California Auctions $16 Million Ferrari

A Ferrari Testa Rossa was auctioned in California for more than $16 million, making the red Ferrari 1957 sports car the most expensive auto ever sold at an automobile auction.

The race car is a Ferrari prototype and the first Testa Rossa ever built, with a 300-horsepower 3.0-liter V-12 engine and a 4-speed manual transmission.

Spectators at the Pebble Beach Concours d'Elegance in Monterey, California erupted in a roar as a staggering price was reached in the final bid but, shortly afterward, an anonymous buyer offered a record-breaking $16.4 million for the classic Ferrari automobile.

Auctioneers Gooding & Company were as surprised as everyone else at the shocking $16,390,000 winning bid for the classic 1957 Ferrari.

The red Ferrari 250 Testa Rossa is a former Concours d'Elegance first-place winner, and the vehicle will now be added to the anonymous buyer's extensive investment portfolio.