Burnt Ferrari Fetches $1.8 Million

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【Summary】A burnt-out Ferrari 500 Mondial was sold for $1.8 million at auction. Despite its damaged state, the car has a unique past and could potentially qualify for the prestigious Mille Miglia race. Originally built to commemorate Alberto Ascari's championship wins, the car was raced in the 1954 Mille Miglia and later exported to the US where it was involved in a crash and caught fire. The restoration would be extensive, but it could be worth it for the opportunity to participate in the historic race.

FutureCar Staff Aug 20, 2023 6:21 AM PT

When most people come across a dilapidated piece of metal, their first instinct is not to spend two million dollars to bring it back to life. However, at RM Sotheby's Monterey auction, a Ferrari 500 Mondial was sold for $1.875, despite its appearance of being salvaged from a scrapyard. But appearances can be deceiving. This particular Ferrari has a unique history and could potentially grant its new owner access to one of the most prestigious events in historic racing - the Mille Miglia.

The Ferrari 500 Mondial was created by Ferrari to commemorate 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, that powered Ascari's Grand Prix-winning cars. The chassis up for auction, known as 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.

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

Eventually, the 500 Mondial was exported to the United States in 1958. The exact timing is unclear, but 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 condition for 45 years.

The restoration process would be extensive, but the potential reward could make it worthwhile. The current Mille Miglia has strict entry requirements, only allowing vehicles that can be confirmed to have participated in the race during its competitive open-road era between 1927 and 1957. Extensive research has already been conducted to verify that this Ferrari 500 Mondial is indeed the same vehicle from 1954.