The 250 P evolved into a saleable mid-engined racer for the public, the 250 Le Mans. Introduced at Paris in November, 1963, the LM was successful for privately entered racers around the world.
Notably, a 250 LM entered by the North American Racing Team won the 1965 24 Hours of Le Mans driven by Jochen Rindt and Masten Gregory, which remains as Ferrari's last overall victory in the endurance classic. This car also is on display at the Indianapolis Motor Speedway Hall of Fame Museum. About 32 models were built in 1964 and 1965, with all but the first few powered by 3.3-litre 320 hp (238 kW) engines, though the name did not change with the increase in displacement.
A fully independent double wishbone suspension was specified with rack and pinion steering and four wheel disc brakes. Ferrari had intended that the 250 LM be homologated for racing as a Group 3 Grand Touring Car, however in April 1964 the FIA refused to do so as Ferrari had built considerably fewer than the required 100 units. The 250 LM thus had to run as a Prototype until it was homologated as a Group 4 Sports Car for the 1966 season.