Cars for Stars News

A vintage 1963 Ferrari 250 GTO, of which only 39 models were ever made, has sold for a budget-busting £20.2 million making it the second most expensive car ever sold.

The rare Ferrari sports car hit the headlines back in 2008 when it was bought by British businessman Jon Hunt for £15.7 million. Just 3 years after purchasing the car, the businessman has succeeded in selling the vintage luxury vehicle for £20.2 million, netting a profit of £4.5 million on the car within just a few years.

Mr Hunt, who made a fortune of £370 million when he sold Foxtons estate agency which he founded in 2008 just before the economic slump, is believed to have now sold the sought after sports car to a Spanish buyer for £20.2 million. The deal was made in secret sometime in the last two weeks, however word about the multi-million sale soon got out. The Ferrari is already thought to be on its way to Spain.

Only 39 Ferrari 250 GTO models were ever produced between 1962 and 1963. The sports cars were retailed at £6,000 each back in the 60’s and had the capability to accelerate from 0-62mph in 6.1 seconds and a top speed of 174mph which was especially impressive at the time. The 250 model boasts a 3 litre V12 engine and an output of 300bhp.

The demand for vintage luxury cars has risen sharply in recent years as they are seen as good investment options. The most recent sale of the £20.2 million is likely to spark further interest in sales of high end classic cars.

The most expensive car ever sold is the 1936 Bugatti Type 575c which fetched between £20 million – £26 million in 2010.