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A £60,000 price tag with an estimated £100,000 more needed to restore it to driving condition. Yep, that’s the current state of Ferrari’s first four-seater.
A 1961 Ferrari 250 GTE has been languishing in a garage in Kent, England, since 1975. The worn-down Italian sports car carries only 49,000 miles on the odometer, however it comes complete with cobwebs and plenty of dust and damage from years' worth of neglect. The first ever Ferrari four-seater will surely cost more to restore than to purchase. The 250 GTE was first purchased by Hollywood film Mogul Dino de Laurentiis, best known for his work on Conan the Barbarian, King Kong and Flash Gordon.
The purchase was made in Rome, Italy. The car was shipped to the UK by Eva Michelson in 1963. It was then sold in '67 to her doctor Hector Anderson. His daughter took hold of the Ferrari upon his passing and she planned to restore it. Bonhams takes it from there, as the auction house says "He (Dr. Anderson) only drove it for seven or eight years and it was last roadworthy in 1975. Because of this it only has 49,000 miles on the clock. It has been locked in a garage in Kent for many years. The current owner had planned to restore it since she inherited the car but has never got round to it."
The description continues, saying "She has taken the decision to sell the car in the hope a Ferrari enthusiast will be able to appreciate its potential and bring it back to life." The Ferrari 250 GTE still wears its last tax disc and MoT certificate. The auction house estimates that the car will be sold for around £60,000, however it needs at least £100,000 worth of restoration. Everyone knows that estimates usually come out much more expensive in the end but to be able to boast a restored classic Ferrari and a first-of-its-kind, it might be worth all the time and effort.
So CarBuzz readers, is it worth the time and investment? The Ferrari 250 GTE takes center stage and goes under the hammer at Bonhams' auction, scheduled for March 3rd.