LONDON — A rusting but rare Alfa Romeo found in a shed near London has sold at auction for $1.54 million, British auctioneers Bonhams Brooks said Saturday.
The car, unused for 42 years and in need of total restoration, is a 1932 2.3 liter supercharged 8C-2300 Corto Spider Corsa bought for 350 pounds in 1959.
It is extremely rare because of its connections to the illustrious Ferrari marque and its founder Enzo Ferrari, who prepared the machine for racing, Bonham's spokesman Doug Nye said.
"It's been locked away in a little wooden hut uninsured on a smallholding — it's an amazing find," Nye said.
Before Ferrari built his own supercars, he was an Alfa Romeo dealer, and customers could pay extra to have Ferrari tweak their cars for the racetracks of Europe, Nye said.
The car, believed to be the first adorned with Ferrari's famous prancing horse logo, was sold to an overseas private buyer, Nye said.
The previous owner, whose identity was not disclosed, died recently and the car, kept at Ivinghoe, in Buckinghamshire, northwest of London, was sold as part of an estate auction. Nye said he doubted if the man's family had had any idea of the car's worth.