Peter Anderson | Jun 5, 2012

The world's stock markets are in meltdown (again), and we're told large chunks of the world are on the road to financial armageddon.

It may come as some comfort to know that this hasn't stopped telco tycoon Craig McCaw laying down $35 million for a 1962 Ferrari GTO.

Bearing chassis number 3505GT, the car was made specifically for F1 legend Stirling Moss. Back then, F1 drivers drove in other series to keep the money flowing, and GT racing was part of his roster.

Despite a 1962 crash ending his career before he could race this GTO, the car's value is partly down to its association with him.

Chassis 3505GT ended up winning several races, although its first Le Mans ended in a DNF.

Its sister car, in the hands of Phil Hill and Olivier Gendebien finished second overall, behind the Testa Rossa prototype driven by Jo Bonnier and Ludivicio Scarfiotti.

Just 39 of the cars were produced, six for racing and the rest for the road.

The road cars were priced at $18,000 in the USA, and buyers had to be personally approved by Enzo Ferrari himself.

Since 1996, the lime-green GTO has increased in value by 1000 percent. It went through a few owners between 1996 and 2002, when it was last sold for $8.5 million.

The previous record-holder was a 1964 GTO ($32m), and before that it was the 2010 purchase of a Bugatti Type 57SC Atlantic.

And they say old Italian cars are nothing but trouble.