Ferrari 250 GTO Becomes World's Most Expensive Car

Britain’s most expensive car has just changed hands as a classic Ferrari 250 GTO sells for £20m.

The buyer of Britain’s most expensive used car ever has not been disclosed but the 1963 Ferrari 250 GTO’s former custodian – British businessman Jon Hunt – is thought to have made a £4.5 million profit on the Italian sportscar in just three years. Hunt bought the Ferrari for a then world record of £15.7 million back in 2008, but this latest sale makes it the world’s second most valuable car behind a 1936 Bugatti Type 57SC that sold for £20-£26 million in 2010. The 250 GTO is powered by a 3.0-litre V12 developing 300hp, which meant a 0-60mph time of 6.1 seconds and a top speed of 174mph, impressive for a car launched back in the 1960s. However, we doubt its new owner will be testing the car’s performance credentials quite to that extent given the price tag. The car was actually produced for racing homologation purposes – hence the GTO, or “Grand Touring Omologata” moniker – and was one of the most successful racing cars in the Prancing Horse’s illustrious competition history. Only 39 examples of the Ferrari 250 GTO were ever produced, between 1962 and 1964, ensuring the vehicle is still highly sought after today. So much so they’re still changing hands for astounding prices in the middle of a recession. Radio 2 DJ and notorious Ferrari fan, Chris Evans, purchased a 250 GTO Series II model for £12 million in 2010 – selling other classic Ferraris in his fleet to pay for it. Another renowned Ferrari collector, Pink Floyd drummer Nick Mason, also famously owns a 250 GTO – but he bought his back in 1975.