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FORMULA 1: Fangio's Ferrari set to fetch £24m at auction
A classic Ferrari could become the world's most valuable car by fetching a staggering £24m when its British owners sells it at auction - it was driven by five-time world champion Juan Manuel Fangio in 1956
A classic Ferrari could become the world's most valuable car by fetching a staggering £24m when its British owners sells it at auction.
The ultra-rare Ferrari 290 MM was raced by Juan Manuel Fangio, the legendary five-time Formula One World Champion regarded by many as the greatest ever.
And with a 3.5-litre V12 engine developing 345bhp, the open-top race car could reach a top speed of around 180mph.
Fangio raced it at the 1956 Mille Miglia, battling appalling weather to finish fourth in the gruelling 1,000-mile road race.
The road-legal race car was one of only four 290 MMs to be built with Marcel Massini, the foremost authority on classic Ferraris, describing it as "truly a spectacular and super-rare car".
It was also raced by other motorsport icons including Phil Hill and Alfonso de Portago and was driven to victory in the 1957 Buenos Aires 1000 KM.
The Ferrari - known as chassis 0626 - is currently owned by a Brit and he is set to make a fortune by selling it in December through RM Sotheby's.
Experts are predicting the car will sell for between £18 and £21 million.
When premiums and taxes are added it could hit £24 million - topping the £23 million paid for a Ferrari 250 GTO in 2014.
For £24 million, you could buy 131 Ferrari 488 GTBs or 2,400 Ford Fiestas.
Unlike many cars from its period, it has never been crashed and retains its original engine, gearbox, chassis and bodywork.
It has been called "undoubtedly one of the greatest, most original, and most valuable cars ever offered at public auction".
The car will be sold on December 10 at RM Sotheby's Driven by Distraction sale in New York.
Peter Wallman, car specialist at RM Sotheby's, said: "It's hard to know where to start when describing just how important this 290 MM is.
"Driven by the greatest drivers of the 1950s and built for possibly THE greatest driver in history, this is a car with which Enzo Ferrari was personally involved and is a fundamental part of Ferrari folklore.
"Its originality, coupled with its extraordinary provenance and history, which are truly second to none, can only lead you to conclude that it is one of the most desirable and valuable cars that will ever come to the open market."
