Rusty Ferrari 250 GTE put on auction

Some say a Ferrari will never lose its value and we generally agree with it. But what happens when the Ferrari is all covered in rust? Well, we’re about to find out its auction value as Bonhams has put a 1961 Ferrari 250 GTE that hasn’t been driven since 1975 under the hammer. Imagine all the rust in there! In fact, the car needs a restoration job that wil probably cost £100,000 - about $150,000 at the current exchange rates. Still, Bonhams hopes to sell the car for about £60,000 - about $94,000. A bargain, no?

Once featuring a very cool silver paint, this 250 GTE has a very interesting history: in 1963 it was bought by Eva Michelson and imported from Rome to UK. Four years later she sold it to her doctor, Hector Anderson where it then passed as an inheritance to his daughter. Since then, the car has been sitting idly in a garage in Kent.

Bonhams said: "He only drove it for seven or eight years and it was last roadworthy in 1975. Because of this, it only has 49,000 miles on the clock... Now she has taken the decision to sell the car in the hope a Ferrari enthusiast will be able to appreciate its potential and bring it back to life."

So the question is: are you that Ferrari enthusiast?