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Burnt-out 1954 Ferrari Fetches $2 Million At Auction – Price Will Buy 4 New Rolls-Royce Phantom 8s
Burnt-out 1954 Ferrari fetches $2m at auction – price will buy 4 new Rolls-Royce Phantom 8s, which starts at about $450k.
This almost unrecognizable Ferrari with is the second 500 Mondial built and one of just thirteen (13) Series I examples ever made.
Ferrari expert said the unnamed buyer could end up investing another $2 million to restore the classic car.
He added that in “very good condition,” the Ferrari model can be worth up to $4 million to $5.5 million.
A burnt-out vintage 1954 Ferrari 500 Mondial which was kept in storage for nearly five decades was sold for a whopping $1,875,000 at the RM Sotheby’s auction during the just concluded Monterey Car Week in California, United States.
The money which the unnamed buyer paid to own this Ferrari will buy four brand new Rolls-Royce Phantom 8 ultra-luxury sedans, which starts at nearly $450,000 — though the unmatched value of the 500 Mondial lies in its rarity.
This almost unrecognizable classic Ferrari with chassis number 0406MD is the second 500 Mondial built and one of just thirteen (13) Series I examples ever made, with a body produced by designer Pinin Farina.
According to RM Sotheby’s listing, Franco Cortese, an ex-Scuderia Ferrari team driver, drove the Ferrari 500 Mondial at the Mille Miglia race in Italy in May 1954, finishing 14th overall in the race.
The 500 Mundial, which suffered a crash and fire damage during its racing activity, was purchased by Ferrari collector Walter Medlin in 1978, RM Sotheby’s wrote.
Speaking with Insider, Andreas Birner, a Ferrari broker and historian, said the buyer could end up investing another $2 million to restore the car, adding that in “very good condition,” the model can be worth up to $4 million to $5.5 million.
“Only if it’s done by Ferrari on behalf (of) the new owner, the reconstructed car will be a legitimate car because it will have been resurrected by the manufacturer who once built it, not by some restoration shop in a different part of the world,” Birner told Insider.
“A Ferrari 500 Mondial Spider Pinin Farina in restored or at least very good condition is currently in the wide range between $4M and $5.5M,” Birner told Insider.
“Part of the price will depend on the car’s history and how much of the original vehicle is preserved”, he added.
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