For car enthusiasts, the Ferrari 250 GTOs are among the most cherished items you can have in your collection. Between 1962 and 1964, Ferrari produced a grand total of 36 250 GTOs. They were originally built to compete at the 24-Hour Le Mans and other high profile European races. If a consumer was lucky enough to purchase a 250 GTO in the early 1960s, the sticker price was $6,000. That's equal to around $60,000 in today's dollars.
In 1985 an Ohio-based car collector named Jim Jaeger set his sights on owning a 250 GTO. He traveled to Europe to put out feelers. One day he got a hit. Someone referred Jim to a collector in… Detroit. Just four hours from his home in Ohio. Jaeger made the drive and after a cursory exam, offered to buy the car for $500,000. That's the same as $1.4 million today.
That was a wise choice. In November RM Sotheby's, the car-auction arm of Sotheby's, will offer Jim's 250 GTO at auction with a STARTING PRICE of $60 million.
Jim Jaeger's Ferrari 250 GTO
There's a little additional history behind the car, as it's one of two GTO models that Scuderia Ferrari actually raced. Since most car collectors are not professional racers, it would likely be the closest the buyer comes to winning a tournament event. The car was driven at the 1962 Le Mans and finished second overall in the 1962 Nürburgring 1,000 km race.
And if you're thinking a $60 million starting bid is insane, consider the following –
Back in 2018 RM Sotheby's sold a 1962 250 GTO model for $48.4 million. And that same year a 250 GTO reportedly traded hands privately for $70 million.
Believe it or not, even if Jim Jaeger's 250 GTO sells for $70 million, that still won't be halfway to the most expensive car sold at auction. That record belongs to a 1955 Mercedes-Benz 300 SLR Coupe which sold at auction for $142 million in May 2022.
