The car, a 1957 Ferrari 250 Testa Rossa, was one of the first of its kind ever built, a prototype on which all subsequent Testa Rossa race cars were patterned after.
In addition to its powerful internals – a 300-horsepower 3.0-liter V-12 engine and a four-speed manual transmission – and top of the line restoration job, the car also boasts an impressive racing record spanning over several years that includes top tracks and very well-known drivers.
All of these factors, along with the vehicle’s well-documented ownership records and Ferrari’s Classhice department authenticity certification, attributed to the record breaking auction price.
“The $16.4 million sale of the prototype at Gooding goes to show that the market for great racing Ferraris is very competitive and collectors want to have the most significant example as the centerpiece for their collection,” McKeel Hagerty, president of the collector car insurance company Hagerty Insurance, told CNN.
Although this Ferrari Testa Rossa fetched the most anyone has ever paid at auction for any car, it isn’t the most expensive car ever sold, said Hagerty.
That award goes to a 1936 Bugatti Type 57SC Atlantic which was sold privately for a price rumored to be between $30 and $40 million.