The Ferrari 250 LM is a motoring legend that won the grueling 24 Hours of Le Mans in 1965, but no one expected it to win, not even Enzo Ferrari himself. Well, that very car hit the auction block and set the record for the most expensive Ferrari ever sold at auction that isn’t a 250 GTO.

According to Hagerty, when the gavel struck at the RM Sotheby's Paris auction, this 1964 Ferrari 250 LM commanded a whopping $36.3 million. Not only does it highlight the car’s historical significance, but the price puts it in the pantheon of the most valuable Ferraris ever sold at auction.

Why the 250 LM matters

The sixth 250 LM, chassis 5893, raced in Le Mans for the North American Racing Team (N.A.R.T.), but it was never meant to. At that time Ferrari was a very small operation with the ability to only build 32 roadgoing examples of the 250 LM.

To homologate the Ferrari 250 LM for the 24 Hours of Le Mans, Enzo Ferrari had to meet the FIA's requirements for the Group 3 GT class, which meant producing a minimum production of 100 units over 12 consecutive months. However, Ferrari submitted the 250 LM late and didn't build enough units to meet the minimum production requirements, so Ferrari was forced to enter Le Mans in the prototype class.

The Ferrari 250 LM at the 1965 Le Mans race
Ferrari

The heavy 250 LM lacked the power of other prototype rivals, like the Ford GT40 and Cobra Daytona, or even Ferrari’s own 330 and 365 P2 models. What did help the 250 LM was its ability to handle corners and its tremendous reliability, something vital to surviving the punishing race.

Driven by Masten Gregory and Jochen Rindt, the Ferrari 250 LM chassis number 5893 solidified its position in racing history when it took the overall win at Le Mans in 1965, which was made even more significant by the fact that it was the last time Ferrari would secure the overall victory at the most legendary automotive endurance race.

A racing legend, now an auction legend

Following its 1965 Le Mans win, the 250 LM raced at the 24 Hours of Daytona in 1966 and 1968. It headed back to the 24 Hours of Le Mans that same year and again in 1969. Its final race took place at the 1970 24 Hours of Daytona before N.A.R.T. team owner Luigi Chinetti ended up selling the 250 LM in 1970.

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The car was then retired from racing and passed on to the Indianapolis Motor Speedway Museum. The victorious 250 LM was displayed in the museum and also traveled to Pebble Beach and Amelia Island, where it unsurprisingly won the illustrious Best in Show Concours de Sport in 2023. After over half a century, the Museum decided to sell the 250 LM to help improve its existing collection and restoration efforts.

Chassis 5893 is the most significant Ferrari 250 LM ever sold and commanded $10 million over the expected price. In the final few minutes of the auction, prices soared past the target, and it took its place not only as the priciest 250 LM ever sold but also as the sixth most expensive car ever sold at auction. The buyer has not been named.

Final thoughts

It’s awesome to see a race car with such a legendary racing pedigree attain a stratospheric price. The 250 LM was the underdog of the race, but it proved to be the most resilient entry in the 1965 Le Mans endurance race. The fact that it changed hands from Ferrari to N.A.R.T. to the Indianapolis Motor Speedway Museum to the auction winner makes it even more appealing as a collector’s holy grail.

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