Burnt Ferrari Sells for $1.8 Million

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【Summary】A 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 potentially be used to participate in the prestigious Mille Miglia race. The car, originally owned by Franco Cornacchia and raced by Franco Cortese, was exported to the US in 1958 and was involved in a heavy crash and fire. After being preserved for 45 years, the car may undergo extensive restoration to meet the strict entry requirements of the Mille Miglia.

FutureCar Staff Aug 29, 2023 12:07 AM PT

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

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

Chassis number 0406MD was first 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 their 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. It is unclear exactly when, 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 then preserved in its damaged state for 45 years.

The restoration process for this car would be extensive, but the potential reward could be significant. The current Mille Miglia event has strict entry requirements, only allowing vehicles that can be confirmed to have participated in the race during its competitive open-road era. This means that the actual cars raced in Italy between 1927 and 1957 are eligible. Research has already been conducted to confirm that this Ferrari 500 Mondial is indeed the same vehicle from 1954.