Aristocrat of Barn Finds: 1962 Ferrari 250 GT Pininfarina Cabriolet

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In the late 1950s, Enzo Ferrari had established a history of producing handfuls of beautiful GTs including the Europa, the Ellena, and the California Spyder. But these cars sold tens of examples. Ferrari needed something that would sell in the hundreds to boost its finances. In 1958, Ferrari introduced the 250 GT Pinin Farina (PF) coupe. This beautiful coupe was less sports car and more cruiser, with its powerful Colombo V12 3.0 liter motor, front disc brakes and telescopic shocks.  It was as close to a production car as Ferrari had come, with 335 copies sold by 1960. The coupe led to a cabriolet in 1959 (called the Series II to differentiate it from an earlier cabriolet of the same name), with the cars sharing very similar lines. The cabriolet was also successful – by Ferrari standards – selling about 200 examples. Here at Gullwing Motor Cars located in Queens, New York, is a 1962 Ferrari 250 GT Series II Pinin Farina cabriolet for sale, with an asking price of $1.275 million. Firm, by the way. This car is a project with several original details designed to create consternation for the new owner.

What do we mean by “consternation”? Well, this car is possibly the only unrestored 250 GT in the world. It retains a serviceable interior that’s honestly worn without looking ratty. Every body panel is stamped with original numbers supplied to this chassis. Its motor starts and runs, implying that it may be possible to drive the car without major surgery under-hood. (Of course, brakes and suspension will need attending to.) The car even sports some of its original Blu Scuro paint. This car may have never been apart in any serious manner.

Ownership history is known. The car has a partial tool roll, copies of its Italian registration documents, and a Massini report. With the sale comes a set of new Borrani wire wheels and two re-chromed bumpers. Too bad it doesn’t have its hardtop, but finding that would probably boost the price significantly.

The magnificent 3.0-liter V12 motor is equipped with three twin-choke Weber carburetors and makes 240 bhp, as well as a sound that thrills bystanders. Amazingly, this engine is lighter than the XK120 DOHC six-cylinder covered here. Its redline is at a phenomenal 7000 rpm. Combined with a four-speed manual overdrive transmission, this GT was good for a top speed of over 150 mph. So the big question is – should this car be restored? I know how I would vote on this question, but I’m curious what you think and why.

Auctions Ending Soon


  1. Fahrvergnugen FahrvergnugenMember

    Probably asking this much because Wayne offered less…

    Like 6
    • Will Fox

      From what I’ve read, Wayne probably doesn’t have the sheckles any more.

      Like 2
      • Frank DMember

        Tell us why? I purchased a Pantera off Wayne years ago before pricing hit the stratosphere.

        Like 0
      • JudoJohn

        Do tell. What is going on with Wayne?

        Like 0
      • georgeMember

        I guess EVERYONE loses money restoring cars, after all?

        Like 2
  2. Kelly g

    I see it as a rat rod for the very very well heeled.

    Like 8
  3. JudoJohn

    I say restore it. But it will take someone with deep pockets. I’d estimate about $500K to restore it. Not sure if it’s worth it financially.

    From what I have seen, Gullwing motors is the East Coast Beverly Hills Car Club.

    Like 6
    • chrlsful

      pretty much but w/different business model (partial) and rep tho

      Like 0
  4. Mitch

    12500$ real value. Why?

    When we let the low production numbers aside the weird colour combination
    blue and red is typical for premium cars of this decade. And the 250 aka 3 litre engines where not the fastest. A gullwing Benz and its more desirable
    roadster dependant reach a top speed a few KM more then any 250
    engined Ferrari. Both base on a tubular frame and steel bodywork.
    Much better are the later 265 330 and 365 engined Ferrari who
    reach the speed as they look. I wouldnt consider this thing worth in
    this condition 1’250’000 because its not a short wheel base, a Superfast,
    a 400 Superamerica or a 288 GTO.

    A restauration, a good restauration will cost about 100-150’000, so
    dont run into panic when you see old euro classics in this condition.
    Much more worth is if the car comes with the Ferrari Pass or not.

    Like 4
    • Philip

      “A restauration, a good restauration will cost about 100-150’000”.

      A restoration for a car of this caliber will not be “good”, as compared to “bad, fair, good, very good, or perfect”, it will be perfect from a respected shop. Folks that purchase $1M projects don’t “sort them out” for daily drivers.

      $100-150K for a TOTAL restoration of a Ferrari classic? You have no idea.
      Restored, these Series 2 sell in the $1,500,000 range. Purchase this car for approx. $1M+ and restore for $3-400K+ and you see how Gullwing set their price.

      Like 7
  5. Ithardin

    I’d like to broker this sale to Morris Frye…he would like to put it in the garage and rub it with a diaper. It would be his life…his passion…

    Like 5
  6. tompdx

    With all of their offerings priced 50-100% over value, I don’t know how Gullwing Motors sells any cars.

    Like 11
    • JudoJohn

      Maybe there are a lot of rich suckers out there?

      Like 7
      • Pete

        I need to find a handful of them suckers. LOL. This thing is another Holy Grail. If you don’t sort of the mechanical stuff it won’t be safe to drive. If you don’t stop the corrosion of the body it will not stop. At a Million 2 your not gonna make any money on it for 10 years even if you do restore it.

        Like 2
      • MotorWinder

        No JudoJohn … maybe there’s just a lot of smart rich investors out there that know how to make money!!!! as they say, money makes money!!!
        (without spewing debate) I bought a car most wouldn’t touch, it’s Hagerty estimated worth increased 7Gs in only 3 yrs and it’s NOT North American.

        Like 3
      • Mitch

        Wealthiness doesn’t includes knowledge. Or intelligence.

        Like 1
  7. Cobra Steve

    I bought a Triumph TR6 from a fella who had purchased the TR6 sight-unseen from Beverly Hills Car Club. To say he was taken for a ride would be an understatement! The frame had countless rust holes and was simply not salvageable. He was so sickened by what he had purchased but freely admitted it he should have either personally inspected the car or paid a professional to do such. The fella decided to cut his losses and buy another TR6 (which he inspected) that was in far better condition! What did I do with the car? I got it running and sold it for a slight profit to someone who needed a “parts car”. Rest assured, I pointed out all of the car’s shortcomings to the buyer so there would be no remorse. It is the “right thing” to do but sadly, I’m part of a dying breed.

    Like 15
  8. GitterDunn

    I’m thinking just go through it and do whatever is necessary to make it run and drive as it should, and look great doing it. I don’t believe a full restoration is called for. That said, it’s wayyy overpriced at a million and a quarter!

    Like 4
    • Philip

      Sure, you’re gonna pay over $1M + “whatever is necessary to make it run and drive as it should”…too bad you don’t have an extra $1M + so you can tool around in it, as is.

      Like 1
    • Michelle RandAuthor

      That would be my solution, and that would be expensive enough!

      Like 1
  9. Howie

    Only 5 photos? That air cleaner looks new.

    Like 3
  10. Tom Smith

    Is “restauration” a contraction of restaurant and libation?

    Like 3
  11. robbert smit

    Oh!Yes! No contest winner! Argue about the price you can’t afford it.

    Like 1
  12. LMK

    Imagine a video of this car’s history from day 1..I wish a video would come with all of them..What a story that would be…

    Like 0
  13. V12MECH

    Interesting that a sale wasn’t made behind the scenes so to speak with this gem, a knowledgeable buyer with the correct resources will make a deal, and by time it is done probably $3mil or more valuation, maybe of the top of my head, 200 built? The value today and increase in the future is no mystery.

    Like 1
  14. V8roller

    Never understood how Gullwing get hold of all these halo cars.

    This one is indeed a dilemma, it’s only original once. I think it would be a shame to do more than the minimum to make it roadworthy.
    And rustproofed…many of these coachbuilt Italians had zero rust protection behind the panels, not even a coat of paint.

    Lovely car.

    Like 0
  15. Tracy

    Stunning! I buy it today if I had the means. A fraction of the price for this over a California spyder

    Like 0

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Barn Finds