07/12/2012 12:15 pm ET Updated Dec 06, 2017

Most Expensive Car Crash? Christopher Cox Gets In Accident With $30 Million Ferrari

A Ferrari known as the Picasso of the motoring world and worth an estimated $30 million was involved in a crash in France last week, earning the incident the title of "most expensive car crash ever," the British newspaper Metro is reporting.

The banged-up Ferrari, a blue and yellow 250 GTO, is reportedly owned by U.S. businessman Christopher Cox, who was taking part in the 50th anniversary celebration of the rare model when the accident occurred.

Sports Car Digest reports just 36 Ferrari GTOs were made between 1962 and 1963. Three additional versions of the car, dubbed the 'Series II' were built in 1964, which means just 39 GTOs were ever made. The cars' values can be north of $35 million.

According to Metro, the GTO birthday festivities included a five-day tour through France, and participants included other Ferrari owners, Pink Floyd drummer Nick Maso among them. Drivers were en route to the town of Le Mans when Cox's vehicle was hit by another car.

According to the Sun, Cox's Ferrari was once red but had been painted blue with a yellow stripe down the middle back in 1963, in honor of the Swedish race car driver Ulf Norinder. Cox purchased the car in 2005. According to CNBC this isn't the first time it's been in a crash; the vehicle was in another accident in 1976.

CNBC also reports that, lucky for Cox, the accident won't damage the car's value.

“If a car is properly restored, damages don't necessarily affect the value, especially in the circumstance of a rare Ferrari 250 GTO,” David Gooding, president the automobile auction company Gooding & Company, told the news outlet.

The total cost of Cox's crash remains to be seen, but the last accident to earn the "most expensive car crash" title resulted in millions of dollars in damages. In December, eight Ferraris, three Mercedes and a Lamboghini collided in Japan, with the incident estimated to have cost between $1 and $4 million.