LOS ANGELES – An ultra-rare 1967 Ferrari previously owned by the late Eddie Smith, a North Carolina orphan-turned-millionaire, sold at auction for $27.5 million, setting a world record.
The Los Angeles Times reports that Saturday’s final price for the Ferrari 275 GTB/4*S N.A.R.T. Spider makes it the most expensive road car ever sold at auction. The auctioneer opened the sale at $10 million, and the first bid pushed it to $16 million.
The red Ferrari was one of only 10 ever built, and its single-family ownership only increased interest at the sale, handled by RM Auctions in Monterey.
Smith, the former mayor of Lexington, N.C., died in 2007 at age 88.
His family is giving all proceeds to charity.
The auction house has not disclosed the new owner.