A red 1962 Ferrari 250 GTO sold for $38 million at an auction in Carmel, California, on Thursday, the Los Angeles Times reports.

The car, however, was predicted to go for millions more. According to an earlier LA Times report, some experts thought the car could go for as much as $70 million.

Although it may have fallen well short of that lofty mark, $38 million is still a new record for a car at auction. The previous mark was held by a Mercedes W196 race car, which sold for approximately $30 million last year at a Bonhams auction in England.

The auction house was thrilled with the results.

“We’ve always maintained that we would exceed the current world record and that the car would bring between $30m and $40m and today the GTO did just that,” said Robert Brooks, Bonhams chairman, according to the Guardian.

The fact that the car is one of just 39 Ferrari GTOs produced, The AP notes, and that retired Olympic gold medal skier Henri Oreiller died in it after smashing the car into a building certainly appealed to those who purchase cars for their backstory, as well as their performance.