Ferrari GTO is most expensive car ever sold

1963 250 GTO racer acquired by private buyer for $52 million

POSTED: 09:51 AM EST Dec 24, 2013    UPDATED: 10:13 AM EDT Oct 04, 2013 
1963 Ferrari 250 GTO

A 1963 Ferrari 250 GTO racer has become the most expensive car ever sold.

The red competition car, formerly owned by Connecticut collector Paul Pappalardo, was recently acquired by an unidentified buyer for $52 million, according to Bloomberg.

The previous record was held by a 1962 GTO, built for legendary British racer Sir Stirling Moss, which sold last year for $35 million.

The 1963 race car was acquired by Pappalardo in 1974, restored and driven in many historic races, including the 2002 Le Mans Classic, before being sold, Bloomberg reported.

It won the 1963 Tour de France road race with the French driver Jean Guichet at the wheel.

So what makes the 250 GTO so great?

First, there are just 39 in existence. Add in its heritage of racing in competitions like the Le Mans, and the 250 GTO has become somewhat of a status symbol, according to Yahoo! News.