1962 Ferrari 250 GTO on sale for record $75 million

A legendary Ferrari is set to become the world's most expensive car after being offered for sale by a UK-based Ferrari specialist for £45 million (A$75 million).

High-end classic Ferrari broker Talacrest has listed the 1962 Ferrari 250 GTO, which was the second of just 36 to roll off the production line.

It was used by Ferrari for testing and developing the 250 GTO series before being sold to the North American Racing Team.

Powered by a lively 3.0-litre Colombo V-12, it could do 0-100km/h in about 6secs and had a top speed of 280km/h. It finished first in its class and second overall at the 1962 Sebring 12-hour race and later that year finished third in its class and sixth overall at the Le Mans 24-hour. It continued racing until 1965 picking up a string of podium finishes along the way.

In 1969 it was sold for US$5400 and flipped for $11,000 and again changed hands in 1975 when it was bought by a Mr Steve Griswold for $13,000 who restored it and later sold it $125,000 in 1978.

It changed hands a couple more times and in 1997 ended up in the hands of wealthy Washington DC lawyer Bernard J. Carl who had it repainted NART blue metallic and fitted with the white stripe.

Since then it has been an international Concours star and was recently on display in a museum.

Now on the open market for the first time in 20 years, Telacrest chairman John Collins told the London Telegraph newspaper it is the holy grail of classic cars.

"I've been looking for a 250 GTO for a while and the opportunity came up with this one, which is the second GTO built,” said Collins.

"I have already had one offer on the car and know there will be interest. It will get you on the Ferrari 70th anniversary tour next year.

"After the US election, people are going to be looking at investing in assets and this is a lot better than a painting on the wall,” Collins added.

Because Ferrari 250 GTOs normally only change hands behind closed doors it’s not possible to know what the highest price ever paid is.

In 2013 a 250, known as ‘chassis 5111’ and once owned by Stirling Moss sold for around A$55 million in a private deal, while a 1963 250 GTO was sold by Bonhams during 2014 Monterey Car Week for around A$50 million.

To save you doing the math, $75 million will buy you about 92 brand-new Ferrari F12 tdf’s, 142 Ferrari 488 Spiders, 85 Lamborghini Aventador Superveloces or 1334 Commodore SS-V Redlines.