$36 million Ferrari becomes world's most expensive car

Lately it seems like a classic Ferrari is being sold at a record breaking price every week. Here we are at the start of a new week and, sure enough, here's another ridiculously expensive Ferrari — a 1962 250 GTO which is now officially the world's most expensive car.

Bloomberg reports that the apple-green Fezza — which was built specifically for legendary racing driving Stirling Moss — sold privately for US$35 million (approximately AU$36.3 million). This breaks the record previously held by a 1936 Bugatti Type 57SC Atlantic which sold for somewhere between US$30-34 million in 2010.

The 250 GTO is one of only 39 ever built and features the name of Sir Stirling Moss inscribed on the back on the driver's seat. It was intended to be raced by Moss at Le Mans, but this never happened because of a career-ending crash in 1962. It was raced by Moss's teammate Ireland Inness though, but after failing to finish the 24-hour Le Mans race in 1962 it was officially retired and never raced again.

The car's new owner — US billionaire and classic car collector Craig McCaw — purchased the 250 GTO from an unnamed Dutch businessman who had previously bought the car for $8.5 million. Prior to that, the car had sold for the bargain price of $3.5 million in 1996, meaning its value has increased tenfold since then.

You'd think McCaw would be hurting from the massive hit that his wallet has just taken, but he's probably comforted by reports that the GTO 250's value is expected to increase even further.

Bloomberg also reports that the vehicle is just one of eight rare Ferrari's sold this year for a collective total of $135 million.