Burnt-Out Crumpled Ferrari Sells for $1.8 Million

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【Summary】A crumpled Ferrari 500 Mondial, sold for $1.8 million at an auction, has a unique historical past and could grant the new owner access to the prestigious Mille Miglia race. This car was initially raced by a privateer team in the 1950s and eventually ended up in the United States, where it was involved in a crash and caught fire. After 45 years of preservation, the car has undergone extensive restoration to meet the strict entry requirements of the Mille Miglia.

FutureCar Staff Aug 31, 2023 7:09 AM PT

Burnt-Out Crumpled Ferrari Sells for $1.8 Million

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 RM Sotheby's Monterey auction, a Ferrari 500 Mondial was sold for $1.875, and it looks like it was just pulled from a scrapyard. But appearances can be deceiving. This Ferrari has a unique history and could be the key to one lucky owner's participation in a prestigious racing event, 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. These 13 cars featured a spider body design by Pinin Farina.

The initial buyer of chassis number 0406 MD was Franco Cornacchia, a sports car dealer from Milan. He raced the car with his privateer team, Scuderia Guastalla. The team's lead driver was Franco Cortese, who had previously been a factory driver for Scuderia Ferrari before leaving 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 exported to the United States. It is unclear exactly when, but 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 remained in its damaged state for 45 years.

Restoring the Ferrari would be a monumental task, but the potential reward could be worth it. 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. Extensive research has already been conducted to verify that this particular Ferrari 500 Mondial is the same car that raced in 1954.