Barn Find 2+2: 1968 Ferrari 365 GT

Restoring a Ferrari can expose enthusiasts to the harsh realities of bringing expensive cars back from the dead, especially in a world where vintage Ferraris and Porsches seemingly trade hands for sums that far outpace logic and real-world values. This 1968 Ferrari 365 GT is an interesting specimen, but not because it’s an old-school Ferrari: rather, it’s traded hands at least once since being pulled out of a suburban garage but has yet to be restored. Did someone’s appetite for restoration suddenly abate after getting this car home, or do they see the opportunity to flip it, even at these prices? Hard to say. Find it here on RM Sothebys website with the auction set to close on July 22.

I am reasonably sure this is the same car that sold on another auction website for $130,000 in September of 2017. Prior to that, it had slumbered in a California garage for 30 years and was under the same ownership for 45 years, parked after some run-ins with the local constable made driving less fun. The Ferrari is a 2+2 model which is far from the most desirable configuration ever built, but still a significant grand tourer that is an absolute joy to drive. The trouble is, if you’re doing this for profit, you’re likely going to lose out against the costs of restoration, as 2+2s usually sell for far less than their two-seater siblings.

Not to mention the fact that everything on a pricey car like a vintage Ferrari is just about as expensive as you can get when sending such a vehicle over to your local restoration shop. Everything is expensive, from the period-correct tires to the carpeting to the exotic drivetrain. I suspect that’s partially why this example has yet to be restored, as its owners are weighing the cost to refurbish against what it would ultimately bring as a finished car, and likely seeing that it may be smarter to attempt a quick flip with it in project form. Whoever bought it last time paid to ship it back to Italy from California, so I suspect they had grand plans to restore it back to new condition.

Of course, you can see how tantalizing it must be, knowing this example was a running, driving specimen before being parked, and the optimism that must flow through one’s veins in the hope that it will turn over again with relative ease. That’s rarely the case, and even in the best of circumstances, you’re still staring down a full engine rebuilt per the standards and expectations of anyone willing to plunk down the necessary cash to own a restored Ferrari. I doubt the current economic mood has done much to enhance this 2+2’s chances at getting the top-shelf restoration it deserves, but you never know – Ferrari fans aren’t known to let logic get in their way. Thanks to Barn Finds reader Desmond G. for the find.

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Comments

  1. 86_Vette_Convertible

    Just the excuse you’d need to book a trip to Italy ‘-) Sorry, never that thrilled about Ferrari’s so couldn’t speak to it anyway.

    1
  2. Jcs

    Brings to mind an old school phrase of only three words….

    Could you imagine?

  3. TimM

    Could be a nice $150,000 Ferrari!!!! After you put $200,000 into it!!!

    6
  4. OhU8one2

    Ah the black prancing horse will gallop away once again. Might make a good parts car, for a tribute 250 GTO?

    1
  5. Paolo

    Not the same car.

    6
  6. Enzo Ferrari

    Not the same car. Not a CA car, it came out of Oklahoma. Not even close. Do your research it only took a minute to read the link you posted. Which provides all the information you would have needed.

    Here it is straight from Sotheby’s

    According to research by noted marque historian Marcel Massini, chassis 11557 was completed in July 1968 and finished in Argento Metallizzato (Silver Metallic) over Blu Nuvola Connolly leather. Delivered new to Perugia-based Ferrari dealer Romeo Pedini, this 365 GT 2+2 was then purchased by its first owner and registered with local municipal plates. By 1972 the Ferrari had been imported stateside and appeared in a February 1979 Ferrari Club of America classified with 60,000 kms (~ 37,300 miles) recorded on its odometer. Reportedly placed into an Oklahoma storage facility in 1998 with 88,000 kms (~54,700 miles) displayed, chassis 11557 would remain untouched until 2016, whereupon it was inspected by Rolling Art Auto Restoration of Tulsa, Oklahoma. During this time, the Ferrari is said to have run and was apparently driven under its own power, though no attempts have been made to start it since. Purchased by the prior owner in 2017 and thusly imported to Bergamo, Italy—chassis 11557 is now offered as a restoration project in need of mechanical and cosmetic consideration.

    6
    • DRV

      It looks like there’s a dead body in the trunk making it squat.

  7. Claudio

    All of the available cheap used parts off of camaros and corvettes would make this car live again
    And it would be driveable
    Just see it as a detomaso, iso , jensen, ac etc etc

    Sadly, the admission price is simply too high

    2
  8. chillywind

    ahh yes, the good ol duct tape on the Ferrari seat. see it all the time.

    1
  9. The One Member

    My brother had a ’69 version in the early ’70s, black on black. One of three in CA
    He paid 18K, later on sold it for 27K and thought he made a killing..
    The way they have it set up you have to push, not pull, second gear. Buddy of mine used to stick his head into the engine bay, grab both distributes and tune these beasts, by ear!

    4
  10. Robert Thomas

    With the lovely Columbo-designed 12-cylinder engine!!!

    1
  11. bobhess bobhess Member

    Sure is a lot of crap hanging down underneath. Maybe result of Italian metal metal munchers? Could be the reason for the tail dragger look. It would take 2 bodies to get it that low.

  12. Sam Dibitonto

    THE sad fact is that the cars in this category have become financial ploys for people who are NOT afficianados..
    I am 91 and have had my share of great machinery and I am saddened that the joy of touring has been overlooked..
    A pocketbook should not be the criterion for REAL car nuts..

    13
  13. 19sixty5 Member

    What was the chief designer thinking with those tail light assemblies? They look so out of place.

    1
  14. John

    What a POS.

  15. Robert Thomas

    I had a chance to buy a clean 1963 Ferrari 250 Lusso in 1979 for $8,000 from Wide World of Cars in Nanuet, NY. Boy, do I kick myself now, they go for over $1 million now.

    1
    • Dale S.

      I had a chance to buy a white, low mileage 1963 Corvette convertible from a dealership in 1972 for $2,500, and a mint 1961 metallic brown Ford Thunderbird with a tan vinyl top, and tan leather interior for $1,495 in 1977. It was loaded, and only had 25,000 miles on it. It was owned by a bank executive, and his wife. I was really tempted to buy the T-Bird, but I saw a blue 1975 AMC Pacer on the same lot for $2,800, and bought it. I owned the Pacer for just over 6 years, and hated to part with it. I loved that car!

      • Kelly A Dietrick Member

        Wow. I loved my 1975 AMC Pacer Now there is something you don’t hear everyday :) Hope you have some great pictures for the memories.

        1
  16. Cargirl

    This is a barn find like my engagement ring was a real diamond.

  17. Robert May

    Restomod it! Put a more modern, fuel injected Ferrari v-12 and running gearin it, clean it up and go! Might be cheaper than a full restoration and you would certainly stand out at any gathering.

    2
    • Mike W H

      maybe a SBC and a MAACO paint job. Then it would be a great candidate for Beverly Hills Car Club…..

      2
  18. chrlsful

    don’t care abt the 2 seat v this, just makes it close (now only 25 mi) to my price range. I get’em goin (not post late 50 / early 60s) drive and then sell. Moved on from alfas, fiats, wowols & saabs in the late 90s but would love to play w/this one. I think I’ll go find some stang fox to start up again. More $ doable for me…

    Only thing good (ummm…well….) abt BHCC is they will go out and find one 4 U to restore (but like the flippers wanna huge fee).

  19. araknid78

    Sold For €100,000
    Inclusive of applicable buyer’s fee.

  20. Mike W H

    well, there’s upside in that number. Probably take 400-500k to put right. Sell it in the 900s before the bottom drops out of everything.

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