photo by http://www.vancouversun.com/cars/Classic+prices+keep+climbing+market+falls/5652534/story.html
The previous high dollar auction sale was also a 1957 250 Testa Rossa. That one sold for $12.4 million in May 2009 at RM Auctions
This one has a couple other reasons for such a high price, it won two best-in-class titles at the Pebble Beach concours, a Platinum Award and the TR Cup at Cavallino, and it is one of only two factory Classiche-certified TRs in existence.
It's only had two owners in 40 years, have piloted this Ferrari, including Dan Gurney and Phil Hill, who had the car up to fifth place at the '58 Le Mans and tested the car in prototype form when he was a factory driver for the Scuderia in the late '50s respectively.
info from http://www.autoweek.com/article/20110821/CARNEWS/110829976