A FERRARI 250 GTO has smashed the world record for a car sold at auction.

The 1962/63 model, chassis number 3851GT, went under the hammer for a whopping 38,115,000 dollars at the Bonhams auction, part of Monterey Car Week in California.

This is the most ever paid for an automobile at auction and the Ferrari was the 19th GTO to be completed and was invoiced on September 11, 1962.

It was most recently owned by Italian enthusiast Fabrizio Violati and was the centerpiece of his Collezione Maranello Rosso of Ferraris previously on view to the public in the republic of San Marino.

Violati acquired the 250 GTO in 1965 for 2,500,000 Lire, then around £1,400 and equating to around £22,000 today.

It was originally finished in metallic pale grey with red, white and blue centre stripes when acquired by its first owner, French privateer Jo Schlesser.

Ferrari models have dominated sales at Monterey, other models being sold including a 1958 250 GT Series 1 Cabriolet for 6,820,000 dollars, a 1953 Ferrari 250 Mille Miglia Berlinetta fetching $7,260,000 and a 1962 Ferrari 250 GT Short-Wheelbase Speciale Aerodinamica going for $6,875,000.