The "250" in its name denotes the displacement in cubic centimeters of each of its cylinders; "GTO" stands for Gran Turismo Omologato, Italian for "Grand Touring Homologated".

When new, the 250 GTO cost $18,000 in the United States, with buyers personally approved by Enzo Ferrari[7][8] and his dealer for North America, Luigi Chinetti.

[citation needed] This model has since become highly desired by automobile collectors and sales have repeatedly set price records.

[9][10][11][12] The current record for world's most expensive Ferrari was set in June 2018 when a 1963 250 GTO (chassis 4153GT) was sold in a private sale for $70 million.

[15] The 250 GTO was designed to compete in Group 3 GT racing, where its rivals would include the Shelby Cobra, Jaguar E-Type and Aston Martin DP214.

The mechanical aspects of 250 GTO were relatively conservative at the time of its introduction, using engine and chassis components that were proven in earlier competition cars.

The car was built around a hand-welded oval tube frame, incorporating A-arm front suspension, rear live-axle with Watt's linkage, disc brakes, and Borrani wire wheels.

The aerodynamic design of the 250 GTO was a major technical innovation compared to previous Ferrari GT cars, and in line with contemporary developments by manufacturers such as Lotus.

[5] The exposed metal gate defining the shift pattern became a Ferrari tradition maintained in production models until replaced by steering column-mounted paddle shifters in the 2000s.

[18] During the course of the race, Ferrari engineers gathered information about the performance of the car which was used to modify and improve it, including the addition of a rear spoiler.

[22][23][24][25] This prototype was created entirely by the Ferrari factory's racing department under the oversight of Giotto Bizzarrini, including the bodywork.

The body's ungainly appearance lead the Ferrari team to nickname it "Il Mostro" (the Monster) and the press to call it "The Anteater".

Hammer marks, weld beads and bolted or riveted panels could be seen throughout, evidence of the continual modifications performed during factory testing in 1961.

Regardless of the identity of the chassis, sources are in agreement that the second GTO prototype was either partially or entirely scrapped and is no longer extant in its 1961 form.

[4][21][5][25] Handbuild production, updates, and repairs throughout each car's competition history result in differences both visible and invisible between individual 250 GTOs.

[5] This redesign was intended to maintain the GTO's competitiveness for one more year, as the FIA decided to not approve the 250 LM for GT-class racing during the 1964 season.

This resulted in a visual similarity between the two models, even though the GTO does not share the 250LM's mid engine rear wheel drive layout.

The GTO '64 still saw some racing success with factory and privateer teams, including an overall win at Daytona in 1964 by Phil Hill and Pedro Rodriguez driving for NART.

Distinguished by a larger bonnet bulge, these cars were used briefly for racing and testing by Scuderia Ferrari before being sold to private customers.

Although based on the earlier 250 GT Berlinetta SWB, the Breadvan provided an opportunity for Bizzarrini to develop the ideas he had first explored with the GTO, such as lower and more aerodynamic bodywork, incorporation of a dry sump, and radical lightening of the entire car.

The 250 GTO's racing debut was at the 1962 12 Hours of Sebring, driven by American Phil Hill (the Formula One World Driving Champion at the time) and Belgian Olivier Gendebien.

The additional three "330 GTO" cars with the four-litre 330 engine —recognizable by the large hump on the bonnet— are sometimes included in the overall production number, bringing the total to 39.

[36] In reality, no deception was required, as the production of the 250 GTO was covered by the homologation of the earlier 250 GT Berlinetta SWB model.

These homologation papers were issued in 1960, but extensions were applied for and accepted multiple times between 1961 and 1964, allowing Ferrari to add modifications not covered under the original specification, including changes to the engine, transmission, and suspension.

[13][9][12][11][10] The current record for world's most expensive Ferrari was set in June 2018 when a 1963 250 GTO (chassis 4153GT) was sold to David MacNeil in a private sale for $70 million.