This rusty wreck just sold for $2.66 million

It might look like something destined for the metal recycling centre, but this rusty wreck of a car just sold at auction for $US1.7 million ($AU2.66 million).

This 1954 Ferrari 500 Mondial Spider is just the second of 13 vehicles with a body created by famous Italian coachbuilder Pininfarina, making it one of the rarest and most desirable models from this era of Ferrari.

Auctioned by RM Sotheby's, this particular vehicle was raced by Ferrari team driver Franco Cortese, and also competed at the Mille Miglia, Targa Florio, and the Imola Grand Prix.

While the 500 Mondial Spider is understood to have been powered by a 2.0-litre four-cylinder engine originally, this vehicle comes with a 3.0-litre 'Tipo 119 Lampredi' four-cylinder engine and matching-numbers gearbox.

It's believed the Ferrari was fitted with an American V8 after arriving in the US in the late 1950s (a common practice at the time), before the vehicle was involved in a crash during racing. It has remained in that state for more than half a century.

RM Sotheby's had placed a value of $US1.2 million to $US1.6 million ($AU1.87 to $2.49 million) on the wreck, but the hammer fell on a bid of $US1.7 million – not including the 10 per cent auctioneer's premium, bringing the final price paid to $US1.87 million ($AU2.92 million).

In 2019, the same auction house sold a restored Ferrari 500 Mondial Spider for $US4.15 million ($AU6.46 million in today's money).

It's not known whether the owner will restore the car or keep it in its 'as-crashed' original condition.