Car Posted For $700 Online Actually Worth Millions

| by Michael Doherty
Cunningham Corvette No. 3.Cunningham Corvette No. 3.

A broken-down car a Craigslist user posted for $700 has turned out to be a super-rare Corvette worth millions of dollars.

When the car was initially posted on Craigslist in Tampa Bay, Florida, in 2012 no one bought it, according to Newser.

"SERIAL # X53L on documented 1953 pre-production Corvette Frame," the ad said. "We believe this to be a 1953 Pontiac prototype that was to assume the name Longoria? Info received todate indicates that ZAGATO designed and PINNAFARINA constructed the body for GM in late 52." 

The ad asked if anyone with car experience could help to identify the automobile, which was covered in "gaudy purple paint, poorly applied."

As it turned out, the car was an incredibly rare 1960 Corvette known as Cunningham Corvette No. 1, one of three Corvettes that were converted into racecars by famed racer Briggs Cunningham, who raced the cars at the 24 Hours of Le Mans race in 1960.

After the race, instead of putting the cars in a museum, Cunningham converted the three Corvettes to be street-legal and sold them through a Chevrolet dealer. The cars were not seen again for years.

No. 3 was the first of the set to be found, restored by Chip and Lance Miller. No. 2 was spotted in a junkyard in Irwindale, California, a few years ago, and was later restored by collector Bruce Meyer, according to Fox News.

After the No. 1 was discovered on Craigslist, a years-long battle over ownership began, ending with the rare car in the hands of Gino Burelli, a car dealer and collector from Indiana, who plans to restore the car before selling it. Burelli has commissioned Corvette restorer Kevin Mackay, from Valley Stream, New York, to restore the No. 1, after he gained notoriety for restoring the car's sibling, the No. 3. The restoration will cost around $500,000, reports Fox News.

A vintage car lawyer, who says that Burelli is "shopping" the car, estimates the No. 1 could fetch between $3 and $7 million on the market.

Source: Fox News, Newser, Hagerty / Photo credit: Chip Miller Charitable Foundation via Hagerty

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