1959 Ferrari GT Sells on Ebay for $3.26 Million

A gorgeous, mint condition 1959 Ferrari GT sold on Ebay.com for $3.26 million. The car, with 52,000 miles on its odometer, was listed from an owner in Pittsburgh, Pa., and sold after 86 bids. The car's official designation is a Ferrari California Spyder 250 GT CS. It has a 12 cylinder engine, manual transmission and a cloth convertible top.

Designed for export to America, the California Spyder was Ferrari's interpretation of an open-top Gran Turismo Car. The concept was driven by California enthusiasts and a leading Ferrari dealer who prevailed on the Italian company to create a sports car for Californians who regularly drive with the top down.

Of the approximately 51 Long Wheelbase (LWB) California Spyders made, at least 10 were built for competition and nine of these were made with aluminum bodies. 1627GT was one of them. This rare California Spyder features a Tipo 508 D frame, which was one of nine created. 1627GT is also one of the initial California Spyders to be equipped with disc brakes, an innovation for its time. A replica of this car was featured in the film, Ferris Bueller's Day Off.

Ferraris from this era are incredibly sought after. A record price for a 250 GT at auction was set on May 18, 2008 when a black 1961 SWB example that had been owned by actor James Coburn was sold for $10,894,900. Other prices recorded for this specific model have ranged from $3 million to $5 million. The state of the economy at the time of auction has a lot to do with the prices. Actor Nicholas Cage also owned a black version of the 1959 Spyder, and sold it off in recent years to help settle tax problems. The price he received was kept confidential.

The car is not perfect. The son of the second owner was driving it home from a trip to Florida when he was run off the road. The body of the car was slightly damaged and some side body panels were fixed using steel instead of the original alloy material.

Such cars are typically sold at auction houses, and at shows like Pebble Beach Concours d'Elegance. It is unusual for a seller to use ebay.com for a car so rare or so valuable.