It's worth every penny.
In early October 2013, we saw a 1963 Ferrari GTO become the most expensive single car in the entire world. This legendary Ferrari earned the title by selling at auction for $52,000,000. There were good reasons the 250 GTO racer closed at that staggering price given the fact that Ferrari only ever produced 39 examples of the 250 GTO. This classic supercar became famous early on by competing in the Le Mans 24 Hours and winning the 1963 Tour de France road race.
Bloomberg Business has just confirmed an event of similar proportions. In 1956, Ferrari produced a model called the 290 MM. Only four examples were ever made. One of those four examples was just sold by RM Sotheby’s for an absolutely astronomical $28,000,000. Just to provide a little bit of context, that’s more money than rapper Ludacris’ entire net worth. The 1956 Ferrari 290 MM derives its name from Mille Miglia, the race for which this car was designed and produced. Adding more notoriety to this already insanely desirable collector’s car, the 290 MM just so happened to achieve the exact thing it was designed to do.
In other words, it won the 1956 Mille Miglia. The engine that propelled this automotive masterpiece to victory was its longitudinally mounted 3.5-liter V12. This power plant made 320 hp at 7,200 rpm, which by 1956 standards was almost unbelievably fast. Even in 2015, that's more power than the vast majority of cars on the road. The Ferrari 290MM that just sold for $28,000,000 is constructed from a tubular steel frame, just like the three other examples. It utilizes an independent front suspension, unequal-length wishbones, and hydraulic shock absorbers. The car also features high-performance drum brakes and its beautiful V12 is matched to a 4-speed transmission.
With the way vintage Ferraris have appreciated in value over the past two decades, there’s a decent chance that the new owner of this vehicle will treat the car like an investment. Like most exotic cars, but especially with $28,000,000 exotic cars, this automotive work of art will probably be seeing a lot more of the garage than the open road.