A classic Ferrari described as the holy grail of cars has changed hands for a world record £52 million.

The 1963 Ferrari 250 GTO won the Tour de France Automobile in 1964. It is a 174mph road-legal racing car and one of only 36 built between 1962 and 1964.

For years the Ferrari, likened to a Picasso of the motoring world, has been based in Germany but shown and driven at events around the world.

Marcel Massini, a leading Ferrari historian, who described the car as one of the top three or four GTOs in the world, confirmed it had been bought by an American businessman.

Mr Massini added that he was confident a GTO model would be sold for $100 million (£75 million) within five years. The GTO was restored during the Nineties by DK Engineering, based in Hertfordshire. The blue-chip car specialist was not involved in the £52 million deal.