1967 Ferrari sells for a record $27.5 million

MONTEREY, Calif., Aug. 19 (UPI) -- A 1967 Ferrari 275 GTB/4*S N.A.R.T. Spider, one of the world's rarest cars, sold for a record $27.5 million at a California auction.

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.