1962 Ferrari 250 GTE with missing seats, holes in the floor and so much rust that its door came off in the auctioneers’ hand sells for £110,000
- The 1962 Ferrari 250 GTE model was discovered in a leaky barn in West Wales, where it had been for 40 years
- The engine was covered in lichen and rust and may have missing seats and holes in its floor
- Auctioneer Matthew Parking said the classic car door fell into his hand when he tried to open it
- The first owner paid £800 (£4,500 in today’s money) for the engine which just sold at auction for £109,536
An old Ferrari described as a ‘rustbucket’ with missing seats and holes in the floor sold for the massive sum of £110,000.
The 1962 model 250 GTE, originally purchased by its owner in 1973 for £800 – £4,500 today – had been stored in a leaky barn in West Wales for 40 years when it was rediscovered.
Auctioneer Matthew Parking was made aware of the deterioration of the luxury sports car at the original owner’s farm after a friend spotted it in the background of a photo of another car that the owner hoped to sell.
The 1962 model 250 GTE was originally bought by its owner in 1973 for £800 – the equivalent of £4,500 in today’s money
The classic engine had been stored in a leaky barn in West Wales for 40 years when it was finally rediscovered
Mr Parkin arranged a visit and discovered the engine which was in such poor condition that the driver’s door fell out of his hand when he tried to open it to get a better look.
Inside, the car was missing two front seats and its gearbox, the carpet had deteriorated, and the radio and control column were hanging off, leaving wires exposed.
Due to the poor condition of the barn in which it had been kept, the blue exterior body of the car was covered in a combination of rust and lichen.
The original owner drove the car for 10 years before putting it in storage, where it has remained ever since.
But despite its poor condition, there was plenty of interest when it went under the hammer at Brightwells of Leominster in Herefordshire, where it sold for £109,536.
Experts say the new owner could be looking at spending £150,000 to restore the 60-year-old car, but when it’s finished it could be worth around £250,000.
Speaking of the rare find, Mr Parkin said: ‘I got a tip from a friend who had seen another car in the same barn for sale and in the background was this Ferrari.
“I contacted the owner and found him in the middle of nowhere in a very run down barn where he had been for 40 years.
Due to the poor condition of the barn in which it had been kept, the blue exterior body of the car was covered with a combination of rust and lichen.
Inside, the car was missing two front seats and its gearbox, the carpet had deteriorated and the radio and control column were hanging off, leaving wires exposed
Experts say the new owner could be looking at spending £150,000 to restore the 60-year-old car, but when it’s finished it could be worth around £250,000
“It was a very sexy piece of kit in the 1960s. It was a luxury sports car that was equivalent to an Aston Martin DB4 or an E-Type Jaguar. Someone very wealthy would have owned it back in the day. era.
“The owner bought it when he was 11 years old. It had been in a garage in High Wycombe for some time after repairs after an accident.
“The seller used the car every day for the next 10 years, transporting the family of five.
“He then drove him into the barn with the intention of working there, but other things took over. Where the barn roof was leaking, it got into bad shape very quickly and it was increasingly intimidating for him to do the job.
“It was in absolutely shocking condition when I saw it. The driver’s door fell in my hand, the engine was sitting next to it and there was massive rust and green lichen all over the bodywork and holes in the floor.
“But everything is original, including the chassis which is ok. It’s a fabulous project which will breathe new life into the 250.
“We are very satisfied with the result.”