Burnt Ferrari Sells for $1.8M

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【Summary】A burnt-out and crumpled Ferrari 500 Mondial was sold for $1.8 million at an auction. Despite its appearance, the car has a unique past and could potentially be used to participate in the historic racing event, the Mille Miglia. The Ferrari was initially sold to a sports car dealer in Milan and was raced in the 1954 Mille Miglia, finishing 4th in its class. After being involved in a crash and fire in the 1960s, the car was preserved in its damaged condition until recently.

FutureCar Staff Aug 20, 2023 1:39 AM PT

When most people come across a crumpled heap of metal, they don't usually spend two million dollars to bring it back to life. However, at RM Sotheby's Monterey auction, a Ferrari 500 Mondial was sold for $1.875, looking like it was just salvaged from a scrapyard. But appearances can be deceiving. This particular Ferrari has a rich 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 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 that 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 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.

In 1958, this 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 transfer of ownership occurred in 1978, and since then, the car has been preserved in its damaged state for 45 years.

Restoring the car would be a massive undertaking, but the potential reward could make it worthwhile. The current Mille Miglia event has strict entry requirements, only allowing vehicles that have been confirmed to have participated during the race's 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.