A rare 1967 Ferrari owned by a North Carolina orphan-turned-millionaire sold at auction for $27.5 million.
The red Ferrari was one of only 10 ever built, and its single-family ownership increased interest in the sale, the Los Angeles Times reported
The owner, the late Eddie Smith, was a former mayor of Lexington, N.C. He died in 2007 at age 88. Since then, the car has been stored in a specially built garage.
"This is a bittersweet moment for us," Eddie Smith Jr. told a packed crowd before bidding began Saturday. "Ferraris came and went, but this one never went, thank God. We enjoyed it as a family for 45 years."
The sale of the Ferrari 275 GTB/4*S N.A.R.T. Spider was handled by RM Auctions in Monterey. N.A.R.T. stands for North American Racing Team, a Ferrari-backed venture created in the late 1950s to promote the brand in the U.S.