Ultra-rare Ferrari sale brings in $27.5 million

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A rare 1967 Ferrari set records Saturday when it sold for over $27 million at Monterey's "Pebble Beach Concours d'Elegance," making it the most expensive road car ever sold at auction. 

How rare was it? There were only 10 models ever built, the AP reports. The previous owner was  "orphan-turned-millionaire" Eddie Smith, who — the Times reports — liked to drive the ultra-rare car around Lexington, North Carolina and give people rides to share the experience. Smith, the former mayor of Lexington, died in 2007 at age 88.

The Los Angeles Times reports that Saturday's final price for the Ferrari 275 GTB/4*S N.A.R.T. Spider was $27.5 million.

The Times described the frenzied bidding, after the family announced it would donate the proceeds to charity: 

At this, the crowd took to its feet to cheer, and many people remained on their feet as the bidding started. After the first bid of $16 million, the figure quickly jumped to $20 million, then $21 million, with each new bid drawing roars of approval from the room. 

The final bid was $25 million without commission, and the crowd erupted into cheers and applause as four white-gloved attendants took to the stage to roll the  red Ferrari off to its journey to a new home. 

The auction house has not disclosed the new owner.

Another celebrity Ferrari also sold at auction Saturday. It played a minor character in the classic cult film "Ferris Bueller's Day Off."

Remember this scene?: 

That car, which was modeled on the Ferrari 250GT California, sold for $235,000, NBC Bay Area reported. The car is actually an ersatz Ferrari, built to order for the film by Neil Glassmoyer of Modena Design and Development. 

Glassmoyer told KSBW that the car was unlike most Hollywood models: 

“A lot of movie cars are just for looks, they don't perform well at all. This car has over 500 horsepower (and a) very sophisticated chassis. It handles better than it looks and that was the main thing I wanted to do when we were building this car."

Oh yeah.

Correction: An earlier version of this post erroneously stated that the Ferrari 275 GTB/4*S N.A.R.T. Spider was featured in "Bueller." Thanks to our commenters for pointing out the error.