Ultra-Rare Ferrari F40 LM Could Sell for $9.5 Million at Auction

This Might Be The Ultimate F40

Introduced in 1987, the Ferrari F40 is a benchmark supercar. Its 200 mph top speed made it the fastest production car of its time, and today it’s still respected for its analog driving experience. It also marked an inflection point for Ferrari, as it was the last car developed before founder Enzo Ferrari’s death. But not all F40s are created equal.

One of the highlights of RM Sotheby’s 2025 Monterey Car Week auction will be a 1993 Ferrari F40 LM by Michelotto. Scheduled to cross the block August 16, it’s number 14 of 19 cars race-prepped by Italian firm Michelotto. And it has the most powerful iteration of the F40’s 2.9-liter twin-turbocharged V8 officially sanctioned by the factory.

Built For Racing

When the F40 entered production to celebrate the automaker’s 40th anniversary (hence the name), Ferrari was only officially involved in Formula One. But numerous privateers continued to fly the Prancing Horse flag in other categories and one, Daniel Marin, the managing director of Ferrari’s French importer Charles Pozzi SA, saw the potential of the F40.

Marin commissioned Giuliano Michelotto and his eponymous company to develop a racing version of the F40. Michelotto had previously been involved in the production of the Ferrari 288 GTO and 288 GTO Evoluzione, a resume apparently good enough to get official approval from the factory.

The F40 LM was built to IMSA and FIA rules, allowing it to race both the United States and Europe. Chassis modifications included larger Brembo brakes, wider wheels with racing tires, a lower ride height, and changes to the bodywork. These included a front spoiler, a new hood with a large air vent, bigger cooling vents, underbody venturi, and an adjustable rear wing. Harnesses and new instrument panel were fitted to the already-spartan interior.

A Lot More Power

These days, racing versions of road cars often have less power, owing in part to balance-of-performance calculations meant to equalize cars from different manufacturers. That wasn’t the case with the F40 LM.

While regulations limited weight reduction (the F40 had composite bodywork, but a tubular steel chassis), there were fewer restrictions on engine modifications. Michelotto dialed up the turbo boost, installed larger intercoolers, new camshafts, and a new fuel management system to bring output from the stock 478 horsepower to 720 hp.

However, that was just the base specification, intended for use in the American IMSA series. Michelotto also developed an F40 LM GTC spec with more open air restrictors for the European FIA-GT series, which developed 760 hp. That’s the spec this car was built to, making it among the most powerful examples of Ferrari’s iconic 1980s supercar ever made.

A Lot Of Money

F40 LM build number 14 was completed in December 1992 and delivered to its first owner, Swiss Ferrari collector Walter Hagmann, a few months later. According to the auction listing, Hagmann crashed it a few months after taking delivery during a private test session at Mugello, but it was repaired by Michelotto in time to appear on the cover of Swiss car magazine Auto Illustrierte later that year.

The car has moved between various Ferrari collections over the years, and received the automaker’s official Ferrari Classiche authentication in 2009. At the time, Ferrari confirmed that the car still had its numbers-matching engine, transaxle, and bodywork. The only significant change was a set of larger, narrower OZ wheels that are still on the car today.

RM Sotheby’s expects this F40 LM to sell for between $8.5 million and $9.5 million when it crosses the auction block next month. While that is a lot of money, it’s not unexpected for an exceedingly rare version of one of Ferrari’s greatest hits—with a well-documented history.