Is this the most expensive Ferrari ever?

• The 1965 handbuilt Ferrari sold at auction for £1million in the mid-1990s but is now expected to fetch up to £20million
• It is one of only three models of its kind, can reach a top speed of 170mph and was once owned by a British colonel
• The grey 275 GTB/C Speciale is scheduled to go under the hammer at an auction in Monterey, California on August 15

A 50-year-old Ferrari which is one of only three of its kind and described as one of the iconic car maker’s most important models is expected to sell for a whopping £20million.
The 1965 handbuilt Ferrari, which has mainly been used as a road car even though it was designed to compete at motorsport events, can reach a top speed of 170mph.
Despite it selling at auction for less than £1million in the mid-1990s, it is now expected to fetch £20million when it goes under the hammer in California next month.

The 1965 handbuilt Ferrari, which has mainly been used as a road car even though it was designed to compete at motorsport events, can reach a top speed of 170mph

The 50-year-old grey Ferrari 275 GTB/C Speciale is one of only three of its kind and has been described as one of the iconic car maker's most important models

Despite being designed to compete at motorsport events, the sports car has mainly been used as a road vehicle over the years and was once owned by a British colonel

The stunning grey 275 GTB/C Speciale, known as 06701, was owned by an English colonel in 1970s.
It is made from super-lightweight aluminium and powered by a V12 engine which develops around 300bhp.
There are only two other models exactly like it, and it is thought both of those may never go onto the open market again.
The sports car is the star lot at RM Auctions’ Monterey sale in California next month, with one expert calling it a ‘once in a lifetime opportunity’.
Shelby Myers, senior specialist at RM Auctions, said the car’s ‘almost unbelievable rarity and high performance are matched only by its stunning good looks’.

The sports car is the star lot at RM Auctions' Monterey sale in California next month, with one expert calling it a 'once in a lifetime opportunity'

It is powered by a V12 engine which develops around 300bhp. There are only two other models like it, and it is thought both of those may never go on the market again

Shelby Myers, senior specialist at RM Auctions, said the car's 'almost unbelievable rarity and high performance are matched only by its stunning good looks'

The stunning grey 275 GTB/C Speciale, which is known as 06701, is made from super-lightweight aluminium and was once owned by an English colonel in 1970s

She said: ‘Simply put, this is one of the most important Ferraris in the world, and absolutely one of the most important motor cars ever to come to auction.
‘These cars were a clear evolution of the GTO concept, one of which set a record at Le Mans that stands to this day.
‘06701’s two sister cars are in highly respected private collections, from which they will certainly not emerge in the near future.
‘This sale is unquestionably a once-in-a-lifetime opportunity.’

The Ferrari 275 GTB/C Speciale, which is in excellent condition, is scheduled to go under the hammer in Monterey, California over the weekend of August 15-16

The sports car was carefully restored about a decade ago, which saw it finished with its current two-tone silver and grey color scheme - throwback to its original

At one point, the car was owned by Ferrari collector, Brandon Wang who showed it off at various competitive events, including the International Festival at Goodwood, Tutte Le Ferrari in Mugello and the 1997 Tour Auto

The Ferrari’s first owner was a businessman who used it as a road car before selling it on to its next owner, who kept and maintained the vehicle for 25 years.
It was later passed onto Ferrari collector, Brandon Wang, who showed it off at various competitive events, including the International Festival at Goodwood, Tutte Le Ferrari in Mugello and the 1997 Tour Auto.
Following a restoration which saw the car refinished in its current two-tone silver and grey color scheme - throwback to its original colour scheme - the car was passed on to its current owner.
The Ferrari 275 GTB/C Speciale will go under the hammer in Monterey, California over the weekend of August 15-16.