Monday, August 27, 2018

Thank You, Federal Reserve: Car Sells for $48 Million at Auction

A 1962 Ferrari 250 GTO was sold at RM Sotheby's on Saturday night for a record $48.4 million as part of the Pebble Beach Concours d'Elegance, reports CNBC.

The seller, Greg Whitten, who joined Microsoft in 1979 as its 15th employee, bought the car in 2000 for only $4.8 million.

Even though he sold his GTO, Whitten said he still has "about a dozen" other Ferraris and he hopes to purchase plenty of other classic race-cars.

When asked which had been a better investment, Microsoft stock or the GTO, he said it depended on the time frame. From 2000, when he bought the car, the GTO had been " a far better investment," because of where Microsoft was trading in 2000. But since 1979, "Microsoft was a much better investment. But the GTO is much more fun," he said.

A 1935 Duesenberg SSJ Roadster also sold Friday at Gooding & Co. for $22 million, breaking the record for the most expensive American car ever sold at auction.


1 comment:

  1. A 48 million dollar car. That doesn't even compute in my world.