Last month we reported on a Ferrari 250 GTO heading for the auction block at Pebble Beach. We knew at the time it would break records and bring in tens of millions of dollars. But now that the gavel is about to drop, it looks like even our projections could fall short.

According to a report on Bloomberg, citing the classic car authorities at Hagerty Insurance, the GTO in question (pictured above) could fetch upwards of $60 million and as much as $75 million when the auction takes place two days from now in Monterey, CA.

Hagerty's reported estimate would not only blow the previous records out of the water, but would eclipse the pre-sale estimate attributed to Bonhams, the auction house handling its sale, which placed its value between $30 million and $40 million.

The last time we heard of a 250 GTO trading hands (through a private party sale, as they usually do), it reportedly sold for $52 million. The current record for the most expensive car ever sold at auction was also set by Bonhams last year when it auctioned off Juan Manuel Fangio's 1954 Mercedes-Benz W196 "Silver Arrow" grand prix racer for nearly $30 million. Whether it's Bonhams' estimate, Hagerty's projection or the precedent of that last GTO that ultimately prevails, we're almost certain to have a new world record on our hands this weekend.

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