Rare 1964 red Ferrari fetches $14.3M at auction

New York – A 1964 Ferrari 250 LM was sold for whopping 14.3 million dollars at a record-setting auction of trophy cars by Sotheby’s.

The red Ferrari was had been estimated at 12 million dollars to 15 million dollars before the bidding began at the “Art of the Automobile” auction in Manhattan, the New York Post reported.

The car, which has long been considered one of the golden treasures among car collectors, was bought by an anonymous buyer via telephone.

It was sold during a two-hour session in which 31 cars sold for a total of 62.8 million dollars.