An ultra-rare 1955 Ferrari 500 Mondial Series II is set to go under the hammer. The car is estimated to fetch anywhere between $5.5-7.5 million. It might not be as valuable as some classic Ferrari sports cars, but it sure is special. The car was bought by Rear Admiral Robert Phillips when he was just 24 years old. It has been in his possession for the last 58 years, which in itself is a record for longest ownership. The 1955 Ferrari 500 Mondial Series II was a race car. Robert found it in bits in a corner of a dealership warehouse. It took him 9 months to put the car together and later used it to go racing at various events in North America. The car has undergone a full restoration and even has Sergio Scaglietti’s signature on it. The car’s first owner, Frenchman François Picard ordered it in French Racing Blue. The interior is finished in maroon leather. The car is powered by a 2.0-liter, 4-cylinder twin-cam engine derived from 500 F1 grand prix cars. It produces 170 hp @ 7000 rpm, but crucially, more torque than the 2.0-liter V12. The engine is mated to a 5-speed manual transmission. This particular car raced at the 1955 Grand Prix of Venezuela. Apart from numerous race wins, this 500 Mondial has won at various concours events, including Pebble Beach. For more details on this exquisite Ferrari, head over to the Gooding & Company website.