The Ferrari GTO stands as one of the most beautiful and exclusive cars of all time, and it boasts a racing record to back up its unparalleled collectibility. This, however, has seen prices soar to insane levels in recent times, and things don't appear to be cooling down one bit.

Case in point is a 1962 250 GTO, chassis No. 3413, that sold for $48.4 million on Saturday at an RM Sotherby's auction held in Monterey, California. The figure, which includes the buyer's premium, is now the highest price ever paid for a car at auction. It smashed the previous record of $38 million paid for another 250 GTO in 2014.

Incredibly, the $48.4 million figure isn't the highest price paid for a car. That honor, at least as far as publicly available prices are concerned, is the $70 million paid for another 250 GTO snapped up by WeatherTech CEO David MacNeil in June in a private sale.

It isn't clear who the buyer in Monterey was, though we know the seller was former Microsoft executive Greg Whitten. He's owned the car since 2000 and shown it at various vintage motorsport events during that time including four of the well-known GTO anniversary tours.

1962 Ferrari 250 GTO bearing chassis No. 3413 - Image via RM Sotheby's

1962 Ferrari 250 GTO bearing chassis No. 3413 - Image via RM Sotheby's

Chassis No. 3413 is the third of the 36 250 GTOs that Ferrari built between 1962 and 1964. It was initially a test car for driver Phil Hill, an American F1 champion and Le Mans winner, in preparation for that year's Targa Florio road race. The first owner was one of Ferrari's favorite private customers, Edoardo Lualdi-Gabardi. The racer entered it in 10 races in 1962 and won every event minus one where he placed second.

After owning the car for just one year, Lualdi-Gabardi received a second 250 GTO in 1963 and sold the older car to Gianni Bulgari. Bulgari, who would lead the famous jewelry brand, entered the car and won its class at the 1963 and 1964 Targa Florio.

Throughout its life, chassis No. 3413 competed in 20 races and was never once involved in a wreck. In fact, it retains the original V-12 engine, transmission, and rear axle. Coachbuilder Scaglietti wrapped the car in a Series II body in 1964, which it also still wears.

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