Burnt Ferrari Sells for $1.8 Million

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【Summary】A burnt-out Ferrari 500 Mondial sold for $1.8 million at an auction. Despite its damaged state, the car has a unique history and could potentially be used to participate in the prestigious Mille Miglia race. The Ferrari was initially owned by a Milanese sports car dealer and raced in the 1954 Mille Miglia. It was later exported to the US and involved in a crash and fire.

FutureCar Staff Aug 29, 2023 6:50 AM PT

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 was recently sold at RM Sotheby's Monterey auction for $1.875 million, despite its appearance of being pulled from a scrapyard. But this Ferrari has a unique history and could be the key for the new owner to participate in one of racing's most prestigious events, the Mille Miglia.

Ferrari created the 500 Mondial to celebrate Alberto Ascari's consecutive FIA Formula One World Drivers' Championships in 1952 and 1953. This Italian automaker equipped the Mondial 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 13 cars featured a spider body design by Pinin Farina.

Initially, chassis number 0406 MD was sold to Milanese sports car dealer Franco Cornacchia and raced by his privateer team, Scuderia Guastalla. The team's lead driver was Franco Cortese, who had previously been a factory driver for Scuderia Ferrari but 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 its own design. In the Mondial, Cortese finished 4th in class and 14th overall in the 1954 Mille Miglia.

This 500 Mondial was eventually exported to the United States in 1958. The exact timing is uncertain, but at some point between 1963 and 1965, the car was involved in a severe crash and caught fire. The last recorded change of ownership occurred in 1978, and the car was preserved in its damaged state for 45 years.

Restoring the 500 Mondial would be a significant undertaking, but the potential reward could make it worthwhile. The current version of the Mille Miglia has strict entry requirements, only allowing vehicles that have been confirmed to have participated in the race during its competitive open-road era. This means the actual cars that raced in Italy between 1927 and 1957. The necessary research has already been conducted to verify that this Ferrari 500 Mondial is indeed the same vehicle from 1954.