Burnt-Out Crumpled Ferrari Sells for $1.8 Million

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【Summary】A burnt-out Ferrari 500 Mondial was sold for $1.8 million at an auction. Despite its appearance, the car has a unique past and could potentially qualify for the prestigious Mille Miglia race. The car was initially sold to a sports car dealer and raced in the 1954 Mille Miglia, finishing 4th in its class. It was eventually exported to the US, involved in a crash and fire, and remained in damaged condition for 45 years.

FutureCar Staff Aug 30, 2023 10:10 AM PT

Burnt-Out Crumpled Ferrari Sells for $1.8 Million

When most people find a crumpled heap of metal, they don't typically 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 million, despite its appearance of being pulled straight from a scrapyard. But this Ferrari has a unique history and could be the key to participating in 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, known as 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, 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, the 500 Mondial was eventually 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 change of ownership occurred in 1978, and the car was then preserved in its damaged condition for 45 years.

While the restoration of this Ferrari would be extensive, the potential reward could be worth it. The current Mille Miglia has strict entry requirements, only allowing vehicles that can be confirmed to have participated in the race's competitive open-road era between 1927 and 1957. Research has already been conducted to confirm that this Ferrari 500 Mondial is indeed the same vehicle from 1954.