Burnt Ferrari Sells for $1.8 Million

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【Summary】A crumpled Ferrari 500 Mondial was sold for $1.8 million at an auction. Despite its damaged appearance, the car has a unique history and could potentially be entered into the prestigious Mille Miglia race. The car was originally built to commemorate Alberto Ascari's Formula One championships and was raced in the 1954 Mille Miglia. It was later involved in a crash and fire before being preserved for 45 years.

FutureCar Staff Aug 18, 2023 11:16 PM 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 sold at RM Sotheby's Monterey auction for $1.875 million, even though it looked like it had been salvaged from a scrapyard. But appearances can be deceiving. This particular Ferrari has a unique history and could potentially grant its new owner access to 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 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 had left the team in 1949. Cortese had 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, the 500 Mondial was exported to the United States. It is unclear exactly when, but at some point between 1963 and 1965, the car was involved in a serious crash and caught fire. The last recorded change of ownership occurred in 1978, and the car remained in its damaged state for 45 years.

Restoring the car would require extensive work, but the potential reward could be significant. The current Mille Miglia has strict entry requirements, only allowing vehicles that can be confirmed to have participated in the race during its original open-road era from 1927 to 1957. Research has already been conducted to verify that this Ferrari 500 Mondial is indeed the same vehicle that competed in 1954.