 million in regular income per year. Any less than that, and Suze Orman is going to give you a big fat DENIED. According to the calculator on globalrichlist.com, that kind of income would make you the 60th highest earning person in the world. Yes, I know this is a ridiculous metric, and anyone with a spare $100 million sitting around could likely afford to place a bid. Especially considering this car is likely to be an appreciating asset. It still could be the single most expensive car ever sold, depending on the hammer price this August.
The GTO on offer, chassis number 3413, is the third built, and began life as a series 1 car for Phil Hill to test ahead of the 1962 Targa Florio. The factory sold the car to gentleman racer Edoardo Lualdi-Gabardi, who entered the car in 10 races that year, winning nine of them. With two further owners, the car won its class at the Targa Florio in 1963 and 1964. It was never involved in an accident, and it somewhat unusually retains its original driveline. Ahead of that 1964 Targa, the chassis was returned to the Ferrari factory to be updated to Series II bodywork, one of only three cars to have done so.
In a recent conversation with Forbes, ex-Microsoft software man and seller Greg Whitten said, “I’ve had the GTO a long time. There are other cars I want to buy.” In a discussion concerning MacNeil’s recent purchase with Ferrari historian Marcel Massini told CNBC that he expects a similar GTO to breach the $100 million mark in the next few years. Could this be the one that breaks that barrier? Do you think Fancy Kristen could afford it? Should we revolt and seize the means of Ferrari?
To see more photos of this 250 GTO, check out the full listing on rmsothebys.com.