In Florida, a car enthusiast thought he'd found the deal of the century: a Ferrari he could finally afford. The car in question? A 1954 Ferrari 500 Mondial Spider, in a condition... shall we say, far from concours d'élégance. Burnt-out bodywork, rust-ridden metal, no original engine... in short, a wreck. And yet, when he saw the real price, it was a cold shower.
Ryan, who shares videos on his instagram account South Florida Cars, had been able to take a close look at this Ferrari on display ahead of an RM Sotheby's auction in Monterey in 2023. The car's condition suggested it would go for a modest sum. But the estimate panel showed a starting price of $1.2 million... and the hammer finally fell at $1.875 million.
A story worthy of a film
If this Ferrari 500 Mondial Spider is worth so much, it's because it's one of only 13 first production examples bodied by Pininfarina, and only a handful remain in the world. This one, chassis number 0406 MD, is even the second to be built.
Its sporting record is remarkable. In 1954, it was sold by Enzo Ferrari to the famous Milan dealer Franco Cornacchia, to be driven by Franco Cortese, the very first winner in Ferrari history. It took part in such legendary races as the Mille Miglia, the Targa Florio and the Imola Grand Prix. It changed owners several times and continued its racing career until the mid-50s.
From circuit to barn
In 1958, the Ferrari crossed the Atlantic and arrived in the United States. It continues to race, but suffers accidents, mechanical modifications (its original engine is replaced by an American V8...) and ends up being seriously damaged in a fire.
In 1978, it was purchased by a collector who stored it in a barn, alongside 19 other Ferraris, for almost half a century. This "time capsule" is part of the famous Lost & Found Collection, to be unveiled to the public in 2023.
Why pay so much for a wreck?
For collectors, condition doesn't erase history. This 0406 MD chassis, with its factory documents, racing history and extreme rarity, is an ideal candidate for a prestige restoration. Once refurbished, it could be worth several million more and take part in prestigious events such as the Mille Miglia Storica or the Pebble Beach Concours d'Elegance.
What, to Ryan, looked like an old carcass forgotten at the bottom of a barn was in reality a key piece of Ferrari history.
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A piece of rust is expensive!
It's for the living room, because this Ferrari wreck won't run again?
A model in good condition sold for 3.7 million euros in 2019. I imagine it's worth 4 or 5 million today. I've no idea how much the restoration will cost, but even if it cost 2 million, it would pay for itself.
But there's almost nothing left of this wreck except a few rusty bits of sheet metal, even if it is from a historic model. It wouldn't be a restoration, but it would be starting from almost nothing.