Burnt Crumpled Ferrari Sells for $1.8 Million

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【Summary】A crumpled and burnt-out Ferrari 500 Mondial was sold for $1.8 million at an auction. Despite its appearance, the car has a unique history and could be the new owner's ticket to the prestigious Mille Miglia race. The car was initially owned by a sports car dealer and raced in the 1954 Mille Miglia, finishing 4th in class. After being involved in a crash and fire, it was preserved in its damaged condition for 45 years.

FutureCar Staff Aug 23, 2023 6:57 AM PT

Burnt Crumpled Ferrari Sells for $1.8 Million

When most people find a crumpled heap of metal, they usually don't spend millions of dollars to bring it back to life. However, at RM Sotheby's Monterey auction, a Ferrari 500 Mondial was sold for $1.875 million, despite its appearance of being pulled straight from a scrapyard. But don't be fooled, this Ferrari has a fascinating history and could be the key to participating in one of the most prestigious events in historic racing, the Mille Miglia.

The 500 Mondial was created by Ferrari to honor Alberto Ascari's consecutive FIA Formula One World Drivers' Championships in 1952 and 1953. It was equipped with the same two-liter inline-four engine designed by Aurelio Lampredi, which powered Ascari's winning Grand Prix cars. The chassis up for auction, with the number 0406 MD, was the second one built in the initial series of 13 Mondials. All 13 cars featured a spider body design by Pinin Farina.

Chassis number 0406 MD was initially sold to Milanese sports car dealer Franco Cornacchia and raced by his privateer team, Scuderia Guastalla. The team's lead driver was Franco Cortese, a former factory ace for Scuderia Ferrari who left the team in 1949. Cortese achieved victory in the 1947 Rome Grand Prix, which was Scuderia Ferrari's first win with a car of their own design. In the 1954 Mille Miglia, Cortese finished 4th in class and 14th overall driving the Mondial.

In 1958, this 500 Mondial was exported to the United States. Sometime between 1963 and 1965, the car was involved in a severe crash and caught fire. The last recorded transfer of ownership occurred in 1978, and the car remained in its damaged state for the next 45 years.

Restoring the car would require extensive work, but the potential reward is significant. The current version of the Mille Miglia has strict entry requirements, only allowing vehicles that have participated in the race during its competitive open-road era between 1927 and 1957. Research has already been conducted to confirm that this Ferrari 500 Mondial is indeed the same vehicle from 1954.