TO GO UNDER THE HAMMER: A 1956 Ferrari 290 MM by Scaglietti, built for F1 legend Juan Manuel Fangio, will be auctioned in December 2015. Image: Tim Scott Fluid Images / Sotheby's via AP
New York — A 1956 Ferrari built for Formula 1 racing legend Juan Manuel Fangio is going on the auction block in New York City, where it could sell for more than $28million.
RM Sotheby's says the Ferrari 290 MM, chassis 0626, will be offered on December 10 as part of its "Driven by Disruption" sale.
The historic car never crashed despite a racing career that lasted until 1964.
The $28 million pre-sale estimate makes it one of the most valuable cars to come to auction. A Ferrari 250 GTO Berlinetta that sold for $38.1 million at Bonhams in 2014 holds the record for any car at auction.
Fangio, an Argentinian considered one of the greatest F1 drivers of all time, raced the 3.5 litre, V-12 engine car in the 1000-mile Mille Miglia event, finishing fourth overall in a race that wound all through Italy.
The car was specially designed for the five-time F1 world champion and was one of only four 290 MMs to be built.
The red car with a blue nose competed in many other classic races.
In 1957, legendary drivers Eugenio Castellotti, Luigi Musso and Masten Gregory drove it to victory in the Buenos Aires 1000km.
RM Sotheby's says the 0627 was purchased in 1957 by enthusiast Temple Buell who continued to enter it into races around the world with Jo Bonnier and Gregory behind the wheel.
It eventually as acquired by collector Pierre Bardinon and remained in his renowned Mas du Clos Collection in France for nearly 34 years before being acquired by the current owner, identified only as a private European collector.
The auctioneer says the car has its original chassis, matching-numbers engine, gearbox and body.