The RM Auctions bidding began Saturday in Monterey at $10 million and landed at $27.5 million, the most paid for any car at a U.S. public sale and a world record sale for a Ferrari, the Los Angeles Times reported Monday.
The car was one of only 10 ever produced and had only ever belonged to a single family.
Eddie Smith Jr., whose father obtained the car in 1968, addressed the crowd before the auction began.
"This is a bittersweet moment for us," Smith said. "Ferraris came and went, but this one never went, thank God. We enjoyed it as a family for 45 years."
The identity of the winner bidder was not revealed.
Notable deaths of 2014 [PHOTOS]