A 1962 Ferrari race car sold Saturday for $48.4 million -- the highest amount ever paid for a car at auction.
The 1962 Ferrari 250 GTO sold at RM Sotheby's auction at Pebble Beach, Calif., where it opened at a bid of $35 million. Three bidders competed for the car, which easily passed the $38 million -- the previous highest amount paid for a car at auction.
Cars have been sold for higher amounts in private sales, including $70 millionfor a 1963 Ferrari 250 GTO.
The vehicle sold on Saturday was billed as the "world's most important, desirable, and legendary motor car" and is one of only 36 made during its production run. Known as one of Ferrari's most popular racing cars, it is also known to be easy to drive.
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