A classic Ferrari has changed hands for a world record $70 million. The 1963 Ferrari 250 GTO, known as the Holy Grail model, won the Tour de France in 1964, which is one of the world’s most famous and historic motor races. It is a 174 mph road-legal racing car and one of only 36 built between 1962 and 1964.

For years, the Ferrari, likened to a Picasso of the motoring world, has been based in Germany but shown and driven at events around the world. It has now been sold for $70 million (£52 million), a record-breaking figure for a car. Leading Ferrari historian Marcel Massini, who described the car as one of the top three or four GTOs in the world, confirmed it had been bought by an American businessman.