In what could be the greatest barn find, California collector Tom Shaughnessy has bought a 1952 Ferrari 340 America Spider chassis in a Frankfort garage sale for $26,912--less than 1 percent of the car's estimated restored value.
...Hilary Rabb, an expert on early Ferraris, examined the car closely once Shaughnessy bought it and the two made a surprising discovery.
A full restoration of 0202 A is planned in cooperation with the Ferrari factory in Maranello, Italy, though Shaughnessy
hopes the carmaker will join in on the work.
Of course Shaughnessy's
purchase price is just a down payment on what it will cost to restore 0202 A. The front part of the chassis is intact, though the front spring is missing.The center section and rear have been modified with the rear leaf-spring mounts cut off.But the brakes are complete, and the axles and wheels are correct.Shaughnessy
reckons a neophyte who dropped off the chassis at a professional restoration shop could end up writing a check for seven figures--still acceptable, with Massini estimating the completed car's value at $2.8 million.
...Shaughnessy a capable restorer will still spend $500,000 to $600,000.
"A 340 motor will cost $200,000, transmission $25,000, differential $20,000, chassis preparation and repair $100,000 and a new body about $200,000," he
And here's where Shaughnessy
has the edge."I already have a running engine, rear end, transmission, pedal box, radiator and oil cooler."He
even thinks he
knows where the original V-12 engine is and hopes he
might be able to persuade the owner to trade for his
motor, which is close to the same number.
"I'm pleased as punch," he
was concerned about my response, but I'm good with this.