Barn with Ferrari cars could yield 20 million

In August 2004, Hurricane Charley struck the Central Florida city of Kissimmee, where a dilapidated barn stored 20 vintage Ferrari race cars belonging to Walter Medlin. As the storm raged, the unthinkable happened: the roof collapsed and the barn collapsed, damaging the precious Prancing Horses with debris and exposing them to the elements. (They were taken to safer storage in Indianapolis.)

Now, almost 20 years later, the so-called Lost&Found collection is headed to an RM Sotheby's auction (August 17-19) as part of Monterey Car Week in California, the world's premier automotive event.

“This is the first time that RM Sotheby's has presented a collection of this magnitude,” explained Rob Myers, president and CEO. “While a select group of Ferrari collectors knew of the existence of these extraordinary cars, the rest of the world remained unaware – a true embodiment of the barn find concept.”

Here's the twist: the cars have remained untouched and unrestored since that fateful day. They still bear broken windows, crushed headlights, rust deterioration, and other scars of neglect. In fact, Sotheby's plans to recreate the destroyed barn where the Ferraris were found, displaying them in a deliberately abandoned diorama in Monterey, fallen beams and all.

“They are still covered in dust, flat tires and immobilized,” said Thatcher Keast, a car specialist at RM Sotheby's, “pretty much as they were when the barn collapsed on them.” Still, despite their chaotic condition - or perhaps because of it - he expects the Italian exotics to make up to $20 million in profit, an average of $1 million per car.

All lots come with fascinating provenance. Some took part in major European races such as Targa Florio, Mille Miglia and Le Mans, while one of them, the 1956 250 GT Coupe Speciale, was sold to royalty. King Mohammed V of Morocco purchased the vehicle shortly after the country gained independence from France. It was he who specified the color Celeste blue instead of Ferrari's traditional rosso corsa, or racing red. The car currently needs a complete overhaul, but its numbers-matching engine means it could still fetch $1.7 to $2.3 million.

The Ferrari likely to yield the highest bid is a 1965 275 GTB, shown at that year's Turin Motor Show and which later took part in the Targa Florio, a race held on the mountainous roads near Palermo, Sicily. The long-nosed model was the first to be equipped with six carburetors and a light alloy body. It suffered no significant damage from Hurricane Charley and could fetch $2–$2.5 million at auction.

The most famous Ferrari for sale is Pinin Farina's 1954 500 Mondial Spider Series I. In that year's Mille Miglia, the car achieved fourth place in class and 14th overall. However, during a race in the 1960s, the car was involved in an accident and caught fire, causing its almost total destruction. Despite the severe damage (which occurred well before the hurricane), the piece of charred metal is expected to fetch $1.2 to $1.6 million. Sotheby's even says it could be restored to its former glory by a "caretaker with the appropriate vision and resources."

Source: Artnet News