'Barn find' Ferrari 330 GTS set to fetch $2 million

There are two things that strike us about so-called 'barn finds'. One - how do you actually 'lose' a car, only to discover it a number of years later? And secondly - how come we never stumble across an old motor when touring the countryside?

Clearly we're looking in the wrong barns.

That said, the term 'barn find' tends to cover many bases these days. In the past, a genuine 'barn find' would either be covered in weeds, a thick layer of dust or literally having a tree growing through the chassis.

Today, a 'barn find' can include anything from a car that's been stored in a back garden for a few years, to a restoration project that simply never got started.

Which brings us neatly on to this 1967 Ferrari 330 GTS. It's second owner clearly had good intentions, but the fact that it has remained untouched for 40 years means that the current owners never made good on their promise.

This wonderfully aged Ferrari 330 GTS was sold by its original owner after a small fire broke out in the engine bay. It was sold with the view to being restored…

That was 40 years ago…

The Ferrari 330 GTS is a rare thing. The 'spider' version of the 330 GTC Coupe replaced the 275 GTS in the range and was unveiled in 1966, just prior to the 1966 Paris Salon.

The Pininfarina-designed 330 GTC/GTS is arguably one of the most beautiful Ferraris ever created, with a grille which was clearly inspired by the 500 Superfast from a few years earlier. The open-top GTS lost none of the GTC Coupe's charm.

Power came from a 4.0-litre V12 engine, producing 300hp and capable of propelling the elegant open sports car to a top speed of 150mph. Production continued until 1968, when it was replaced by the 4.4-litre Ferrari 365 GTS.

Only 99 examples were built, making this discovery truly remarkable. Even more so when you consider it was number five off the production line and has only completed 23,000 miles during its 47-year existence.

But following the fire and years of neglect, the Ferrari is presented in a rather tired condition. The auctioneers, Gooding & Company, are listing the vehicle as "an exciting candidate for a concours-quality restoration", which we have to say leaves us feeling slightly uncomfortable.

Surely the major appeal of this 'barn find' is that its presented in its original condition. For sure, bringing it up to concours condition would create a beautiful example of a low mileage 330 GTS, but wouldn't that destroy its wonderful patina?

That said, there might not be too much room for a profit on this particular 330 GTS. It's expected to fetch in the region of $2,000,000 (£1,220,000) when it goes to auction in Scottsdale, Arizona.

And given that a beautifully restored 1967 Ferrari 330 GTS fetched $1,900,000 (£1,160,000) at auction in Texas last April, this unrestored example is likely to be purchased by a serious collector with deep pockets.

It's a rare and beautiful thing and it might just set the tone for another year of crazy auction prices.

In the meantime, we're off to take a look inside some old, derelict barns…

By Gavin Braithwaite-Smith, contributor, MSN Cars