The Amelia Island Concours d’Elegance will celebrate the 50th anniversary of the legendary Ferrari 250 GTO at its 2012 event.

The Foundation has been working on the anniversary celebration for more than two years and expects that it will be one of the most important milestones in the hobby.

The Ferrari 250 GTO was built between 1962 and 1964, and is universally considered the most coveted of all Ferraris built.

The GTO, with a top speed of 174-mph, was tremendously successful in competition, securing multiple World Championships for the Modenese car builder.

In 2008 British real estate baron Bill Ainscough reportedly sold his 250 GTO for about $28 million to an anonymous tycoon, making it the world’s most expensive car.