Bidders, clutch your paddles: One of the first Ferrari 250 GTOs ever built will be offered up for auction during Monterey Car Week, courtesy of RM Sotheby’s. Initial estimates say that this GTO, chassis #3413 GT, will fetch in excess of $45 million when it goes up for sale in August.

Why is the 250 GTO such a special beast? For starters, it was born to race. With a 300-hp 3.0-liter V-12 and a curb weight of only 1,940 pounds, it had a formidable power-to-weight ratio. The body was...

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