Ferrari 250 LM
The Ferrari 250 LM holds a unique place in Ferrari history as the last Ferrari to win the 24 Hours of Le Mans outright — a drought that would last until 2023. This mid-engined berlinetta was one of the most advanced and capable Ferraris of the 1960s, and its story is intertwined with the politics of international motorsport.
The 250 LM was developed as a road-going version of the 250 P sports prototype that won Le Mans in 1963. Ferrari intended to homologate it as a GT car, which required building 100 examples. However, the FIA refused to grant GT homologation, ruling that the 250 LM was too far removed from the road-going 250 GT to qualify. This forced Ferrari to race it as a prototype, which paradoxically made it more competitive but less strategically useful.
Despite the '250' designation, most 250 LMs were actually powered by a 3.3-liter V12 (Tipo 234), displacing 3,286 cc and producing approximately 320 horsepower. The engine was the proven Colombo V12, fitted with six Weber 38 DCN carburetors and positioned behind the driver in a mid-mounted configuration — a first for a Ferrari berlinetta.
The bodywork, designed by Pininfarina and built by Scaglietti, was a stunning closed coupe with a long tail and flying buttresses behind the side windows. The mid-engine layout gave the car a dramatically different silhouette from the front-engined 250 GT series, with a short nose, a cockpit positioned well forward, and a long, aerodynamic tail section housing the engine and transaxle.
The chassis was a tubular steel space frame with fully independent suspension on all four corners — a significant advancement over the live-axle rear end of the front-engined 250 GTs. Disc brakes were fitted at all four corners. The combination of mid-engine layout, independent suspension, and lightweight construction (approximately 850 kg) made the 250 LM a formidable circuit car.
The 250 LM's finest hour came at the 1965 24 Hours of Le Mans. Entered by the North American Racing Team (NART) of Luigi Chinetti rather than the official Scuderia Ferrari, chassis 5893 was driven by Jochen Rindt and Masten Gregory to overall victory. This was the last time a Ferrari won Le Mans outright until the 499P took the checkered flag 58 years later in 2023.
Only 32 examples of the 250 LM were built, far short of the 100 needed for GT homologation. Despite this, the car saw extensive racing use, and many examples competed successfully in privateer hands throughout the late 1960s. Some were also used on the road, particularly in countries with more relaxed registration requirements.
Today, the 250 LM is one of the most prized Ferraris in existence. Its combination of mid-engine layout, Le Mans-winning heritage, extreme rarity, and stunning design makes it a centerpiece of any major Ferrari collection. Values range from $15 million to well over $20 million, with the Le Mans-winning car considered effectively priceless.
The 250 LM is one of the rarest and most valuable Ferraris. At these values, every detail matters. Marcel Massini research is mandatory — all 32 chassis are documented. Racing history significantly affects value — the Le Mans winner is considered priceless. Many cars were raced extensively, so mechanical condition varies. The mid-engine layout and transaxle are unique to this model and require specialist knowledge. Body condition of the aluminum panels should be assessed by a qualified restorer. Ferrari Classiche certification adds value. Independent suspension components are unique to the 250 LM and availability of parts can be challenging. FIA Historic Technical Passport is essential for historic racing eligibility.
32 units produced between 1964 and 1965. Despite the '250' name, most were fitted with 3.3-liter V12 engines (Tipo 234, 3,286 cc). Only the first car (chassis 5151) had a true 3.0-liter 250 engine. Ferrari attempted to gain GT homologation requiring 100 examples, but the FIA refused, forcing it to race as a prototype. Many cars were sold to privateer teams and saw extensive racing use through the late 1960s.