A classic Ferrari has become the most expensive car in the world after being sold for a record £52 million ($70 million dollars). The 1963 Ferrari 250 GTO won the Tour de France Automobile in 1964, one of the world’s most famous and historic motor races. It is a 174mph road-legal racing car and one of only 36 built between 1962 and 1964. For years the Ferrari has been based in Germany but shown and driven at events around the world. Leading Ferrari historian Marcel Massini, who described the car as one of the top three or four GTOs in the world, confirmed it had been bought by an American businessman. Massini added he was confident a GTO would be sold for $100 million within five years. During the 1990s, the GTO was restored by Hertfordshire-based DK Engineering. James Cottingham, vehicle acquisition specialist at DK Engineering, said: "This is without doubt one of the best 250 GTOs in existence in terms of history and originality.” “Its period competition is very good. It won the Tour de France, which is big tick, and was fourth overall at Le Mans, which was a mega result,” he added. "It was raced by Ecurie Francorchamps, who are one of the most iconic and famous independent Ferrari teams, it has never had a big accident and it is highly original,” Cottingham noted. The Ferrari 250 GTO is the most sought after classic car because of its perfect blend of looks, rarity and performance on both the track and public road.