Burnt Ferrari Sells for $1.8 Million

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【Summary】A crumpled Ferrari 500 Mondial was sold for $1.8 million at auction. Despite its appearance, the car has a unique history and could be eligible for participation in the prestigious Mille Miglia race. The car was initially raced by Scuderia Guastalla and later exported to the US where it was involved in a crash and fire. After 45 years in its damaged condition, it has now been confirmed as the original vehicle from 1954, potentially making it eligible for the Mille Miglia.

FutureCar Staff Aug 18, 2023 4:15 PM 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 that looked like it came straight from a scrapyard was sold at RM Sotheby's Monterey auction for $1.875 million. But don't let its appearance fool you. This Ferrari has a unique history and could be the ticket for its new owner to one of the most prestigious events in historic racing, the Mille Miglia.

The Ferrari 500 Mondial was created by Ferrari to commemorate 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, with the number 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.

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, 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 1954 Mille Miglia, Cortese finished 4th in class and 14th overall driving the Mondial.

At some point between 1963 and 1965, the 500 Mondial was exported to the United States. Unfortunately, it was involved in a severe crash and caught fire. The exact timing of these events is unclear. 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 Ferrari would be extensive, but the potential reward could make it worthwhile. 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. Extensive research has been conducted to confirm that this particular Ferrari 500 Mondial is indeed the same vehicle that raced in 1954.