Forlorn Ferrari that could be worth a fortune: Clapped out 1964 330 GT that's been sat in a garage for 40 years is set to fetch £70k at auction - but its value could TRIPLE if restored

• e-mail

A dilapidated classic Ferrari that has languished in a garage for more than 40 years is set to go to auction at the weekend - and it's being tipped to sell for more than £70,000.

The rare 1964 Ferrari 330 GT 2+2 Series 1 is one of only 36 right hand drive models ever built and imported to the UK almost 60 years ago.

Such is its rarity that even in its current clapped-out condition it won't stop collectors going into a bidding frenzy for it when the car goes to the block in Somerset on Saturday.

Experts suggest that the £60,000 to £70,000 estimate placed on the car represents value for money, because fully restored it could be worth over three times as much.

Forlorn Ferrari: This 1964 330 GT 2+2 is one of just 36 examples ever produced in right hand drive for the UK market. It has been sat in a Somerset garage for at least 34 years but will be sold at auction this weekend. And it could be a steal...

This right-hand-drive model is one of the earliest produced, with the Maranello car maker building the 330 GT 2+2 for just five years between 1964 and 1968. 

What makes it even more enticing to potential collectors is that few remain in existence today.

That's because most of them were pulled apart to build replicas of more expensive cars of the generation made by the famous Italian manufacturer.

The one being sold was last bought in 1971 by the vendor Peter Marshal for £1,750. He said he had picked it up 'on a whim' because he thought it was a 'fabulous looker'.

But owing to problems with the brakes he put it in the garage of his Somerset home some years later.

The tax disc still on display in the windscreen shows it running out at the end of September 1988, so it most definitely hasn't been on the road for 34 years at least.  

Experts suggest that the £60,000 to £70,000 estimate placed on the car represents value for money, because fully restored it could be worth over three times as much

What will make it enticing to potential collectors is that few remain in existence today, which is why a bidding frenzy is expected to break out in the auction room on Saturday

The dilapidated Ferrari was bought for the vendor, Peter Marshal, for £1,750 in 1971. He said he picked it up 'on a whim' because he thought it was a 'fabulous looker'

Valuers recently visiting Mr Marshal's home unearthed the rare motor in his garage and explained its potential market price, even in its current state of disrepair.

Some 51 years after buying the red Ferrari, Mr Marshal was convinced that now is the right time to part with his much-neglected Fezza.

The dust-coated car features most of its original components, including the factory-fitted four-litre V12 engine, which - when new - put out a claimed 295bhp. 

That was good enough for a reported top speed of 152mph. Not bad for a four-seat coupe in the sixties.

According to the odometer, the car has clocked less than 43,000 miles in its lifetime, which works out at an average of just 740 miles each year since it left the Italian factory. Though on the face of it looks to have had a much harder life than its mere mileage might suggest.

Yet it still could be worth a lot more than the auction house's estimate suggests. 

An issue with the brakes in the eighties saw the Ferrari put into storage in Mr Marshal's garage with the intention of it being repaired and restored for the road. Thought that never happened

Corroded wheels, deflated tyres and faded chrome complete the battered external look, while inside the steering wheel is taped up, the red leather seats cracked and the wooden dashboard seeing far better days

Classic car insurance specialists, Hagerty, values a 'fair' condition example of this car at £140,000, making the higher estimate of £70,000 look like a steal.

If restored to 'excellent' condition, it would be worth around £182,000, though renovated and brought back to its factory best specification - which Hagerty calls 'concours', meaning good enough for a museum display - the top end value for these cars is a whopping £231,000. 

Its relative little use and scarcity is why the auction house in charge of selling it expects the car to spark a bidding war between Ferrari enthusiasts at its sale on Saturday in Frome, Somerset.

That said, it is going to cost a fair whack to bring it back up to scratch, with the bodywork certainly seeing better days, with the doors and boot lid appearing to be replacement parts.

Corroded wheels, deflated tyres and faded chrome complete the battered external look, while inside the steering wheel is taped up, the red leather seats cracked and the wooden dashboard faded. 

According to the odometer, the car has only clocked less than 43,000 miles in its lifetime, which works out at an average of just 740 miles each year since it left the Italian factory. Though it certainly looks to have had a harder life than that

Classic car insurance specialists, Hagerty, values a 'fair' condition example of this car at £140,000, making the higher estimate of £70,000 look like a steal

If restored to 'excellent' condition, the sixties four-seat coupe could be worth around £182,000. And renovated and brought back to its factory best specification, the top end value for these cars is a whopping £231,000

The dust-coated car features most of its original components, including the factory-fitted four-litre V12 engine, which - when new - put out around a claimed 295bhp. That was good enough for a reported top speed of 152mph

The tax disc still on display in the windscreen shows it running out at the end of September 1988, so it most definitely hasn't been on the road for 34 years at least.

Nick Wells, specialist at Dore and Rees, says the sale offers a 'rare opportunity' for collectors to restore a classic Ferrari. 

He said: 'Only around 40 right hand drive GT Series 1s were imported to the UK to begin with - these were expensive cars which not many people could afford.

'In the 1980s and '90s a lot of them were broken up to make replicas of more expensive cars.

'As a result very few have survived. This one could easily have been scrapped or re-bodied into something else.

'The chances of buying an unrestored Ferrari from this era are very rare. This is an opportunity to buy one on the open market - an event which is very seldom.

'It's the first time this car has been seen publicly since it went into storage. It was shoved into the garage and never made its way back out.

'To prepare for the sale, an engineer was brought in to wake the slumbering V12 engine. After careful preparation, and some work to the carburettors and fuelling, the engine was turned over and instantly burst into life.'

The auction takes place from 2pm on Saturday 8 October.