The most expensive car ever sold just happens to be a race car.

A 1963 Ferrari 250 GTO sold for a grand total of $52 million this week.

An unidentified buyer took home the classic red Ferrari, purchasing it from Paul Pappalardo, a collector from Connecticut.

That price is a 49 per cent increase in the previous record for most costly car. Ferraris from the 50s and 60s continue to increase in value, but this rare competition ready model went above and beyond expectation.

The 250 GTO traces its roots back to Le Mans, as it was build to compete in the 24 hour event, and other GT races. A total of 39 were produced.

“Today, the GTO is considered the top car to own,” Don Williams of Blackhawk Collection said in an interview with Bloomberg.com. “It’s like the Mona Lisa. It has a mystique. If you have a GTO, you have a great collection.”

This chassis, no. 5111, won the 1963 Tour de France road race with Jean Guichet at the helm.

Pappalardo bought the car in 1974, restored it and drove it in historic races, including the 2002 Le Mans Classic.