This auction falls under the category of dumb money. There’s a new record for the most expensive car sold at auction. Meet the 1962 Ferrari 250 GTO Berlinetta. It could have been yours if you bidded more than $38.1 million.

Some thought the GTO auction could hit $70 million. But, it fell well short of that mark, and the record for most expensive car ever sold. Another Ferrari GTO holds that mark after selling, privately, last year for about $52 million. Could these rich people just slide me some of that money? Jeez…

Why the insane price tag? According to ABC News, Ferrari manufactured just 39 of the cars. They were designed specifically for racing.

The monster price tag for the GTO comes as the price of collectible Ferraris surged more than 60% last year according to the Los Angeles Times. Looks like the one-percenters are finding something to spend their money on.

What’s interesting is the former owner of the just sold GTO was an investment group that bought the car two months ago according to the LA Times. Why flip houses when you can flip classic cars?

Image credit: Reuters/Michael Fiala

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