'57 Ferrari Sells for $12 Million, Sets New World Record

by Jared Paul Stern (RSS feed)
May 17th 2009 at 7:02PM

The ultra-rare 1957 Ferrari 250 Testa Rossa (which my colleague Noah Joseph wrote about back in February) just set a new world record for the most expensive motor car ever to be sold at auction, achieving a final price of €9,020,000 or about $12.2 million at RM Auctions' annual Leggenda e Passione event in Italy. The beautiful Scaglietti-designed "pontoon-fender" 250 TR was one of only 22 made. One of the most instantly recognizable cars in Ferrari's history, it's highly coveted by collectors - Ralph Lauren owns two of them.

"The historical significance of this car attracted a bidding war as collectors from around the world - both in the room and on the telephone – competed to secure one of the most alluring and iconic of all Ferrari racing cars," said Max Girardo, Managing Director of RM Europe. "The eyes of the world were watching today's sale as cars of this quality are so rarely offered to the market. The quality and the provenance of the Testa Rossa speaks for itself and the price we achieved today is testament to that."

Gallery: 1957 Ferrari 250 TR #0714TR

Tags: Ferrari, Italy, Ralph Lauren, RalphLauren, RM Auctions, RmAuctions, world record, WorldRecord

Filed under: Luxury Cars & Autos, Auctions

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Reader Comments (Page 1 of 1)

WC Murray May 17th 2009 10:01PM

Can you imagine underwriting the car insurance on this baby. "Yes I would like a 500 dollar deductable on $12,000,000 in coliision coverage. My word 12 million for a car !