Barn-find Ferrari 250GT Lusso makes £1m in Monterey

Dusty Lusso comes good on the auction block

Monterey Car Week might be about priceless concept cars and pristine classics, but that doesn’t mean the Pebble Beach showcase is without its share of dustier numbers.

Take this 1963 Ferrari 250GT Lusso: left untouched in storage for 40 years, it went to auction with Gooding & Company yesterday (Saturday 25 August) in true barn-find condition.

Despite being in need of some serious TLC (not to mention a good wash), the unrestored Lusso fetched a hefty $1.32m (£1m) when the hammer fell – which is particularly impressive when you consider it was the first time the Ferrari had ever been offered at public auction.

Here’s the intriguing story of this forgotten Ferrari.

Last of its kind

Ferrari launched the 250GT Lusso in 1963 as the final production version of its famed tourer.

Perfect package

Designed by Pininfarina and pieced together by Scaglietti, it offered a stunning blend of luxury and performance.

Racing pedigree

Power came from a 3-litre V12 engine, while the short-wheelbase chassis used a tubular design derived from the racing GTO.

Capable all-rounder

While designed for the road, the Lusso proved itself to be more than capable on the track, with several privateer owners taking their Prancing Horses racing with some success.

Limited numbers

Just 350 examples left the Ferrari factory in the Lusso’s one-year production run.

Prized mystery

Today, the model remains one of the most highly regarded among Ferrari fans and can be worth as much as $1.7m (£1.3m) in pristine condition – which only makes the tale of chassis 5201 GT more intriguing.

Mostly known

Most examples of the Ferrari 250GT Lusso are accounted for nowadays, with many residing in private collections.

Hidden gem

Despite the provenance of the model, though, few knew of the existence of this forgotten Lusso, finished in 1963.

Born in black

According to Ferrari enthusiast and expert Marcel Massini, chassis 5201 GT was originally finished in a rare ‘Nero’ colour scheme: a black exterior with grey leather interior.

Child of the '60s

In ’64, the Lusso was then delivered to famed US Ferrari importer Luigi Chinetti Motors.

Off the record

At this point its history becomes foggy, with little known about the Lusso’s whereabouts in the late ’60s.

Fresh silver finish

Around this time the Lusso was repainted silver and the interior re-trimmed with red leather – though exactly when and where isn’t clear.

Back in the books

What is clear is that by the mid-’70s the 250GT Lusso was owned by Ervin and Mary Salak, based in Florida.

Moving to Miami

Then, in ’77, 5201 GT was purchased by Miami man Fernando Freire and registered in the name of his company.

Tourer, retired

What did he do with it? After a year, absolutely nothing.

Asleep for twoscore

Last registered and driven in 1978, the Lusso was then laid up and left untouched for four decades.

Unveiled and consigned

Why the famed Ferrari was left to gather dust isn’t clear but, 40 years after it was consigned to storage, the lost Lusso was listed for sale at Gooding & Company’s 2018 Pebble Beach auction.

Sold as found

With just 32,000 miles on the clock, the Lusso went under the hammer as found – namely: covered in dust and a little worse for wear.

Uncleaned rarity

Beneath all the dust and dirt, though, was a Ferrari 250GT Lusso in highly original, unrestored condition – something that’s rarely seen today.

All adds up

The chassis number (stamped at several points around the car) and engine number match, while the serials of various components around the car point to them being correct and original.

Stickered up

The Ferrari was even offered with part of its original tool kit and a host of spares, as well as a period Blaupunkt radio, a 1975 Florida licence plate and – perhaps most importantly – a large Ferrari sticker.

Ready for better

Having stood unused for so long, the Lusso naturally needs some care and attention, but finding such a rare Ferrari largely untouched (bar that refinishing in the ’60s) is highly unusual – and makes it a prime candidate for careful preservation.

Almost but not quite

On the Gooding & Company auction block on 25 August, the Lusso didn’t quite hit its estimate of $1.4m – but bidding still went high enough for the barn-find Ferrari to sell.

Million-dollar find

The final price? A cool $1,320,000 (£1m) – which isn’t bad when you think this Lusso was left unloved and untouched for half a lifetime.