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1962 Ferrari 250 GTE with holes in floor and rust sells for £110,000

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 250 GTE model Ferrari was discovered in a leaking barn in west Wales where it had been for 40 years
  • The motor was covered in lichen and rust and can complete with missing seats and had holes in its floor
  • Auctioneer Matthew Parking said door of the classic car came right off in hand when he tried to open it 
  • The first owner paid £800 (£4,500 in today’s money) for the motor which just sold at auction for  £109,536

An old Ferrari described as a ‘rustbucket’ complete with missing seats and holes in the floor has sold for a massive £110,000. 

The 1962 250 GTE model, which was originally bought by its owner in 1973 for £800 – £4,500 today – had been in storage in a leaking barn in west Wales for 40 years when it was rediscovered. 

Auctioneer Matthew Parking was tipped off about the luxury sports car deteriorating on the farm of the original owner after a friend spotted it in the background of a photo of another car the owner hoped to sell. 

The 1962 250 GTE model was originally bought by its owner in 1973 for £800 – the equivalent of £4,500 in today’s money 

The classic motor had been in storage in a leaking barn in west Wales for 40 years when it was finally rediscovered

Mr Parkin arranged to visit and uncovered the motor which was in such poor condition that the driver door came off in his hand when he tried to open it for a better look.   

Inside, the car was missing two front seats and its gearbox, the carpet had deteriorated and the radio and control column was hanging off, leaving wires exposed. 

Due to the poor state of the barn it had been kept in, the outside blue body of the car was covered in a combination of rust and lichen.   

The original owner had driven the car for 10 years before placing it in storage, where it has sat ever since. 

But despite its poor condition, there was no shortage 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 splashing £150,000 on restoring the 60-year-old car but that when it is complete, it could be worth around £250,000.  

Speaking of the rare find, Mr Parkin said:  ‘I had a tip off from a friend who had seen another car in the same barn for sale and in the background was this Ferrari.

‘I got in touch with the owner and found it in the middle of nowhere in a very run down barn where it had lain for 40 years.

Due to the poor state of the barn it had been kept in, the outside blue body of the car was covered in 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 was hanging off, leaving wires exposed

Experts say the new owner could be looking at splashing £150,000 on restoring the 60-year-old car but that when it is complete, it could be worth around £250,000

‘It was a very sexy bit of kit in the 1960s. It was a luxury sports car that was equal to an Aston Martin DB4 or an E-Type Jaguar. Someone very wealthy would have owned it back in the day.

‘The owner bought it when it was 11-years-old. It had been with a garage in High Wycombe for some considerable time following crash repairs.

‘The vendor used the car everyday for the next 10 years, carrying the family of five around in it.

‘He then drove it into the barn with the intention of doing some work on it but other things took over. Where the barn roof leaked it got in a bad state very quickly and it was more and more daunting for him to do the work.

‘It was in absolutely shocking condition when I saw it. The driver’s door fell off 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 it is all original including the chassis which is ok. It is a fabulous project which will give the 250 a new lease of life.

‘We are very pleased with the result.’

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