One of three Ferrari 275 coupes could break auction records

A rare Ferrari 275 GTB/LM Competizione Speciale is headed for auction in the new year – with reports estimating it could be worth approximately more than $20 million.

The Ferrari listed by Mecum Auctions for the 2024 Kissimmee event was made sometime between 1964 and 1965 and features a lightweight aluminium body and bucket seats.

The Italian sports car is powered by a 3.3-litre Colombo V12 engine and is capable of generating 223kW (300hp), with drive sent to the rear wheels.

The Ferrari 275 GTB/LM is one of three models believed to be in existence and was created to ensure the company's competitiveness in its rivalry with Ford during the 1960s 24 Hours at Le Mans races.

However, according to the US publication CarBuzz, the Ferrari was denied entry into the 1965 Le Mans race as the car that was submitted to officials was significantly lighter in comparison to the road-going model.

A compromise was reached which allowed Ferrari to enter one 275 GTB/LM model into the race – with chassis number 06885 – ending with a third-place finish.

The Ferrari up for auction (chassis number 06701) was designed by Pininfarina and built by famous Italian company Scaglietti, and has had an illustrious history starting with the direct purchase by Italian businessman Pietro Ferraro in May 1965.

Since then numerous drivers have taken ownership of the rare Ferrari, and it was frequently seen in multiple car events such as the International Historic Festival, the 1997 Tour Auto, the 2002 FCA National Concours, the 14^th Cavallino Classic in January 2015 and the Monterey Historic Races.

It is believed the previous CEO of lingerie giant Victoria's Secret, Leslie Wexner, is the current owner of the vehicle, who purchased the vehicle sometime in 2014 for an unspecified amount.

While there isn’t a listed price on the auction site, overseas reports estimate it could be worth upwards of $20 million.

Earlier this year, a Ferrari 275 GTB/4 owned by Hollywood legend Steve McQueen previously sold at auction for close to $USD5.4 million ($AUD8.1 million), according to previous Drive reports.