Why This 1956 Ferrari is Expected to Sell For Over $28 Million

A rare Ferrari built for legendary Formula One racer Juan Manuel Fangio is expected to fetch over $28 million at a New York City auction in December.

The 1956 Ferrari 290 MM, chassis 0626, was one of only four to ever be built and was raced without a single crash up until 1964, reports the Associated Press.

The 3.5 liter, V-12-engine vehicle was raced by Fangino, an Argentinian who was crowned a Formula One world champion four times, for 1,000 miles through the Mille Miglia endurance racing event, in which he finished fourth. It was also raced in the 1957 Buenos Aires 1,000 KM race.

According to RM Sotheby’s, who is putting the car up for sale on behalf of an anonymous private European collector at its “Driven by Disruption” auction event, the 290 MM retains its original chassis, matching-numbers engine, body and gearbox.

The record for most expensive car ever sold at auction was set by a Ferarri 250 GTO Berlinetta that sold for $38.1 million at Bonhams in 2014. The Los Angeles auction house also sold the the second most valuable car ever auctioned, a Mercedes-Benz W196 that went for $29.6 million in 2013.

If the Ferrari 290 MM sells for more than its $28 million pre-sale estimate, a distinct possibility, it would eclipse the W196 as the second most expensive car ever auctioned.

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