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$27 Million Ferrari: Rare Sports Car Sold at Auction Sets Record

Image: $27 Million Ferrari: Rare Sports Car Sold at Auction Sets Record

By David Ogul   |   Tuesday, 20 Aug 2013 04:11 PM

Auctioned for more than $27 million, the sale of an ultra-rare Ferrari is still turning heads several days after the car was sold in Monterey, Calif.

The auctioneer opened the sale for the 1967 Ferrari 275 GTB/4*S N.A.R.T. Spyder at $10 million and the first bid pushed the price to $16 million, according to a detailed account in the Los Angeles Times. The purchase price wound up at a record $27.5 million.

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The new owner – who has not been identified – took possession from the family that originally bought the car, one of just 10 that were made.

N.A.R.T. stands for North American Racing Team, and RM Auctions anticipated the red convertible would sell for between $14 and $17 million, The New York Times reported.

“What could I have gotten had I kept my 1960s Ford Falcon?” tweeted @a_fibs.

“Normally I’d say that’s crazy, but…” tweeted @RileyRayRobbins.

“Must be nice buying yourself a $27 million Ferrari,” tweeted @JessicaMaier.

Eddie Smith Jr. said his father bought the car in North Carolina in 1968 for $14,500.

“This is a bittersweet moment for us,” he told the crowd before the bidding began, the LA Times said. “Ferraris came and went, but this one never went, thank God. We enjoyed it as a family for 45 years.”

Smith said his family would donate proceeds from the sale to charity. He said his father was known throughout Lexington, N.C., for giving kids a ride in the car.

He told The Dispatch of Lexington that selling the car “is a bittersweet feeling. We have had 45 years of wonderful memories driving to Florida to the races, and my sister, Lynda, spent a lot of time with Dad and the car, but we feel it is important to further his legacy. I think this would make him happy.”

Smith Jr. advised the new owners to “drive it, love it, enjoy it, and more importantly share it with others so they can see it.”

The 275 N.A.R.T. Spider was featured in the 1968 movie “The Thomas Crown Affair,” featuring Steve McQueen and Faye Dunaway.

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