1956 Ferrari 290 MM Expected To Fetch $26M At LA Auction

LOS ANGELES, CA — A rare 1956 Ferrari 290 MM, the holy grail of classic racers, will go on the auction block in Los Angeles in December, and it's expected to fetch $26 million.

The announcement comes just months after a 1962 Ferrari 250 GTO sold for $48 million, becoming the most ever paid for a car at auction, according to the Los Angeles Times. The 56 290 has no specific tie to Southern California, but the region is considered the mecca for high-end collectors. The auction will be held Dec. 8 at RM Sotheby’s block at Los Angeles’ Petersen Automotive Museum.

The car was built at the express direction of company founder Enzo Ferrari, and it was the last of four 290 MM models built in 1956. The 56 290 MM was so named because it was built to compete in the then-prestigious Mille Miglia Italian road race. In fact, it took second place at the 1956 Mille Miglia, driven by Peter Collins and Louis Klemantaski, the Los Angeles Times reported. It would go on to be driven by racing legends Juan Manuel Fangio, Phil Hill, Wolfgang von Trips and Sir Stirling Moss.

"This is a competition Ferrari, with a winning history, that was driven by several famous drivers," Ken Gross, a classic car historian and former Petersen director, told The Times. "That ticks all the boxes for desirable classic cars."

The 56 290 is rarer than the 1963 250 GTO reportedly sold last January for $70 million in a private transaction to entrepreneur and racer David MacNeil.The car's body was provided by the car design firm Scaglietti and the car was powered by a 3.5-liter Tipo 130 V-12 engine.

The auction is a coup for the Petersen, Gross said. The museum will receive a fee from Sotheby's for the use of its facilities as well as worldwide attention from bidders, viewers and fans who will watch the auction online.

Southern California is home to some major Ferrari owners, collectors and enthusiasts.

City News Service contributed to this report. Photo: A 1956 Ferrari 290 MM by Scaglietti sits on display at Sotheby's during a press preview before the 'Driven by Disruption' auction on December 4, 2015 in New York City. The auction will include more than 30 vehicles spanning 70 years in automotive innovation. (Photo by Andrew Burton/Getty Images)