Burnt Ferrari Sells for $1.8 Million

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【Summary】A burnt-out crumpled Ferrari was sold for $1.8 million at an auction. Despite its appearance, the Ferrari has a unique history and could potentially qualify for the prestigious Mille Miglia race. The car was initially owned by a Milanese sports car dealer and raced in the 1954 Mille Miglia. It was later involved in a crash and fire, and remained in its damaged state for 45 years. Restoration efforts have confirmed its authenticity as the original car from 1954.

FutureCar Staff Aug 31, 2023 5:19 PM PT

When most people come across a crumpled heap of metal, they don't typically spend two million dollars to bring it back to life. However, at the RM Sotheby's Monterey auction, a Ferrari 500 Mondial was sold for $1.875, despite its appearance of being pulled straight from a scrapyard. But don't let its looks deceive you - this Ferrari has a fascinating history and could be the key to participating in one of racing's most prestigious events, 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, who raced it with 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 achieved success with the Mondial, finishing 4th in class and 14th overall in the 1954 Mille Miglia, which was a significant accomplishment.

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, causing extensive damage. The last recorded ownership transfer occurred in 1978, after which the car was preserved in its damaged state for 45 years.

Restoring the Ferrari would require a significant amount of work, but the potential reward would make it worthwhile. The current Mille Miglia event has strict entry requirements, only allowing vehicles that can be confirmed to have participated during the race's competitive open-road era, which spanned from 1927 to 1957. Extensive research has already been conducted to verify that this Ferrari 500 Mondial is indeed the same vehicle that competed in 1954.