Burnt Ferrari Sells for $1.8 Million

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【Summary】A crumpled Ferrari 500 Mondial, sold for $1.8 million, has a unique history and could grant the new owner entry into the prestigious Mille Miglia race. Originally built to commemorate Alberto Ascari's F1 championships, the car was raced in the 1954 Mille Miglia, then exported to the US and involved in a crash and fire. After 45 years of preservation, the car may undergo extensive restoration to meet the event's entry requirements.

FutureCar Staff Aug 22, 2023 9:39 AM PT

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

The Ferrari 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 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 Milanese sports car dealer Franco Cornacchia and raced by his privateer team, Scuderia Guastalla. The team's lead driver was Franco Cortese, a former factory ace for Scuderia Ferrari who left the team in 1949. Cortese achieved victory in the 1947 Rome Grand Prix, marking Scuderia Ferrari's first win with a car of its own design. In the 1954 Mille Miglia, Cortese drove the Mondial to a 4th place finish in its class and 14th place overall.

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. The 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 the potential reward could be well worth it. 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 between 1927 and 1957. Extensive research has already been conducted to confirm that this Ferrari 500 Mondial is indeed the same vehicle from 1954.