250 GTE Ferrari, 1962 Model, Sold For £110,000 After 40 Years Of Abandonment

An old Ferrari described as a ‘rustbucket’ complete with missing seats and holes in the floor has sold for a massive £110,000.

The 1962 250 GTE model, which was originally bought by its owner in 1973 for £800 (£4,500 today) had been in storage in a leaking barn in west Wales for 40 years when it was rediscovered.

Inside, the two front seats are missing and its gearbox, the carpet had deteriorated and the radio and control column was hanging off, leaving wires exposed.

Due to the poor state of the barn it had been kept in, the outside blue body of the car was covered in a combination of rust and lichen.

The original owner had driven the car for 10 years before placing it in storage, where it sat ever since.

But despite its poor condition, there was no shortage of interest.

Experts say the new owner could be looking at splashing £150,000 on restoring the 60-year-old car but when it is complete, it could be worth over £250,000.