Hulk of a Burned and Crashed Vintage Ferrari Sells for $1.9 Million at Auction
A Ferrari race car that was left in a state of ruin after being burned and crashed decades ago recently sold for a surprising $1.9 million at an auction in California. Despite its battered appearance, the purchase may not be as bad of an investment as it seems, especially for a buyer who values racing history and the opportunity to restore the car to its former glory.
Known as a 1954 Ferrari Mondial Spider Series I, this car was one of only 13 made and featured a unique four-cylinder design. Unlike Ferrari’s famous V12 models, the Mondial Spider was designed specifically for tracks with many curves and few straightaways, making a lighter and smaller engine preferable.
What makes this car even more special is its racing legacy. Ferrari achieved world championships in 1952 and 1953 with cars of this same design, which is why it was given the name “Mondial,” meaning “World.” The car’s chassis number, 0406 MD, adds to its historical significance. It was originally constructed with a body by the renowned Italian design firm Pinin Farina, which later changed its name to Pininfarina. Notably, the car was driven by Franco Cortese, the same individual who had previously driven a Ferrari to the brand’s very first racing victory.
However, the life of this vintage racing car was far from straightforward. Just a year after its creation, it received a different body from the Scaglietti firm before being shipped to the United States in 1958. At some point in the late 1950s or early 1960s, the car was involved in both a crash and a fire, although the specific details of the incidents are no longer clear. Additionally, the original engine had been replaced over the years.
In 1978, Ferrari collector Walter Medlin purchased the car, and it has remained in its current damaged condition in storage for the past 45 years.
While $1.9 million may seem like a significant amount for a burnt and crashed car, vintage Ferrari Mondial Spiders in good shape can sell for over $2 million. Brian Rabold, vice president for automotive intelligence at Hagerty, a company that tracks collectible car values closely, stated that some have even sold for as much as $5 million in recent years.
However, repairing this particular car and restoring it to its pre-crash state could cost around $1 million. Despite the potential for breaking even on the total investment, making a profit may not be the primary motivation for someone interested in purchasing this unique piece of history.
According to Rabold, the biggest reward for the new owner lies in bringing this historic car back to its original condition and showcasing it to passionate enthusiasts once again.
The final sale price of $1.9 million includes the commission from the RM auction house. The buyer’s identity remains undisclosed.