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 history and could be eligible for the prestigious Mille Miglia race. The car was initially raced by Scuderia Guastalla and then exported to the US where it was involved in a crash and caught fire. After 45 years, it has been restored and confirmed as the original vehicle from 1954.

FutureCar Staff Aug 25, 2023 9:43 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. At first glance, it may look like it was salvaged from a scrapyard, but this Ferrari has a unique history and could be the key to participating in one of historic racing's most prestigious events, the Mille Miglia.

The Ferrari 500 Mondial was created by Ferrari to celebrate Alberto Ascari's consecutive FIA Formula One World Drivers' Championships in 1952 and 1953. It was equipped with the same engine that powered Ascari's Grand Prix-winning cars, a two-liter inline-four engine designed by Aurelio Lampredi. The chassis being auctioned, 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 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 driver for Scuderia Ferrari who 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 its own design. In the 1954 Mille Miglia, Cortese finished 4th in class and 14th overall while driving the Mondial.

In 1958, this 500 Mondial was exported to the United States. It is unclear exactly when, but at some point between 1963 and 1965, the car was involved in a serious crash and caught fire. The last recorded change of ownership occurred in 1978, and the car remained in its damaged condition for 45 years.

The restoration process for this Ferrari would be extensive, but the potential reward could make it worthwhile. The current Mille Miglia event has strict entry requirements, only allowing vehicles that can be confirmed to have participated in the race during its competitive open-road era between 1927 and 1957. Research has already been conducted to confirm that this Ferrari 500 Mondial is indeed the same car that raced in 1954.