It is a Ferrari 250 GTO. It cost 20.2 million pounds. And it was sold. Indeed, the gorgeous red big-mouthed Ferrari was sold this February 2012 for more than 3000 times the price it was only 50 years ago - in 1963, its price tag was 6,000 pounds.

Already carrying a significant historical baggage, today the Ferrari rose to fame even more as it became the most expensive car ever sold on the island - symbolizing the trend of escalating prices with classic cars.

This Ferrari 250 GTO, number 5095, is the only one of 39 models ever produced, all manufactured in the span of two years between 1962 and 1964. This car is the 1963 model and was allegedly bought by Jon Hunt, the founder of the estate agency Foxtons, for a big 15.7 million pounds in 2008 - already more than 2500 times the price it originally had at the time of production. With a top speed of 164 mph, this racing car unites power, attractiveness, style and glamour all in one.

The car's history is as glorious as the car itself. It featured in the 1963 Tour de France, ending up in the second place and driven by Carlo Maria Abate and Lucien Bianchi. Then, in 1964, the car won the competitions of the Rallye de Picardie, Rallye du Limousin and Les Andelys hillclimb - giving it a unique racing past.

With the threatening economic climate, seeking to invest in vintage cars has become highly sought-after by wealthy individuals as a secure investment. John Collins, chairman of Ascot-based Talascrest, explains that 'classic Ferraris have seen more gains than others; they're like the Picassos of the car world. And the 250 GTO is the golden car of its generation. Show me a man who wouldn't want one. They are bought by people who have a love of cars and see them as an investment'. Two well-known owners of a 250 GTO include Pink Floyd drummer Nick Mason and DJ Chris Evans.

This car is now right behind the world's most expensive car ever sold throughout history: the 1936 Bugatti Type 57SC sold in 2011 for 27 million pounds.

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