autoevolution
Car video reviews:
 

You Won’t Believe How Much This “Worthless” Ferrari Sold For

Old, rusty, with no gearbox or carpet, and in such a bad state that not even Fred Flintstone could have made it run - you could easily estimate the value of this old Ferrari at $0. And you would be mistaken.
250GTE 16 photos
Ferrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTEFerrari 250 GTE
Having sat in a barn for over 4 decades, it is no wonder this “ancient” Ferrari 250 GTE is all rotting and covered in moss. In its better days, however, this particular model had a light metallic blue paintjob (called “Azzuro”), with light blue leather upholstery.

Unfortunately, it was involved in a pretty bad accident just 3 weeks after initial delivery, after which the owner got a replacement with the insurance money. This one in particular was presumably sold for repairs.

It was found again in 1971, then bought 2 years later and used for 10 years straight by the vendor who got it to the Brightwells Auction House. But the four decades it’s been sitting in a barn have left their mark on this rusty 250 GTE - the engine was removed, it’s missing the front row seats, and has no gearbox/bell housing, heads, or carbs.

In good condition, this Ferrari 250 GTE could be worth around £350,000. This particular one will probably end up as a part donor for a Lusso or a GTO replica, since it’s way too damaged to come alive again.

But even so, it went to auction back in June with a hammer price just shy of £110,000 - £109,536 to be exact, which is over $130,000. Add to that another $180,000 which experts believe it would cost to restore, and this 1962 Ferrari 250 GTE is far from worthless.

Quite a lot, for a car in this condition, but not nearly as much as the Ferrari GTO in the same 250 series, though, which is among the most expensive classic cars in the world, with auction prices as high as $70 million!

 
 
 
 
 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories