A rare 1962 Ferrari 250 GTO by Scaglietti has sold for a record amount at RM Sotheby’s Monterey auction in California, with the tally finally ending on $48,4-million (that’s about R690-million).

The previous record for a car sold at auction was $38,1-million, which was attained by a 1963 Ferrari 250 GTO in 2014 (a second 1963 model apparently went for $70-million earlier in 2018, but this was a private transaction rather than a public auction).

The 250 GTO sold at Monterey is chassis number 3413 GT, and is the third of just 36 examples built by the Maranello-based brand. Still in its original condition, this Scaglietti-designed 250 GTO retains its original engine, gearbox and rear axle, as well as its factory Series II body.

This particular GTO took part in 20 races (with RM Sotheby’s claiming that it was “never involved in an accident” and that it never failed to finish a race), winning the Italian National GT championship in 1962 and the Targa Florio in the two years thereafter.