Ferrari involved in most expensive car crash

(12/07/2012) A classic Ferrari worth more than £20million ($31million) has been involved in the world's most expensive car crash.

American multi-millionaire businessman, Christopher Cox, was driving the Ferrari 250 GTO (the exact car pictured), which is known as the 'Picasso of the motoring world', in Saint-Etienne-des Guirets, central France.

He was was participating in the 50th anniversary tour of the Ferrari 250 GTO when the accident occurred as a car tried to overtake. His wife was in the passenger seat and broke a leg.

The Ferrari, which is one of only 39 ever built, was initially red, but was resprayed blue with a yellow central stripe in 1963 to match the colours of Sweden after race driver Ulf Norinder's nationality.

Ferrari built the 250 GTO between 1962 and 1964 and charged upwards of £6,000. It uses a 3-litre V12 engine developing 300 bhp which results in a 0-60mph time of 6.1 seconds and a top speed of 174mph.

The value of the 250 GTO has skyrocketed in recent years with one green model built for Stirling Moss selling last month for a world record £22.7million.

Cox has owned his GTO since 2005.