Ferrari race car sells at auction for record-making $48.4 million

A 1960s race car that originally cost $18,000 (that's $151,203.60 in today's money) shattered records with a nearly $50 million auction sale this weekend.

The valuable 1962 Ferrari 250 GTO, a two-seater coupe, sold at an RM Sotheby's auction in California for $48.4 million. This is the highest auction price ever for a vehicle. A 2014 auction previously held that title, for a $38 million Ferrari.

Only 36 of the Ferrari 250 GTO were made between 1962 and 1964, making it a rarity and highly desirable for collectors. This particular Ferrari raced in the 1962 Italian GT Championships — and won. The car has a top speed of 174 mph. Read more...