One 40 Year Owner: 1964 Ferrari 250 GT/E

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Here’s a new one from our friends at Gullwing Motor Cars, a 1964 Ferrari 250 GT/E. It has had single ownership for 40 years and it’s now searching for a new caretaker. At $267,500 (gulp!) this Ferrari is more like a palace find than a barn find. It is located in Astoria, New York, and is available here on Gullwing Motor Cars.

What’ so special about a Ferrari 250 GT/E? The GT/E is a 2+2 variant of the well known and famous 250 series (1952-1964) and was offered between 1959 and 1963. The last of the GT/E’s, such as our subject, were produced in  ’63 as ’64 models. Total production was about 1,000 units – considered a large volume by Ferrari’s standards, especially for a 2+2 body style. MSRP, when new, was in the $11K range.

The seller claims that this example was exported from Italy to the U.S. in the late ’60s and it has remained under single ownership for 40 years. What is not known is how long this Ferrari slumbered, obviously long enough to gather quite a bit of dust, and somehow, lose its headlights. The seller suggests that this 250 GT/E is complete and original and is an ideal candidate for restoration. The body is definitely straight and intact but the peeling paint looks to be hiding rust in the lower doors and rocker panels. There is no doubt about it, even in its disheveled state, the beautiful lines of this Pininfarina design make this Ferrari a real looker. Actually, it initially reminded me of a ’62 Aston Martin DB4. The coachwork just flows together.

For power, a matching number, 237 HP, 3.0 Liter, V-12 engine is secured under the bonnet. That said, it is hardly “complete” as the listing claims. I’m no Ferrari powerplant expert but I know basic engine parts and there are necessary items missing. It seems odd, really, sitting for some length of time under single ownership; what happened? Parts scavenging perhaps? The transmission appears to be a four-speed manual unit.

The interior looks like a bomb went off in it. It is advertised as Nero Connolly Leather but it is in such deleterious shape that it seems it doesn’t matter. If you look closely you can see places where the floor has rusted through which makes one wonder about the rest of the underside. The missing passenger door card and underlying rust conjure two thoughts, purloined parts, and poor, humid storage conditions. It is also notable to see the way that the console stack has been pulled away and haphazardly pushed to the side. As you look about you can see missing items such as switchgear, the horn cap, and turn signal switch cover.  And this is what can be spied from the sole interior image, no telling what a deep dive would reveal. This Ferrari will need a lot of work!

So, what’s it worth? Hard to say, most listings that I could find have “Inquire” in the price field though I did uncover very clean examples in the $400 to $500K range. And I imagine the resto cost on a 250 GT/E is quite a bit more than that on say, a ’64 GTO of the Pontiac variety. It’s difficult to know for sure what all-in would be on this Ferrari and what it will ultimately take to return it to its original and formidable state. Way beyond anything that I could or would consider, but it’s still fun to daydream about it a bit, don’t you think?

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  1. PeterfromOz

    Looks as though the engine has been taken out and then put back for sale.

    Like 4
  2. CJinSD

    Good luck to the seller. Anyone who thinks this is the way to spend a quarter million dollars today can’t see the forest.

    Like 11
    • Ike Onick

      The Barn Finds Maserati Club would like a word with you.

      Like 4
  3. gaspumpchas

    That is one beautiful Enzo, but its in such bad shape at 267 large, geezus. Kinda makes you wonder what gullwing motors gave for it! And where it came from. The missing parts would cost a bloody fortune; then getting the mill sorted out and rebuilt, plus the restoration, you are talking some additionally serious coin. Way out of this old grey hair’s imagination. sure is a looker. Stay safe and good luck!

    Like 14
    • Owner

      I doubt Gullwing paid more than 25k for it.

      Like 4
    • Danno B

      I’ve been watching 250gt East for a while this is a ridiculous price for this car. With no Heritage to speak of, as far as the owners or racing, considering it’s got to be completely redone to have it in Concourse condition let alone an extreme amount of work just to get it and driving condition they’re dreaming. But going I believe is known for that they troll for the people with big money that by an Impulse is certainly not a bargain is a bargain maybe less than half that price.

      Like 5
    • Steveh

      Looks like a Peugeot 404

      Like 2
    • Steve

      This model is junk
      A diesel Skoda is quicker

      Like 1
      • UK Paul 🇬🇧

        A classic Ferrari is a work of art, it’s not about what speed it can do now.
        They are truly beautiful. Wondering through the Enzo Ferrari Museum in Maranello last year was something that will live with me for a very long time.

        Like 6
      • ChingaTrailer

        Ok Steve – how many have you owned?? . . Ah, I thought so. I’ve had a ’61 250 GTE, a ’64 330 GT AND!!! – a 1959 Skoda Octavia and no, the Skoda is not nearly as fast . . .

        Like 10
  4. Bultaco

    An ideal candidate…for a replica GTO build. Unless so many GTEs have met that fate that they’re rare now. Seems like the cost of a bit and bolt resto plus the purchase price puts you over the value, but who knows.

    Like 2
  5. Steve R

    The asking price is just a starting point. Anyone that thinks it’s anchored in reality needs to to brush up on their negotiating skills. The seller is in the business of moving cars, not sitting on them tying up their money. Pricing it high creates buzz, what won’t create buzz is its eventual selling price, which is information no one on this site will be privileged to.

    Steve R

    Like 11
    • Phlathead Phil

      IMHO, the only thing “Fast” about this car is how quick it will deliver you to the Bankruptcy Court!

      Like 4
  6. Poppy

    Anyone else out there have a vintage Matchbox Collector Case with this car on the front of it?

    Like 7
    • Steve R

      Keep an eye on eBay, it looks like two vintage cases with Ferrari’s sold within the last week.

      Steve R

      Like 2
    • DON

      And own the little gree ncar too ?

      Like 0
  7. ChingaTrailer

    My ’64 had four headlamps – what year is this ?

    Like 0
    • jokacz

      You probably had an early 330, noted for their ugly quad headlights. Quads didn’t last long, probably makes them collectible in the insanity of Ferrariworld.

      Like 0
    • Steve

      Mr ChingaTrailer,
      During the 1980/90, as a classic car dealer, I owned & drove :
      F40, F50, 275GTB/4, 275GTB/2, 250 Lusso, 166MM,250GTE,308 GTB Michelotto,numerous 328GTB & S, T3 F1 car, 250SWB SEFAC, 250 Tour de France,
      Shall I go on??
      A 250 GTE is not a great Ferrari

      Like 4
      • John

        Ching seems to have withdrawn from the field.

        Like 0
      • ChingaTrailer

        Steve, I guess your Ferrari experience is greater than mine, but I’m not a dealer, just a normal enthusiast working out of my suburban two car family home garage, but . . . my first Ferrari experience as a 16 year old was the 16th Testa Rosa built – I had never driven RHD nor a “crash box” before, but that’s what young and stupid is for, and frankly the newest one was an F40 I got a few miles in behind the wheel. But that was 30 years ago, going back 40 and I had the incredible luck to own, but only for a brief period, a 250 California Spider, but I can’t for the life of me recall the chassis number. This was in Montrose, California. Certainly someone will know which car this was. But back then I also had an Aston Martin DB5 shooting brake, a LHD example with rear sheet metal damage. It goes on and on. But we were talking Skoda and Ferrari. My “Commie Car” resume includes not just the earlier mentioned old Skoda, but two Tatra 603s, and a Gaz 13 Chaika.

        RE: John – I’ve been away all day, motoring through Mexico in a 500,000 mile Toyota Tacoma. Crossing Sonora, I’m now with internet access in a small boutique hotel in Baja California Sur. Tomorrow I should finish the day in Arizona with at least 501,000 on the Tacoma.

        Like 4
  8. UK Paul 🇬🇧

    Surprised Wayne Carini missed this one.

    Like 2
    • Shaun Dymond

      I think even Wayne would give this a wide berth. Especially at the asking price!

      Like 4
  9. Steve_h

    If anybody out there has ever driven a GTE, you will know that this model is a piece of junk. A diesel Skoda has more power than this model.
    Remember not all Ferraris were a success

    Like 1
  10. Goatsnvairs

    Is there such a thing as a Ferrari parts car? If there is, this might be it….

    Like 0
    • jokacz

      Exactamundo, for years these things were only good as a source of 3 litre V-12’s for other Ferraris.

      Like 0
  11. Rob

    Back when cars used to be beautiful. Sigh*

    Like 2
  12. Scuderia

    40 years with the wrong owner…

    Like 4
  13. Araknid78


    Like 0

    This car is not for the bargain hunters. It is however for a discreet owner who understands mark. How this car can get to its present state leaves me bewildered.

    Like 1
    • UK Paul 🇬🇧

      It is a terrible shame but does happen.
      Many years ago (circa 1995) I worked for a motoring magazine and was sent to take photos of a Ferrari Testarosa that had sat since pretty much new. I think it had 2200 miles.
      It was owned by a globally well known Billionaire and was at his UK home unserviced and Untouched for 8 years. The leather was very dry (pretty close to cracking), battery dead and no one wanted to start it without changing the cam belt. Imagine what 40 years or poor care can do? Although this does seem careless.

      Like 2
  15. John

    Fright pig.

    Like 0
  16. Ron

    40 year single ownership, not sure why that’s significant when it’s related to a 56 year old car…

    Like 0
  17. Bill McCoskey Bill McCoskeyMember

    When I was stationed in Germany in the mid 1970s, I found an identical Ferrari at an Alfa Romeo dealership, with partially deflated tires from sitting awhile. Ended up buying it for $1,200 US Dollars, sold it a few months later to another serviceman for $1,800 when I found out it would cost me more than I paid for it to change the windshield over to a USA approved type A1.

    It WAS fun while it lasted!

    Like 3
  18. ACZ

    The only one who could do this car any good is a Ferrari nut with a large stash of parts ratholed. The price would still have to be substantially lower.

    Like 0
  19. steve

    Gullwing motorcars always have really rough rust buckets for sale parts missing wow where are you going to find all those parts it would take $500k to do this car easily so for what they want for this car walk away there prices on most of there cars are way to high just my opinion I have 40 doing restorations And still doing it

    Like 0

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