A 1962 Ferrari 250 GTO was sold for $38.1 million in California leading to a new record for the most expensive car sold in an auction.

The vintage car was sold at the Bonhams Quail Lodge Auction on Thursday. The winning bid exceeded the previous record of $31.6 million (includes bidding fees) for a Mercedes-Benz W196 racecar.

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Though it did not reach expectations of at least $50 million, the sale was considered a success based on its hammer price of $34 million, less the buyer's premium.

"The previous world record was $30 million, and we're nearly 30 percent ahead of that. That's a lot of money; that's a big up," said Brooks, Auctioneer of the event.

GTO is considered as exceptional as only 39 cars were made by Ferrari for this specific model. It was specifically designed for racing. The said car was first owned by the French racer Jo Schlesser who drove the car to qualify for the Tour de France race in 1962.

Henri Oreiller, a former French Olympic ski champion, used the car that same year to join a race at Montlhéry, France. He crashed the car resulting to his death. Ferrari restored the car.

The car was sold to Farbizio Violati, an avid fan of Ferrari cars, for $4000 in the mid-1960's. Violati built a museum for his Ferrari cars. His family sold his collection when he died in 2010.

The 250 GTO model was the last of the front-engine race coupe that was built by Ferrari. Its successor, the 250 LM, was a midengine model released in 1965.

Tags1962 ferrari 250 gto, Auction, vintage cars