Burnt Ferrari Sells for $1.8 Million

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【Summary】A burnt-out, crumpled 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 in the prestigious Mille Miglia race. The car was initially sold to a sports car dealer and raced in the 1954 Mille Miglia, finishing 4th in class. After being exported to the US, the car was involved in a crash and fire in the 1960s.

FutureCar Staff Aug 24, 2023 9:39 AM PT

When most people come across a crumpled heap of metal, they don't usually 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 million, despite its appearance of being salvaged from a scrapyard. But don't be fooled, this Ferrari has a unique history and could be the key for its new owner to participate 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 number 0406 MD, which was auctioned, was the second one produced 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 Milanese sports car dealer Franco Cornacchia and was 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 a victory for Scuderia Ferrari in the 1947 Rome Grand Prix with a car of their own design. 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. Sometime between 1963 and 1965, the car was involved in a severe crash and caught fire. The last recorded ownership transfer occurred in 1978, and the car remained in its damaged state for 45 years.

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