Iconic Ferrari Fetches Eye-Watering $17 Million

Ferrari presented this very 250 GT California Spider at the Geneva Motor Show in 1960.
The car has been driven on the Nurburgring and is one of just 56 examples.
An executive from Phillip Morris is one of the 250 GT’s former owners.

The very first Ferrari 250 GT SWB California Spider by Scaglietti has sold for an eye-watering $17.055 million at an auction in Monterey. So, what makes this Ferrari special, and why is it so valuable?

Of all Ferrari models, few are more iconic than the 250 series. The car enjoyed massive racing success throughout the 1950s, and Californian importer John von Neumann proposed the idea of Ferrari building a droptop version that could be raced and then driven home. Before long, the 250 GT LWB California Spider was born and capped at just 50 units.

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Ferrari then decided to build a second California Spider based on its shorter 2,400 mm (94.4-inch) wheelbase platform. Just 56 examples were built and this particular example, chassis #1795 GT, was the first one ever built.

RM Sotheby’s also says that this example was Ferrari’s show car at the Geneva Motor Show in March 1960 before being sent back to the factory, outfitted with a black interior, and delivered to its original owner. It was driven on a handful of famous circuits, including the Nurburgring, before being sold and exported to the United States.

Iconic Ferrari Fetches Eye-Watering $17 Million — Remi Dargegen/RM Sotheby’s

It then passed through the hands of a couple of other owners over the ensuing decades, including a senior executive at Phillip Morris, before being added to the collection of the recent seller in 2008.

It’s not just the fact this is the very first Ferrari 250 GT SWB California Spider that makes it special. It’s also one of as few as three examples fitted with a competition version of Ferrari’s famed Tipo 168 V12 engine. Additionally, it has the rare covered headlights and a factory hardtop. The car also comes with a Ferrari Classiche Red Book that verifies it has the original engine, gearbox, and drivetrain.