A 1962 Ferrari 330 LM / 250 GTO by Scaglietti, the coveted Italian coachbuilder, sold for $51.7 million at a RM Sotheby’s auction Nov. 13 in New York City. It was the most expensive Ferrari ever to sell at auction and the most expensive classic car sold publicly anywhere in the world this year, reported from Bloomberg

Jim Jaeger, a prominent collector in Ohio and co-founder of the company that came to manufacture Escort radars, owned the car for nearly four decades prior to the sale. A spokesperson from RM Sotheby’s did not identify the new owner.

The final hammer price was $47 million—a buyer’s premium of 10% brought the tally to its total price to $51.7 million. Despite the record, the final sale price was lower than expectations. In the days leading up to the sale, RM Sotheby’s had listed the value of the vehicle "in excess” of $60 million.

"Its place in history is undisputed,” Oliver Barker, chairman of Sotheby's Europe, said at the beginning of the sale.

The car sold in less than 20 minutes and started at $34 million. Bidding stayed consistent between primarily phone bidders and ended in the final moments as two bidders waffled around $47 million. Both the car, and the winning bidder, were physically present during the sale, a spokesperson confirmed.

Finished in Rosso Cina paint, the GTO debuted for the Scuderia Ferrari at the Nürburgring 1000 KM. Drivers Mike Parkes and Willy Mairesse piloted the car to a class win and 2nd-overall finish.

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