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. The car has a unique past and could be the new owner's ticket to the prestigious Mille Miglia race. The car, initially sold in 1954, was involved in a crash and caught fire in the 1960s. It has been preserved in its damaged condition for 45 years and will require extensive restoration. The car's participation in the Mille Miglia race has been confirmed, making it eligible for entry.

FutureCar Staff Aug 21, 2023 4:29 PM PT

When most people pick up a crumbled heap of metal with hopes of restoring it, they usually don't spend two million dollars to put it in their garage. However, at RM Sotheby's Monterey auction, a Ferrari 500 Mondial was sold for $1.875 million, despite its appearance of being pulled straight from a scrapyard. But this 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.

Ferrari designed the 500 Mondial to commemorate Alberto Ascari's consecutive FIA Formula One World Drivers' Championships in 1952 and 1953. The Mondial was equipped with the same two-liter inline-four engine, designed by Aurelio Lampredi, that powered Ascari's winning Grand Prix cars. The chassis up for auction, with the 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.

Chassis number 0406MD was initially 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 before leaving 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 1954 Mille Miglia, Cortese finished 4th in class and 14th overall while driving the Mondial.

In 1958, this 500 Mondial was exported to the United States. The exact date 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 took place in 1978, and the car was preserved in its damaged condition for 45 years.

The restoration process for this Ferrari would be extensive, but the potential reward could be significant. The current 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. Research has already been conducted to verify that this Ferrari 500 Mondial is indeed the same vehicle from 1954.