Burnt shell of Ferrari sold at auction for Tk 21.8 crore
A burnt-out 1954 Ferrari 500 Mondial Spider Series I was sold at auction for nearly $2 million (nearly BDT 21.8 crores) in the United States. The car, one of only 13 ever made, was driven by Franco Cortese, Ferrari's first racing driver, and designed by the iconic Pinin Farina.
The auction house, RM Sotheby's, described the vehicle as requiring "a comprehensive restoration to return the car to the condition of its glory days," but noted that the process promises to be "very rewarding."
The car's history is as storied as it is tumultuous. In 1954, Cortese piloted the Mondial to a 14th overall finish at the Mille Miglia, a grueling 1,000-mile race through Italy. Over the years, the car crashed numerous times and suffered fire damage during a race in the 1960s. After the fire, it was left untouched for decades, a forgotten relic of a bygone era.
In 1978, a U.S. collector acquired the car and chose to preserve it in its damaged condition, adding a layer of mystique to its already captivating history. The car was rediscovered in 2004, alongside 19 other Ferraris, when a hurricane blew the roof off a barn in Florida where they were stored.
Analysts speculate that the new buyer may have plans to restore the Mondial so it can race again, a project that would undoubtedly be both costly and time-consuming. However, the car's unique history and limited production make it a prime candidate for restoration.
While the nearly $2 million price tag may seem steep for a car in such a state, classic Ferraris have proven to be lucrative investments. According to the Historic Automobile Group, the value of classic Ferraris has increased by an average of 15% annually over the past 30 years.