The Commendatore's Favorite:

Among all the great Ferraris, the most valuable today is the Gran Tourismo Omologato, the legendary 250 GTO.

Arguably one of the most beautiful designs in automobile history, it should come as no surprise that attempts have been made to recreate an automobile costing upward of $35 million--if you could find one for sale, that is. Money aside, the sheer rarity of the 250 GTO would make it virtually impossible to get your hands on a real one.

The car for auction here is the result of a true labor of love.

The Red Stallion is titled as a 1973 model and thus smog exempt in California. Since original Colombo-V12s are pretty much made out of unobtainium, a reliable OHV V8 engine of corresponding size and year of manufacture was installed, keeping things period-correct.

Inspired by the Lynx Engineering Jaguar D-Type and the fabulous Aston Martin DB4 Zagato continuation cars, its long-time owner--a former race car mechanic now working as a Rolls Royce specialist--built this 250 GTO decades ago, perusing a rare Coachcraft body kit.

Almost indistinguishable from its predecessor, the GTOmaggio, as it's affectionately called by our italian friends, causes a mild sensation wherever you take it. Numerous authentic Ferrari parts have been used to achieve the period correct look.

Rosso Corsa -- Italian racing red -- is a very appropriate name for the bright red that was applied to the car's voluptuous body. Thanks to some recent paint correction, this GTO shines like a diamond. Further enhancing its purebred appearance are twin TALBOT racing mirrors and proudly worn SCUDERIA FERRARI shields.

Initially assembled entirely in-house at Ferrari and clothed at the exclusive Carrozzeria Scaglietti, the car's styling is of timeless, purposeful beauty. It influenced a whole generation of sports racers, including the Cobra Daytona Coupe. Half race car, half fast road Coupe, the 250GTO's indicated top speed of 175mph was truly mindboggling at the time, and is still very impressive today.

Alloy Le Mans-style flip-up fuel filler resides in its correct location at the GTO's left rear, allows quick pit stops.

Patinated chrome spoke wheels still display their "Ruote Borrani" decals, just like the originals.

The heart of the matter: 283 cu.in. Corvette-sourced V8 is just mildly spiffed up. Coupled to the Turbo 350 tranny, an estimated 300 horses can propel the 2,500-lbs.-lightweight GTO ahead with great urgency whenever the need arises.

The GTO power plant is a visual delight. In best Ferrari tradition, exposed aluminum surfaces feature a black wrinkle finish. This engine is bulletproof, and spares are inexpensive and readily available. Mechanically, she is in excellent health.

The cockpit is all business. In classic Grand Touring manner, it is dominated by a full array of circular, black-on-white instruments. Lightened pedals, toggle switches and black leather covers for shifter and handbrake lever complete the picture.

Italian wood-rimmed steering wheel proudly displays Ferrari center emblem.

Sporting bucket seats have been re-done recently, include beautifully hand-stitched, diamond-tufted center sections and contrasting red piping.

Seat detail.

Unbelievably stylish: the car's sexy and aerodynamic Kammback tail.

Naturally, what lies underneath counts, too, especially on a car that's five decades old. Rest assured, this fine example has not been attacked by the merciless tin worm. A life-long California resident, the GTO does not show any signs of corrosion or prior accident damage.