A Ferrari 250 GTO has been involved in a crash that has been described as the world’s most expensive automobile accident.

U.S. businessman Christopher Cox was driving his Ferrari 250 GTO through France, en route to Le Mans. He was traveling with a convoy of Ferrari fans, including Pink Floyd drummer Nick Mason and JCB boss Sir Anthony Bamford.

The car, pictured above, is was worth an estimated $31 million. But when Cox collided with another vehicle in front of him, its value plummeted somewhat; reportedly, the vehicle is a write-off.

Still it’s only money, right? Perhaps of more concern to Cox will be his wife Ann suffering a broken leg in the colision, while two passengers in the other car were also taken to hospital. The accident, which occurred near Blois on Friday, happened in the midst of a 21-car convoy.

Mr Cox’s model was finished in the Ferrari factory in April 1962, meaning it had just passed its 50th birthday. It was one of only 39 ever built, meaning its demise is likely to push the value of other existing models higher. It’s not known precisely how many 250 GTOs still remain, but we do know another 250 GTO, a green model built for Stirling Moss, sold last month for $35 million.

When the cars were rolled out of factories in 1962, they were sold for just shy of $9,000. Mr Cox’s model was originally red, but received a blue respray with a yellow central stripe in 1963.