California man who paid $38,500,000 for Ferrari 250 GTO explains what made him buy the car

Seasoned Ferrari collector David Lee recently revealed what convinced him to spend a staggering $38,500,000 on a legendary Ferrari 250 GTO.

For most enthusiasts, the ultra-rare Italian machine sat firmly in the realm of fantasy.

Yet for Lee, the opportunity to acquire one of the most celebrated supercars in automotive history was simply too important to ignore.

Even he admitted that owning a GTO had once felt far beyond his dreams.

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The millionaire strategically chose to bid remotely

The car in question was a 1962 example nicknamed ‘Bianco Special,’ one of the few finished in white instead of the traditional red associated with Ferrari.

According to Lee, that unique color was one of the details that made the car particularly appealing.

In the world of elite collectors, standing out mattered just as much as rarity, and this GTO certainly did both.

The sale itself unfolded with plenty of drama.

The bidding took place during an auction run by David Gooding of Gooding & Company, with Lee represented by broker Kevin Cohen.

Rather than attending in person, Lee chose to bid remotely over the phone, a strategy often used in high-value auctions to avoid getting caught up in the excitement of the room.

Cohen later recalled the intense atmosphere as the numbers climbed into the tens of millions.

Bids surged past $33 million before continuing upward.

When the hammer finally fell at $35.5 million before fees, the room erupted.

With the buyer’s premium included, the total came to roughly $38.5 million, making it one of the largest sales in the auction house’s history.

This Ferrari 250 GTO had never gone through a full restoration

For Lee, the moment felt surreal.

In a recent video, he described celebrating alone in a quiet room when he received the call confirming he had won the car.

The emotion, he said, reminded him of another milestone decades earlier when his business had been granted authorization to sell Rolex watches, a moment that had transformed his career.

However, the seasoned Ferrari collector noted that the purchase wasn’t simply about prestige or investment value.

According to Lee, what had attracted him most was the car’s authenticity.

While the Ferrari 250 GTO had been maintained and refinished over the years, it had never undergone a full restoration.

In the collector world, that distinction mattered because it preserved the car’s history as a machine that had actually been raced and used.

The car also retained fascinating details from its racing life.

The original steering wheel had been reinstalled, while the original race engine still existed separately in a crate, having once powered the car during competition.

Despite its enormous value, Lee did not plan to hide the Ferrari away.

Instead, he said he would show it at concours events, bring it to car meets, and most importantly, drive it.

For him, a Ferrari this special deserved to be seen and heard, not locked away in a garage.

If you want to learn more about the bidding process, check out the full video below:

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