Ferrari GTO 250 Crash Costs $31 Million, Most Expensive Accident Ever

A Ferrari 250 GTO crash has become the most expensive car accident in modern history, with the rare luxury automobile- worth 20 million British pounds, or nearly $31 million American dollars- destroyed.

The Ferrari 250 GTO crash occurred Friday when U.S. businessman Christopher Cox, a multi-millionaire collector, was driving in France with his wife, Ann. While he and various other rare Italian Ferraris were en route to Le Mans, he attempted to turn off the D 766 near Saint-Etienne-des Guirets and was struck from behind by another driver.

The impact was severe, breaking Cox’s wife’s leg. The married couple and the other two drivers in the other vehicle were taken to the hospital to be treated, according to Daily Mail.

The many Ferraris heading to Le Mans were taking part in a 50th anniversary celebration of the 250 GTO’s release. The procession of rare cars, valued at over half a billion British pounds, drove the Gueux racing circuit in Reims and the Abbey of Hautvillers- the home of Dom Perignon champagne- as part of the five-day event.

The accidental crash of Cox’s Ferrari may be the most expensive accident of all time, based on how much the car- one of only 39 in the world- costs to obtain. Earlier in 2012, a Dutch entrepreneur, Eric Heerema, sold his Ferrari 250 GTO to U.S. collector Craig McCaw for $35 million.

Another green 250 GTO was originally created for Stirling Moss, and that sold in June for about $35 million as well. Another collector, Chris Evans, sold his for about $27 million.

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Other celebrities and businessmen were part of the 50th anniversary celebration, like Pink Floyd drummer Nick Mason, and JCB boss Sir Anthony Bamford.

Despite the accident, there is good indication the car will be rebuilt or restored. The car was rebodied once already, and had to be fully restored after a crash in 1976. Cox purchased the car, numbered 3445GT by the factory, in 2005.

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