Burnt Ferrari Auctioned for $1.8 Million

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【Summary】A crumpled Ferrari 500 Mondial sold for $1.8 million at an auction. Despite its appearance, the car has a unique past and could potentially be used for the historic racing event, the Mille Miglia. The car was initially sold to a sports car dealer in Milan and later raced in the Mille Miglia in 1954. It was then exported to the US and was involved in a crash and fire in the 1960s.

FutureCar Staff Aug 19, 2023 6:18 AM PT

Burnt Ferrari Auctioned 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, a Ferrari 500 Mondial recently sold for $1.875 million at RM Sotheby's Monterey auction. At first glance, the car looks like it was salvaged from a scrapyard, but it has a unique history that could make it a valuable asset for the new owner.

The Ferrari 500 Mondial was created to celebrate 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, known as number 0406 MD, was the second one built in the initial series of 13 Mondials. These cars featured a spider body design by Pinin Farina.

Originally sold to Milanese sports car dealer Franco Cornacchia, the car was raced by his privateer team called Scuderia Guastalla. The team's lead driver was Franco Cortese, who had previously raced for Scuderia Ferrari. Cortese had achieved Scuderia Ferrari's first victory with a car of their own design in the 1947 Rome Grand Prix. In the 1954 Mille Miglia, Cortese finished 4th in class and 14th overall with the Mondial.

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

Restoring the Ferrari would be a significant undertaking, but it could be worth it. The current Mille Miglia event has strict entry requirements, only allowing vehicles that have participated in the race during its competitive open-road era between 1927 and 1957. Extensive research has been conducted to confirm that this Ferrari 500 Mondial is indeed the same car that raced in 1954.