Classic Stirling Moss Ferrari 250 GTO Breaks World Record As It Sells For £22.7m

Classic Ferrari Breaks World Record As It Sells For £22.7m

A classic Ferrari originally built for Stirling Moss has sold for a world record £22.7 million as the classic car market goes into overdrive.

The 1962 Ferrari 250 GTO, which was owned by UK-based businessman Eric Heerema, has been sold to a businessman in the US for the eye-watering sum.

It is one of eight classic Ferraris to change hands over the last six week alone for a staggering total of $150 million (£97m), with demand showing no sign of relenting.

Classic Ferraris are selling for ever-increasing sums as demand grows, particularly from China

Another seller is Chris Evans, with the radio presenter understood to have sold his Series II Ferrari 250 GTO for around $28 million (£18mM) - a $10 million (£6.5m) profit in just two years.

Evans is thought to have sold the GTO to help fund a more expensive Series I.

John Collins, who runs Ascot-based blue chip dealer Talacrest, has been involved in five of the eight deals and describes the current situation of "crazy".

The dealer has refused to confirm the owners involved in the transactions - but he believes prices are going to continue to soar for classic Ferraris.

He said: "I've never seen anything like it. It has gone crazy.

"I was speaking to a Chinese customer and asking him why it’s happening and he said there are three things worth investing in at the moment - diamonds, Andy Warhols and classic Ferraris.

"You get a lot more from owning a classic car and driving it than worrying at night about whether your money is safe in the bank.

"And there’s also a lot of the kudos with the 250 GTO celebrating its 50th anniversary this year.

"In the 1980s and 1990s it was different, people were borrowing to buy these cars but now it is all cash.

"Back then I could pick up a phone and buy any Ferrari I wanted. I can't do it now, everything has changed over the past four years.

"I have sold the Stirling Moss GTO twice before. In the mid-90s it was in my showroom for three months before I sold it for£4 million.

"In that showroom I had around 20 cars worth about £20 million. That was 1996. If I still had those cars they would be worth £200 million. I wish I hadn't sold them."

The latest ferrari sale broke the world record, fetching £22.7 million

The cars sold over the past eight weeks includes THREE Ferrari 250 GTOs totaling just around $90 million alongside two Ferrari 250 California Spyders and a short wheelbase 250 Berlinetta.

The strongest market at the moment is for Ferraris built in the 1950s and 1960s - with the 250 GTO the car investors are clamouring to buy.

Just 39 Ferrari 250 GTOs were made between 1962 and 1964 with Enzo Ferrari selling them for £6,000.

The 250 GTO was fitted with a 3-litre V12 engine developing 300bhp - meaning a 0-60mph time of 6.1 seconds and a top speed of 174mph.

Jon Hunt, who owned the Foxtons estate agency, sold his Ferrari 250 GTO in February for a then world record £20.2 million - only to have that record shattered by the sale of Heerema’s green model.

Other 250 GTO owners include Ralph Lauren and Nick Mason, with the Pink Floyd star often spotted driving around England in his model, which has the plate ‘250 GTO’.

Mr Collins revealed customers are coming from all over the world to get their hands on a piece of Italian art.

The 250 GTO is a particularly prized model

The dealer currently has a 1967 Ferrari 330 P4 which Jackie Stewart described as one of his favourite cars to drive. He wants $25 million (£16.2m) for it.

He added: "If someone wanted to sell their Ferrari 250 GTO I could find a buyer in 30 seconds. I have got two people looking for one as we speak.

"I am selling all over the world including the Middle-East and China.

"If China really opens up it could spell trouble for the market as they will all be shipped over there and never sold on."


What's Hot