Someone Actually Bought This Wrecked Ferrari 500 Mondial Spider For $1.9 Million

Aug. 20, 2023 3:02 PM ET byRex Sanchez Classic Cars /16 Comments

It is the second out of the 13 examples built with Pininfarina spider coachwork

While cars in good condition are usually the only ones to sell at a good price, one wrecked and almost unrecognizable Ferrari at theMonterey Car Weeksold for a whopping $1,875,000 at RM Sotheby'sauction. You're looking at one of the only 13 Ferrari 500 Mondial Spider Series I examples ever made - or at least it was.

You may get fourFerrari PurosangueSUVs for the price but the unmatched value of the 500 Mondial lies in its history and rarity. This 1954 model year was the second Mondial built (with chassis number 0406MD) out of the 13 examples with Pinin Farina spider coachwork. On top of that, the car graced prestigious races, including the Mille Miglia, Targa Florio, and the Italian Grand Prix from 1954 to 1965.

The car was born shortly after Ferrari's season-winning runs in Formula One in 1952 and 1953, marking the start of the Scuderia's dominance in the sport. It was even dubbed the 500 Mondial in recognition of Scuderia Ferrari driver Alberto Ascari's back-to-back World Championships.

Powering the 500 Mondial was a 2.0-liter inline-four enginetaken from an F1 car. The four-pot was developed with Italian engineer Aurelio Lampredi in the 1950s after Enzo Ferrari saw the mill going toe to toe with 12-cylinder contenders. He observed thatfour-cylinder cars were peaking fasterat a lower rpm band than high-revving Ferrari V12s.

In 1958, the car was exported to the US, and was later given an American V8 under the hood five years later. But between 1963 and 1965, the Mondial crashed and suffered fire damage. In 1978, the car was sold to Walter Medlin and was preserved for 45 years in its race-damaged condition.

The new owner has a lot of (expensive) work to do to bring back the car's former glory. According to the research of marque expert Marcel Massini and copies of factory build sheets, this particular example was assembled in March 1954 - rolled off with a Rosso Corsa exterior and a Similpelle Beige vinyl interior.

The car was sold with its factory-issued chassis plate, rear axle corners, and matching-numbers gearbox. Instead of the original 2.0-liter mill, it came with a larger 3.0-liter Tipo 119 four-cylinder engine.