Automotive: Rare Ferrari sells for $51.7 million
A 1962 330 LM 250 GTO Ferrari, one of only 34 ever made, has just sold for a record $51.7 million at a Sotheby’s auction.
The Ferrari has been dubbed the “holy grail” of collector cars.
It was used for 12 years by the iconic motorsport team, including participating in the 24 Hours of Le Mans in its production year.
Crowds were wowed by its striking color and 174mph top speed back in 1962.
The luxury sports car is in immaculate condition and still drives like a dream, according to its Sotheby’s auction listing.
- The only GTO Tipo 1962 raced by the Scuderia Ferrari
- Class win and 2nd overall finish at the 1962 Nürburgring 1000 KM
- Driven by Mike Parkes and Lorenzo Bandini for the Scuderia Ferrari at the 1962 24 Hours of Le Mans
- 1965 Sicilian Hillclimb Championship runner-up
- Formerly owned by a chairman of the Ferrari Club of America
- Benefits from 38 years of fastidious care under current ownership
- Winner of an FCA Platinum Award; and the Coppa Bella Macchina at the Cavallino Classic
- 2nd in the GTO class at the 2011 Pebble Beach Concours d’Elegance, among 23 total GTOs
- Best of Show at the Amelia Island Concours d’Elegance
- Desirably documented with copies of factory build sheets, owner’s correspondence, period racing coverage, and magazine feature articles
FROM AN FCA CHAIRMAN TO 38 YEARS OF SINGLE OWNERSHIP
In November 1962 the Ferrari was purchased by Trieste resident Pietro Ferraro, and for his use the GTO underwent another series of factory modifications conducted in May 1963. As indicated in a secondary build document, as well as a later letter from the factory, 3765 was returned to Maranello for conversion to 250 GTO specifications. At this time, it was factory-equipped with its third engine, internal number 670/62E, which remains fitted to this day.
In August 1974 the Ferrari was sold to Fred Leydorf of Birmingham, Michigan. In addition to working as the manager of the American Motors Corp. engine design team, Mr. Leydorf was a chairman of the FCA, and his ownership brought 3765 considerable exposure within the Ferrari collecting niche. Over the following 10 years, he exhibited the GTO at no less than five FCA meets, and he additionally displayed the car at the Styling Auto Show staged by the Chrysler Design Office in October 1976.
In April 1985 Mr. Leydorf sold the Ferrari to the current owner, a dedicated collector based in Ohio. After being treated to a full restoration by the specialists at Shelton Ferrari in Fort Lauderdale, Florida, the GTO was presented at a string of major events, commencing with the FCA National Concours d’Elegance at Watkins Glen in June 1990, where the car won it class. After enjoying the Ferrari at the Vintage Grand Prix at Mid-Ohio in June 1991, the owner presented the car at the Cavallino Classic in February 1995, where it earned a class award, the Scuderia Ferrari Cup, and the Coppa Bella Macchina. Displayed three months later at the FCA National Concours d’Elegance in Columbus, Ohio, the GTO won a Platinum Award and the Coppa Bella Macchina.
The accolades continued with a Blue Ribbon Award at the 1997 Meadow Brook Concours d’Elegance, after which the Ferrari was presented at the 1998 Ault Park Concours d’Elegance and the 2001 Amelia Island Concours d’Elegance. Returning to Ault Park in June 2004, the GTO won its class, and three years later the owner drove the car on the 250 GTO 45th Anniversary Tour in Sonoma, California. Most significantly, in August 2011 the Ferrari was exhibited in the Pebble Beach Concours d’Elegance’s celebratory GTO class, and the car went on to take 2nd-place among 23 total GTO examples. Seven months later the GTO drove away with the Best-of-Show award at the Amelia Island Concours d’Elegance, again besting 12 other sister cars. These successful appearances were followed by participation in the 60th anniversary 250 GTO Tour through North Carolina, Tennessee, and Virginia in September 2022.
As one of 34 GTO examples built with Tipo 1962 coachwork, and the only example originally equipped with a 4-liter engine, chassis number 3765 has been profiled several times in the Ferrari-focused publications Prancing Horse and Cavallino, and its period racing career was documented in magazines like Sports Car Graphic, Road & Track, and Autosport. This 330 LM / 250 GTO is also desirably documented with factory records that clarify its early history, including two sets of build sheets (one each for the factory preparation for the Nürburgring and Le Mans), and a third spec sheet that outlines the factory modifications to 250 GTO specifications conducted for privateer racing in May 1963, including installation of the currently fitted engine.