A 1963 Ferrari 250 GTO has become the world's most expensive vehicle after selling for $52 million.

The red car, once owned by the Greenwich Connecticut-collector Paul Pappalardo, was acquired by an unidentified buyer in a private sale, according to Bloomberg News.

"Today the GTO is considered the top car to own," the California-based dealer Don Williams of Blackhawk Collection said according to Bloomberg. "It's like the Mona Lisa. It has a mystique. If you have a GTO, you have a great collection."

The record-breaking sale price is a 49 percent increase compared to the price another 250 GTO sold for a little over a year ago.

The vehicle was purchased by Pappalardo back in 1974. It has since been restored, and driven in many races, like the 2002 Le Mans Classic.

"We don't confirm these things," Pappalardo said during a telephone conversation, according to Bloomberg. "I have no comment."

The 250 GTO, created in 1962 to compete at Le Mans and other Grand-Touring car races, is considered the world's most expensive and desirable car.

Only 39 250 GTOs were created, according to Bloomberg.

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