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During the course of the cars life it was re-painted in red and remains that colour to this day. The car was owned by Fabrizio Violati and competed in various historic races and was displayed in the displayed in Violati's "Collezione Maranello Rosso", San Marino from 1990. In 2014 the car was put up for auction at Bonham's and subsequently sold for a world record price of $38 million.
The Ferrari 250 GTO model was the ultimate development of the company’s 250 GT series in competition form, whilst still being useable as a road car, so it was still able to be driven to the track, raced and driven home. It made its public debut at the annual pre-season Ferrari press conference in January 1962, and made its competition debut in the Sebring 12 Hour Race, driven by Phil Hill and Olivier Gendebien, where it finished second overall to a Ferrari 250 Testa Rossa sports racing car, and won the GT category in the process.
Part of the lure of the GTO is its exclusivity as only 39 were built. In theory at least 100 should have been built, as this was the number required to qualify the car at the time for international sports car racing. In fact the letters "GTO" stand for "Gran Turismo Omologato" which translates into "Grand Touring Homologated" or "approval for racing". It was either Enzo Ferrari's name or his inscrutable charm that enabled the rule makers to let the technicality slip by. Not counted as part of the 39 is s/n 2643 GT, the GTO prototype built by Pininfarina on a 250 GT SWB chassis. This is why the total Ferrari GTO count is sometimes listed as 40.