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Rusty Old Ferrari: Could Fetch $2M at Auction

<p>Rusty old 1967 Ferrari expected to fetch $2 million at auction</p>
Rusty old 1967 Ferrari up for auction and could fetch $2 million
Rusty old 1967 Ferrari up for auction and could fetch $2 millionGooding & Co.
/ Source:

Coming up at auction: A rusty, 47-year-old Italian sports car. Asking price: $2 million.

This one is a rare 1967 Ferrari 330 GTS. It's rusted out. The engine won't start. Parts of the car are charred from a fire. And the interior looks like it wouldn't even qualify for most junkyards.

Yet despite its rough condition, it is estimated to sell at Gooding & Co.'s upcoming Scottsdale, Ariz., auction for more than $2 million.

Gooding said there is a premium right now on cars that are in original condition rather than a shiny restored car where the chrome is shining and everything is perfect.

This car was shipped from Italy in 1967 and sold for $15,000 to a New York City plastic surgeon who drove it 20,000 miles in less than two years. But in 1969, it caught fire and was sold at auction in New Jersey.

For the next 44 years, it sat in a Pennsylvania garage.