Hidden stash of 20 Ferraris that had a Florida barn collapse on them during a hurricane heads to auction – here’s how much they could go for

The chance to – virtually – step inside what has been dubbed the ‘ultimate classic car barn find’ is now here as auction house RM Sotheby’s has this week released a video of the 20 Ferraris from a single collection that will soon he sold to the highest bidder.

The ‘Lost and Found Collection’ features some of the iconic Italian marque’s greatest cars spanning from the fifties to the early nineties and will be offered for sale at Monterey Car Week in California next month.

However, this isn’t a stash of motors in pristine condition.

That’s because they were previously kept together in Florida until 2004 when Hurricane Charley wreaked havoc across the state and the barn housing them all collapsed down on top of the valuable vehicles.

Yet the incredible back story and desirability of the collection means this mix of part-mangled Ferraris could sell for almost $19million (£14.5m). 

The ‘Lost and Found Collection’ of classic Ferraris: Feast your eyes on these 20 iconic Italian sports cars that have been locked away out of sight in the US for decades and have survived – though with battle scars – a barn collapsing on them almost 30 years ago

In the three-minute clip posted on YouTube, Thatcher Keast, Sotheby’s auction coordinator in the US, walks viewers around the Indiana storage facility in downtown Speedway that’s currently being used to house the 20 wonderful Ferraris before they’re transported to California for the prestigious sale.

The incredible collection has been assembled by Florida real-estate developer and internationally-known Ferrari enthusiast, Walter Medlin. 

Many of his dormant cars haven’t been seen for decades, having remaining untouched and hidden out of sight of collectors – and in the past the tax man, it would seem – close to his home in Kissimmee home since 1990 until tragedy struck.

The barn used to shelter the haul of exclusive motors collapsed in August 2004 when Hurricane Charley struck to state, causing significant damage to the once-pristine group of Italian sports cars.

The Ferraris were carefully relocated to a secure warehouse in Indianapolis, where they have since remained undisturbed but still bearing the scars of the fallen debris from their former enclosure and collecting dust on the battle scars from the deadly storm that claimed 15 lives. 

Medlin’s stash reportedly also once included a 250 GTO and 250 GT California Roadster – which are among the most valuable models in existence – and at one point was estimated to be valued at between $50m (£39m) and $60m (£46m).

However, Medlin has had a few run-ins with the tax man in the US having concealed three Ferraris from the IRS during a dispute in 1997 and in 2014 was sentenced to 30 months in federal prison for income tax evasion.

In 1997, the IRS seized the three of his Ferraris for non-payment, which included a 1976 308 GTB and a pair of historic endurance racers – a 1966 Ferrari P3 and a 1967 P4 – which will be worth astronomical amounts today.

Images of the collapsed barn from 2004 also show a pair of Formula One racers in the collection, though these won’t be offered at the RM Sotheby’s sale at the flagship US automotive event.

The incredible collection has been assembled by Florida real-estate developer and internationally-known Ferrari enthusiast, Walter Medlin. The collapsed barn that fell on top of the Ferraris close to Medlin’s home in Kissimmee following Hurricane Charley in August 2004

Rob Myers, chairman and chief executive at RM Group, says the collection of cars available ‘represents a once-in-a-lifetime opportunity for enthusiasts to acquire iconic Ferraris’. 

He adds: ‘While a select group of collectors knew about the existence of these extraordinary cars, the rest of the world remained unaware.  

‘Most of these lost Ferraris remain untouched, preserving their purity and original condition since the day they were acquired—a true embodiment of the ‘barn find’ concept. 

‘It is the first time that RM Sotheby’s has presented a barn find collection of this magnitude to the market.’

While showing viewers around the Indiana storage unit, Keast adds: ‘We’ve known about this collection for years. These cars have been sitting here for the last decade untouched, they haven’t moved, they’re completely in barn find condition.

‘They have not been driven and not a thing has been done to them.

‘We see barn finds all the time. Usually it’s a case by case basis where it’s one car and one barn or somebody’s family has had a car for fifty or sixty years.

‘But this is like nothing I’ve ever seen.’

Images of the collapsed barn from 2004 also show a pair of Formula One racers in the collection, though these won’t be offered at the RM Sotheby’s sale at the flagship US automotive event

At first glance, unsuspecting observers might never guess that some of these lost Ferraris have formerly graced the world’s most famous race tracks including Le Mans, the Targa Florio, and Mille Miglia. And some even have royal connections.

‘Its 20 barn finds that have all been together their whole life. And now they’re here being sold as a barn find collection – it’s massive, it’s a huge deal,’ Keast continued.

‘The first time I came in here I was pretty blown away – it was like a giant time capsule. Generations of Ferraris are represented – you have anything from the 2000s to even the late fifties are here. They’re all together, they haven’t been moved – it’s surreal to be honest.’

The cars are set to be showcased in a very special display at Monterey Car Week starting on 11 August before going to the block on the 17th with each Ferrari set to find a new owner as they go under the hammer without reserve. 

‘They’ve been in a barn. They had a barn fall on them, which is why they’re in the condition they are. 

‘We’re going to try to recreate that as an actual display that people can walk through and see, so you’re going to see the cars as they were in the barn in Florida. It’s going to be unbelievable,’ the RM Sotheby’s auction coordinator said.

The hurricane-surviving ‘lost’ Ferraris that star in the hidden collection 

One of the most valuable in the collection is this 1965 275 GTB/6C Alloy by Scaglietti. Incredibly, this is the example used on the Ferrari stand at the XLVII Torino Motor Show

Notably, it was the first ‘long-nose’ 275 GTB to be fitted with a lightweight alloy body by Scaglietti and a six carburettor engine. It later went on to participated in the 1966 Targa Florio endurance range on public roads

As you can see from this image, one of the barn’s beams came down on the roof of the 1965 classic, causing some damage above the windscreen

Inside, it’s clear to see the after effects of the collectible Ferrari being stored away for years and having suffered hurricane damage

Out of the 20-strong line-up, among those expected to sell for the highest price is a 1965 275 GTB/6C Alloy by Scaglietti that was used on the Ferrari stand at the XLVII Torino Motor Show.

Notably, it was the first ‘long-nose’ 275 GTB to be fitted with a lightweight alloy body and six carburettors.

It later went on to participated in the 1966 Targa Florio endurance range on public roads.

Sotheby’s predicts it will sell for $2m (£1.5m) to $2.5m (£1.9m) though classic car expoerts say this is a ‘conservative estimate’.

John Mayhead, editor of the Hagerty Price Guide, told This is Money: ‘This is an exceptionally rare car, and I’d suggest that even in this state, the $2.5m estimate is a conservative one. 

‘It not only has all the attributes a Ferrari collector wants – the alloy, long-nose body and an early six-carburettor setup – it has a superb period history including being shown at the Turin Motor Show and competing in the 1966 Targa Florio.

‘The value of barn find cars is often hard to judge, as they provide the new owner with the opportunity to restore the car exactly to their own specification. This means the value can exceed a car in roadworthy condition. 

‘Another example meeting this description (although lacking the remarkable history) was sold by RM Sotheby’s in 2017 for $3,575,000 – a price that is likely to be nearer $5m in today’s market. Fully restored, I can see this one exceeding that by some way.’

One of the Ferraris that appears to have escaped the collapsed barn relatively unscathed is this 1978 512 BB Competizione racer

The 512 BB is one of three factory examples that competed at the 1978 24 Hours of Le Mans. However, it didn’t see the chequered flag…

At the 1978 instalment of the world’s most-famous endurance motoring event, the 512 BB was forced into retirement after 19 hours and an impressive 232 laps

The car remains in almost the exact condition it was when it pulled into the garage at the Circuit de la Sarthe in ’78. Medlin is the second of two private owners

With a wider pre-sale guide price is a 1978 512 BB Competizione.

It is one of three factory-prepared examples raced at the 1978 24 Hours of Le Mans where it was forced into retirement after 19 hours and an impressive 232 laps. 

Appearing largely as it did when it left the Circuit de la Sarthe, this race-bred Ferrari boasts a short ownership chain of just two private caretakers and could make anything between $1.8m (£1.4m) and $2.8m (£2.1m).

Also expected to tip over the one million dollar mark is a 1956 250 GT Coupe Speciale by Pinin Farina – one of only four produced with the rare Superamerica-style coachwork. The car was sold brand new by the factory to its first owner, King Mohamed V of Morocco

The winning bidder will need to source a few parts for their rare 250 GT Coupe Speciale. That includes some interior trim and a replacement steering wheel, which appears to have gone missing

Also expected to tip over the one million dollar mark is a 1956 250 GT Coupe Speciale by Pinin Farina – one of only four produced with the rare Superamerica-style coachwork.

The car was sold brand new by the factory to its first owner, King Mohamed V of Morocco. 

Retained with its numbers-matching V12 engine, the Speciale is a ‘tantalising restoration candidate’, says RM Sotheby’s. 

The new keeper will also need to source a few parts, including interior trim and a replacement steering wheel which appears to have gone missing.

Still, the estimate for this Royal-connected Fezza is $1.7m (£1.3m) to $2.3m (£1.8m).

The ‘car’ available at auction from the collection that needs the most care and attention is this 1954 500 Mondial Spider Series I by Pinin Farina, which doesn’t look to be in the best condition…

Sold as a weathered chassis, it is the one with the most historical importance and has the most extensive racing background of the 20 cars going to the block

Originally clothed in Pinin Farina Spider coachwork, it was sold new to Scuderia Guastalla principal Franco Cornacchia for the use of ex-Scuderia Ferrari driver Franco Cortese

The bare-metal chassis and battered bodywork might not look appealing to those who don’t know its historical significant, but it is still set to sell for around £1.2m

But the ‘car’ needing the most care and attention is a 1954 500 Mondial Spider Series I by Pinin Farina.

Sold as a weathered chassis, it is the one with the most historical importance and has the most extensive racing background of the 20 cars going to the block. 

Originally clothed in Pinin Farina Spider coachwork, it was sold new to Scuderia Guastalla principal Franco Cornacchia for the use of ex-Scuderia Ferrari driver Franco Cortese. 

Significantly, Cortese and co-driver Perruchini achieved fourth in class (14th overall) at the 1954 Mille Miglia. 

Subsequently rebodied by Scaglietti, further notable races include a Benzoni-Naust effort at the 1956 Targa Florio.

Even in its current state of disrepair, RM Sotheby’s expects it to reach between $1.2m (£920k) and $1.6m (£1.2m). 

LEFT: Also up for grabs is this rusting 1956 Ferrari 250 GT Coupe Speciale by Pinin Farina, which is expected to go for up to $2.3m (£1.8m) RIGHT: This 1967 Ferrari 330 GTS by Pininfarina appears to have suffered little damage in the barn collapse. It could sell for up to $2m (£1.5m)

LEFT: Only 200 Ferrari 275 GTS by Pininfarina were built. This is number 19. It could sell for up to $1.6m (£1.2m) RIGHT: This 1964 Ferrari 250 GT/L Berlinetta Lusso by Scaglietti was converted to competition spec and has been in Medlin’s collection for 20 years

No, you’re not suffering double vision. This pair of Ferrari 365 GTB/4 Daytona Berlinettas by Scaglietti – the one on the left a 1971 car and right a 1972 model – are going to the block from the collection with an estimated sale price of around half a million US dollars

LEFT: A 1968 Ferrari Dino 206 GT by Scaglietti that is one of approximately 153 produced with all-aluminium bodywork. It’s in need of a ‘ground up’ restoration but could still sell for $350k (£270k). RIGHT: A highly-desirable late-production 1960 250 GT Coupe Series II by Pinin Farina fitted with the ‘outside-plug’ Colombo V12 engine, four-wheel disc brakes, and overdrive gearbox. It could sell for up to $300k (£230k)

‘After millions spent to restore, there’s still money to make on these classics…’ 

In total, if all 20 cars sell for their higher estimates it could see the collection rake in a whopping $18.9million – that’s around £14.5million in our money. 

But once restored, the complete collection could be worth far more than that. 

‘People ask me all the time why would I buy a car like this that I would need to put in a couple million dollars to bring back to its original condition. Well, the answer is because it’s an investment, Keast explains.

‘Over there is a 275 GTV Alloy,’ he points. ‘That car is a massive car in the Ferrari world so that one needs to be resorted – it needs a lot of love and attention.

‘But you can buy it for a price that will allow you to restore it and then make money on it or potentially have that as an investment.

‘I think a lot of the values in these cars and what they will sell for will shock people. I think it will be surprising because you don’t find Ferrari barn finds anymore – they just don’t exist. 

‘And this is 20 of them and I think it will get people excited and i think you will see probably higher prices for thee cars than you would expect basically because of the way they look. But people know this is an investment opportunity.’

LEFT: This 1972 Ferrari 365 GTC/4 by Pininfarina is number 133 of 500 ever produced. Expect to see it sell without reserve for up to $250k (£190k) RIGHT: A 1966 Ferrari 330 GT 2+2 Series II by Pininfarina, one of just 36 right-hand-drive examples, might be tempting to UK collectors. But it will need plenty of money and attention to bring it back up to scratch. The higher estimate is $250k (£190k)

These two cars in the collection clearly sustained quite heavy damage in the barn collapse in 2024. The 1976 308 GTB ‘Vetroresina’ by Scaglietti (estimate $200k/£155k) on the left has just 9,587 miles on the clock but the fallen structure has damaged the body and windscreen in particular. On the right is a 1969 365 GT 2+2 by Pininfarina with a huge dent in the roof and smashed windshield. Medlin has owned it since 1979 and it could also sell for up to $200k (£155k)

LEFT: A 1965 330 GT 2+2 Series I ‘Interim’ by Pininfarina – believed to be one of just 124 built. It’s in need of a full restoration but could still sell for up to $200k (£155k) RIGHT: A 1980 512 BB that’s been in Medlin’s hands for almost three decades and has survived the barn collapse relatively damage-free. It is one of just 929 carburetted examples produced from 1976 to 1981 and could also make $200k (£155k)

These two cars are considered the least valuable of the collection. LEFT: A 1991 Testarossa that Medlin has owned for 20 years that’s expected to make up to $150k (£115k). RIGHT: A 1977 400 Automatic – also in the collection for 2 decades – that should attract bids up to $50k (£48k)