The 250 GTO was narrowly GT homologated. Ferrari's argument that it is a variant of the 250 GT SWB Berlinetta is technically difficult to counter. The history of the 250 LM will be different and this car just as effective as the 250 GTO will not reach the same prestige.
Ferrari is unable to obtain the GT homologation for the LM. Officials have not been duped. It is not really a GT because it is derived from the 250 P prototypes with a 3-liter engine launched in 1963 for track competition. The LM should also not be a 250 because its 3.3-liter engine is better ranked in the new Ferrari 275 class opened at the same time.
32 Ferrari 250 LM are built, most of them in 1964. The body is made by Scaglietti on a design by Pinin Farina. They are primarily intended for the track. One of them wins the 24 Hours of Le Mans in 1965, driven by Jochen Rindt.
A 250 LM manufactured in 1964 remained in an exceptional original condition after a racing history without incident. It was sold for $ 14,3M including premium by RM Auctions on November 21, 2013. Another one that had burned in 1969 was sold for $ 11,6M including premium by RM Auctions on August 15, 2014.
On August 13 in Monterey, RM Sotheby's sells a 250 LM, also from 1964, lot 113, which is one of the best preserved of this model after an intensive racing history.