Burnt Ferrari Sells for $1.8M

Home > Industry Analysis > Content

【Summary】A crumpled Ferrari 500 Mondial, sold for $1.8 million at an auction, has a unique past and could qualify its new owner to participate in the prestigious Mille Miglia race. The car, initially owned by Milanese sports car dealer Franco Cornacchia, was raced by his team and later exported to the US. After being involved in a crash and catching fire, the car was preserved in its damaged state for 45 years. Restoration efforts were undertaken to confirm its eligibility for the Mille Miglia.

FutureCar Staff Aug 30, 2023 4:52 PM 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 came straight from a scrapyard. But appearances can be deceiving. This particular 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 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, with the number 0406 MD, was the second one built in the initial series of 13 Mondials. These 13 cars featured a spider body design by Pinin Farina.

Initially, chassis number 0406MD 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 ace 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 Mondial, Cortese finished 4th in class and 14th overall in the 1954 Mille Miglia.

Eventually, this 500 Mondial made its way to the United States in 1958. The exact date is uncertain, but between 1963 and 1965, the car was involved in a severe crash and caught fire. The last recorded change of ownership occurred in 1978, and the car was then preserved in its damaged condition for 45 years.

Restoring this Ferrari would be a substantial undertaking, but the potential reward could be worth it. The current Mille Miglia has strict entry requirements, only allowing vehicles that have been verified to have participated in the race's competitive open-road era. This means that only cars that were actually raced in Italy between 1927 and 1957 are eligible. Extensive research has already been conducted to confirm that this Ferrari 500 Mondial is indeed the same vehicle that competed in 1954.