It's worth every penny.
In early October 2013, we saw a 1963 Ferrari GTObecome the most expensive single car in the entire world. This legendaryFerrari earned the title by selling at auction for $52,000,000. There were goodreasons the 250 GTO racer closed at that staggering price given the fact thatFerrari only ever produced 39 examples of the 250 GTO. This classic supercar became famous early on bycompeting in the Le Mans 24 Hours and winning the 1963 Tour de France roadrace.
Bloomberg Business has just confirmed an event of similarproportions. In 1956, Ferrari produced a model called the 290 MM. Only fourexamples were ever made. One of those four examples wasjust sold by RM Sotheby’s for an absolutely astronomical $28,000,000. Just to providea little bit of context, that’s more money than rapper Ludacris’ entire networth. The 1956 Ferrari 290 MM derives its name from MilleMiglia, the race for which this car was designed and produced. Adding morenotoriety to this already insanely desirable collector’s car, the 290 MM justso happened to achieve the exact thing it was designed to do.
In other words, it won the 1956 Mille Miglia. Theengine that propelled this automotive masterpiece to victory was itslongitudinally mounted 3.5-liter V12. This power plant made 320 hp at 7,200rpm, 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 isconstructed from a tubular steel frame, just like the three other examples. Itutilizes an independent front suspension, unequal-length wishbones, andhydraulic shock absorbers. The car also features high-performance drum brakesand its beautiful V12 is matched to a 4-speed transmission.
With the way vintage Ferraris have appreciated in value overthe past two decades, there’s a decent chance that the new owner of thisvehicle will treat the car like an investment. Like most exotic cars, butespecially with $28,000,000 exotic cars, this automotive work of art willprobably be seeing a lot more of the garage than the open road.