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A classic Ferrari car has sold at auction for an incredible sum of money despite not running and rotting in a rural barn for around 40 years.
The image shows the 1962 model, Ferrari 250 GTE in its ‘worst’ condition, but that didn’t deter collector buyers who followed the bidding ‘war’ to make it their own.
And in fact the bids closed at just under $140,000, but there was a special reason for the interest.
The auction house Brightwells said: “As you can see time and poor maintenance have taken their toll on this old Ferrari, but apart from the seats, gearbox and other interior parts, it looks pretty much complete.”
“Although they were valued at around $450,000 for a good working model, the sale is probably about the possibility that the engine bay could accept a perfect copy of the Lusso or GTO engines.”
“What you see in the picture is a wonderful project that could give the Ferrari 250 a new birth in life.”
Brightwells also referred to the fact that the chassis and engine under the rusted sheets are quite valuable in isolation.
The ‘250’ Ferrari, including the 250 GTO model, is among the most expensive cars in the world selling in some cases up to 30 million dollars.
But also rebuilding a copy with a modified 250 engine would be worth a lot.
So the classic car restoration experts saw their chance and pounced, as Brightwells auctioneers had originally predicted the sale would fetch just $60,000.
Only 36 Ferrari 250 GTOs have ever been built, and recreating replicas is a business with few opportunities.
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