Check Out This $1.9 Million Ferrari at Monterey Car Week

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Destroyed by Hurricane Charley in 2004, a Florida barn housed a Ferrari collector’s treasure trove: 20 cars, including a rare 1954 Ferrari 500 Mondial Spider. This particular model, one of only 13 ever made, has survived nearly 70 years. Its condition as a “survivor” is up for debate, but someone recently acquired it for close to $1.9 million.

Despite being wrecked, charred, and non-operational, this Mondial retained significant appeal among collectors. Consequently, RM Sotheby’s was tasked with auctioning the Mondial (alongside the rest of the collection) to find it a new owner. Surprisingly, it fetched a sum equivalent to nearly four SF90 Stradales. While it’s not uncommon for anything bearing the prancing horse emblem to command a high price, attaining $1.875 million for a burnt and battered shell may raise some eyebrows.

The value of a car often skyrockets when attached to notable individuals, locations, or events. Even spare parts for rare vehicles, such as a transaxle linked to James Dean, can fetch six-figure prices with a compelling backstory. Context reveals why this damaged barchetta breached the million-dollar mark.

Its story traces back to Italy’s origins. Originally the second 500 Mondial crafted, it was one of only 13 Pininfarina-bodied Spiders built, later undergoing a transformation by Scaglietti. Adorned in Rosso Corsa, Italy’s renowned racing hue, the vehicle’s interior boasted Similpelle Beige vinyl.

Enzo Ferrari sold the Mondial to Franco Cornacchia, a prominent Milan-based dealer heavily engaged in the ’50s racing world. Cornacchia’s strategy involved acquiring vehicles from Ferrari, racing them under his banner, and subsequently selling them post-competition, showcasing their prowess. This Mondial was no exception, driven by Ferrari’s “first” factory driver, Franco Cortese.

The Ferrari 500 Mondial Spider at the Mille Miglia in 1954. Archivio Foto Locchi Florence via RM Sotheby’s

In 1955, Cornacchia parted ways with the car. Over the next three years, it changed hands and continued its racing pursuits before being shipped to the US in 1958, where it continued its track escapades into the ’60s. By 1963, a new owner replaced the original 2-liter inline-four engine with an American-made V8.

While the car was involved in a crash and fire damage over the following two years, it was eventually purchased by Ed Niles, a dedicated Ferrari enthusiast who reportedly traded over 100 Ferraris during his collecting spree. Ed later sold the car in the early 1970s minus its engine.

The Mondial, preserved in its “raced” state (meaning it was unrestored after the crash), underwent several exchanges before being in the care of Walter Medlin, a realtor who faced legal ramifications following a tax dispute. The barn housing the car collapsed during a 2004 hurricane, unveiling a cache of 20 classic Ferraris owned by Medlin, including the Mondial.

RM Sotheby’s

The responsibility to auction off the set of automobiles fell on RM Sotheby’s, naming it the Lost and Found assortment. The selling of the Mondial in particular was significant given its scarcity, it also featured a matching transmission, rear-axle edges, and the original chassis tag. The purchaser would also acquire engineer Aurelio Lampredi’s Tipo 119; a 3.0-liter in-line four-cylinder which was traditionally utilized in the enhanced Ferrari 750 Monza.

Sotheby’s anticipated the gavel to strike within the range of $1.2 to $1.6 million. This might seem like a steep request considering the condition, however, it’s noteworthy that the same auction house previously vended a refurbished Pininfarina-designed 500 Mondial Spider for over $4 million in 2019. Ultimately, this piece was bought for an astounding $1.875 million.

It remains unclear if the recent possessor will refurbish the Mondial to its original Rosso Corsa magnificence, or if they will appreciate the vehicle as it has been conserved for over fifty years. Evidently, this has not deterred the allure of the Ferrari.

Do you have a suggestion or query for the writer? Reach out to them directly: rob@thedrive.com

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