"Rusty and Burnt Scrap Metal..." Ferrari Sold for 2.7 Billion Won

Ferrari 500 Mondial Spider Series 1
"Big Money for Junk?" vs "Rarity and Restorability"

A dilapidated Ferrari racing car has attracted attention after being sold at auction for about 2.7 billion KRW.

On the 20th (local time), according to BBC and others, the global auction house Sotheby's sold the remains of a racing car at a lost property auction during the Monterey Car Week in California, USA, to a collector for 2 million dollars (about 2.68 billion KRW).

Remains of a Ferrari vehicle discovered after a hurricane struck Florida, USA, in 2004. [Image source=AFP archive photo]

This vehicle is a 1954 '500 Mondial Spider Series 1' model, reportedly driven by Ferrari's first racing driver, Franco Cortese. Cortese finished 14th in the 1954 Mille Miglia race, a 1000-mile (1600 km) competition across Italy, driving this car.

The model is known as one of the 13 works by Pininfarina, famed for designing supercars including Ferrari. However, it suffered multiple collisions during races in the 1960s, and eventually caught fire, leaving only parts of the shell and some remnants of the car.

The burnt remains of the racing car drew attention again unexpectedly due to a hurricane. When a hurricane hit Florida in 2004, the roof of a warehouse was blown off, revealing this vehicle along with 19 other Ferraris inside. It is said that a collector had purchased and stored them since 1978.

Even though it is a Ferrari racing car, it is close to being a wreck. Analysts have mixed opinions about the winning bid reaching 2.7 billion KRW. When news first broke that the car would be auctioned with an estimated price of 1.6 million dollars (about 1.4 billion KRW), many reacted with skepticism.

The automotive magazine Top Gear commented, "Everyone laughed when it was expected that a rusty, burnt, and repeatedly crashed wreck would sell for 1.6 million dollars," adding, "But it exceeded expectations. Someone beyond the human realm paid a large sum based on the criteria that it is one of the rarest and most in-demand racing cars on Earth."

However, some believe that the car's historical significance and rarity increased its value. There is speculation that the buyer may restore the car from the remains. If fully restored successfully, it could be sold for over 4 million dollars (about 5.36 billion KRW).

Sotheby's stated, "Comprehensive restoration is necessary to return to its glorious days, but (if restoration succeeds) it will be significantly rewarding."

This content was produced with the assistance of AI translation services.