Engineer Giotto Bizzarrini was tasked with further refining the 250 GT berlinetta for the 1962 racing season. Bizzarrini’s result was the 250 GTO. Introduced at a press conference in February 1962, the 250 GTO was absolutely stunning. Power was provided by the latest development of the 3-liter Colombo short-block V12. The new type 539/62 chassis featured engineering advances including smaller, lighter tubing in some areas of the frame. A new all-synchromesh 5-speed gearbox and a revised rear suspension complemented the revisions.
Claiming unique build provenance and a remarkable in-period racing pedigree, this spectacular GTO is among the model’s most singular examples. Chassis number 3765 is the only Works GTO example that was originally equipped with a 4-liter engine and the only factory GTO Tipo 1962 example to have been campaigned by Scuderia Ferrari.
Now publicly offered for the first time in 38 years, a period characterized by diligent and fastidious upkeep through almost four decades of single ownership, this truly remarkable GTO is nothing short of a legend. Eligible for major events worldwide, including Le Mans Classic, this stunning GTO offers its next caretaker further touring and vintage racing enjoyment, or display at major concours d’elegance and marque gatherings worldwide.
SCM Analysis
Detailing
Vehicle: | 1962 Ferrari 330 LM / 250 GTO |
Years Produced: | 1962–63 |
Number Produced: | 39 (250 GTO, including 3 4-liter 330 GTOs) |
SCM Valuation: | $60,000,000–$75,000,000 (250 GTO) |
Tune Up Cost: | $5,500-plus |
Chassis Number Location: | Stamped on the left frame by steering box |
Engine Number Location: | Stamped on right rear of block |
Club Info: | Ferrari Club of America |
Website: | http://www.ferrariclubofamerica.org |
Alternatives: | 1994–98 McLaren F1, 1963–64 Jaguar E-type Lightweight, 1964 Shelby Cobra Daytona coupe |
Investment Grade: | A |
This car, Lot 1, sold for $51,705,000, including buyer’s premium, at RM Sotheby’s New York, NY, auction on November 13, 2023.
Electrical engineer Mike Valentine took apart a Fuzzbuster radar detector sometime in 1976 and decided he could make a better one. He teamed up with friend Jim Jaeger and founded Cincinnati Microwave to build and market Escort and Passport radar detectors. Due to a 55-mph national speed limit, Jaeger was soon a new member of Forbes’ list of the 400 richest Americans.
Jaeger used part of his fortune to build a car barn and fill it with the cars of his dreams. Among others, Jaeger bought a 275 NART Spyder, a 312 P, a 275 GTB/4, and what Jaeger considered the ultimate Ferrari, a 250 GTO. Jaeger’s hunt took him to Fred Leydorf, an executive at American Motors and the chairman of the Ferrari Club of America. Lydorf owned Ferrari GTO s/n 3765. A short negotiation and $500,000 later, Jaeger had his car.
RM Sotheby’s announced during its 2023 Monterey Car Week sale that it would be auctioning 3765 in November. It snuck the car into its auction venue at the Portola Hotel & Spa at Monterey Bay in the middle of the night, after revelers were asleep in their rooms. The next day, hotel guests and auction attendees were shocked to see the Ferrari positioned on a display stand in the lobby.
Back to the start
The FIA decided in 1962 that the World Championship of Sports Cars Constructors’ Award would be replaced by a new International Championship for Manufacturers. The change meant purpose-built sports prototype race cars like the dominating 250 Testa Rossa were no longer eligible to score points towards the championship. Instead, 3-liter-limited Grand Touring models like the 250 SWB would be eligible. The 250 GTO was introduced in 1962 to compete for this new championship.
Le Mans and other tracks decided that to fill seats and sell hot dogs, they needed big-motor cars competing for an overall win. Ferrari, sensing an opportunity, decided to field some 4-liter cars. The 1962 Le Mans-winning 330 TRI/LM was one of these cars; so were the 330 LMB, the incredible 330 P protype series, and the 330 GTO.
Ferrari 3765 started life as a 330 LM, with a Type 538/566 400 SA chassis with the wheelbase cut from 2,420 mm to 2,400 mm. It was fitted with a Colombo-style, Type 163, 4-liter, 400 Superamerica engine with 4-speed transmission and covered with a 1962-style GTO body. It was alternatively called a 330 LM, 4-liter GTO or 330 GTO.
A long road
Ferrari normally sold GT cars to customers who raced them as privateers; 3765 was different. It was a test bed for the 4-liter configuration and held by the factory for Works duty. In particular, it was run at Le Mans in 1962. Despite a promising start, it failed to finish due to overheating.
After Le Mans, 3765 was returned to the factory, where it was refurbished for sale. The purchaser contracted the factory to convert the car to 250 GTO specs. The factory didn’t have a spare 250 GTO engine, so it substituted a 3-liter competition engine similar to the engines used in the 250 P prototype race cars. The 4-liter engine mounts were cut off and 3-liter mounts were welded in. In addition, a 5-speed transmission replaced the 4-speed unit, and unspecified body modifications were performed.
Next, 3765 unsuccessfully competed in the 1964 Targa Florio, and then it successfully competed in a bevy of hillclimbs. In 1967 it crossed the pond, passing through two owners before coming to Mr. Lydorf.
The car was a bit long in the tooth when Jaeger bought it, with an interior swapped in from another Ferrari road car. Shelton Ferrari in Fort Lauderdale, FL, was chosen for a restoration. There, ace Ferrari mechanic Al Roberts would lead a multi-year refurbishment.
Jaeger wanted to return the car to the 4-liter Le Mans configuration. A new 4-liter block was found, built and installed. However, Jaeger found the 4-liter a bit too radical and had the 3-liter reinstalled. RM Sotheby’s sold the 4-liter engine with the car.
Special, with a story
The sale of 3765 was held at Sotheby’s New York City headquarters, a single-car auction during Sotheby’s traditional Fall Modern and Contemporary Art auctions. The car was estimated to sell in the $60m range. Apparently, RM Sotheby’s felt mixing car collectors with wealthy art collectors in a room filled with important art would add synergy to the proceedings.
The winning bid was $47m, which became $51.7m after premium. It was the most expensive Ferrari sold at public auction, topping the $48.4m RM Sotheby’s got for 250 GTO 3413 at Monterey in 2018 (SCM# 6877234).
Classic-car dealer Simon Kidston noted that 3765’s unique history may have hurt more than it helped. “It’s a great car. I don’t think, unfortunately, that everybody understands it,” he said. “In a market where appearances are very important and people like the comfort of belonging to a group of like-minded owners, anything that needs explaining is always a little bit more of a challenge to sell.”
Ferrari guru Marcel Massini was less diplomatic, saying, “It’s a 330 LM with a 250 GTO body, non-matching engine and not ‘Red Book’ certified.” He noted that “Fifty million bucks is pretty good for such a car.”
You could make a case that 3765 is worth more than other GTOs but that’s a hard sell. The air is thin for any car past $20m. The few players at that level are looking for a special car or a deal they can’t pass up. This is certainly a special car that will get you invited to the top events, but it will always have a bit of a story. This time around, it brought all the money. ♦
(Introductory description courtesy of RM Sotheby’s.)