Ferrari just revealed their latest ‘special’ creation based on the 296 GTB and 296 GTS called the 296 Speciale, and even though it is a technological marvel, it certainly does not quite measure up to the allure of an ultra-rare Ferrari F40 Competizione.

This extraordinary machine is heading to the Broad Arrow Auction on 25 May at the Concorso d’Eleganza Villa d’Este, and it could sell for as much as €2.800.000 (approx. R60 million).

Its 2.9-litre twin-turbocharged V8 received a bump in performance to 648 horsepower (483 kW) and 563 lb-ft (763 Nm) of torque. Mechanical changes included larger turbochargers, a free-flowing exhaust system, upgraded intercoolers, a motorsport-grade fuel system, and revised suspension and braking components were all part of the transformation before the car was sold to its third owner in February 1999.

Chassis 80369 went racing in the British GT Championship in 2000, making it one of the few Competizione-converted F40s to enter an officially recognised race series.

This particular F40, chassis 80369, was initially built as a road car in March 1989. It stands out as one of a select few that were converted to a competition-ready spec to mirror Ferrari’s factory-built LM variant and is believed to be one of just 27 to undergo a private conversion to Competizione standards via a third party.

Originally delivered to Rome in classic Rosso Corsa, complete with Stoffa Vigogna interior trim, this left-hand-drive F40 was shipped to the UK in 1994 to meet its next owner. Inspired by the F40 LM, the new custodian commissioned UK-based Specialised Cars to carry out the Competizione transformation. This included LM-style bodywork changes such as fixed headlights under Lexan covers, a deeper front splitter, a prominent high-downforce rear wing, and enlarged ducts for improved brake cooling.

North American collectors will be pleased to hear that chassis 80369 comes with a generous selection of spares, including a complete front nose section, a rear clamshell, three sets of Speedline racing wheels, and even an extra engine block.