What would you do with $27.5 million dollars? If that answer is to purchase a Ferrari, then you are not alone. More often than not, this coveted vehicle serves as a luxury that few can afford. In Monterey, California, a 1967 red Ferrari convertible sold for 27.5 million dollars at an auction. This legendary sale is the first time a motor vehicle has been sold at a public auction in the United States for such a price; however, other highly-priced vehicle auctions have happened recently. Last month at an auction in Great Britain, a 1954 Mercedes-Benz race car model sold for nearly 30 million dollars.

The Ferrari 275 GTB/4 NART Spider, not surprisingly known for its record-breaking speed, has a 300-horsepower V12 engine. The powerful engine is just one of the many characteristics that makes this car special. This vehicle could quantify as a limited edition since only ten were made.

The original owner of the vehicle was Eddie Smith, founder of National Wholesale Company, who passed away six years ago. Since that time the vehicle remained in the family while being stored in an airplane hangar. Eddie Smith, Junior, the son of the original purchaser, shared his reason for deciding to auction the vehicle. “In my mind it’s sort of been imprisoned for those six years,” he said.

The final bid was 25 million dollars; however, the auction house charges a 10 percent commission, which raises the overall ending amount to 27.5 million dollars.

Anyone who sees the Ferrari as just a car misses the magic of memories behind the vehicle. Eddie Smith, Junior, said, “This is a bittersweet moment for us. Ferraris came and went, but this one never went, thank God. We enjoyed it as a family for 45 years.”

While many expect to hear about a Ferrari breaking records for speed capabilities, this unique auction proves that this vehicle is able to break other records as well.