Rare Ferrari boat to be auctioned

A one-off, world-record breaking Ferrari hydroplane will be auctioned in Monaco this month and is expected to fetch as much as $2 million.

Built in 1953, the Timossi-Ferrari Arno XI set the world speed record on water for the 800kg class in the same year. The record-breaking run saw pilot Achille Castoldi achieve a two-way average speed of 241.708km/h over the flying kilometre, as well as the speed record in the 24 nautical mile event with an average speed of 164.70km/h. Both records still stand today.

The racing hydroplane was powered by a twin-supercharged 5.0-litre Ferrari V12 that produced 441kW — the same engine that powered the first Ferrari to win a Formula 1 World Championship in 1951.

The Arno XI was retired from competition in 1968. After it was given a complete structural restoration in 2004 it has completed a number of successful runs on the water. The engine has also been restored at Ferrari's headquarters in Maranello and now produces 515kW when running on regular 100 Octane unleaded fuel, as opposed to the less-reliable methanol fuel which the original engine used.

According to the seller, the hydroplane is still completely seaworthy and capable of the same high-speed runs which it achieved in its heyday — for those brave enough to attempt them.

The Arno XI hydroplane is to be sold by RM Auctions in Monaco between 10 and 12 May.