Could this be the most expensive car crash in history?

American businessman Christopher Cox has reportedly crashed his Ferrari 250 GTO worth more than NZ$40 million.

The Ferrari 250 GTO is one of the most valuable and highly sought after cars in the world with only 39 built between 1962 and 1964.

Details of the accident are limited but various reports from respected media outlets suggest Cox was taking a turn when he was hit from behind.

It is understood four people were taken to hospital following the crash, including Cox and his wife who was travelling in the passenger seat. The India Times reports his wife, Ann, suffered a broken leg.

Unusually with a high-profile crash like this there are no photos online yet.

The damage to the car was unclear but given its value it is almost certain to be rebuilt and restored to its original condition.

Cox was taking part in a 50th anniversary drive across France with fellow 250 GTO owners including Pink Floyd drummer Nick Mason.

The group had travelled to the Le Mans Classic motor racing event where the car was celebrated for its success on and off the track.

Cox's car was the only 250 GTO painted blue with a yellow racing stripe – the racing colours of Sweden courtesy of former owner Ulf Norinder.

It is not the first time the car was involved in a crash. A previous owner used the car has his daily driver until a traffic accident in 1976. It was then the car was restored to original factory condition.

Cox bought the car in 2005 and has been a regular fixture at car shows with the car.

The last 250 GTO to sell at auction, a green one raced by Stirling Moss, sold for £22.7 million (NZ$44.7m).

- Sydney Morning Herald