The car caught fire during a race in the 1960s and remained untouched for decades.
It was used by Franco Cortese, Ferrari's first racing pilot.
Analysts suggest that the new buyer might want to restore it to its original state for it to race again.
The 1954 model car is a 500 Mondial Spider Series I and is one of only 13 ever built.
Its body was crafted by designer Pinin Farina.
In 1954, Cortese finished 14th overall in the Mondial during the Mille Miglia, a race spanning 1,600 kilometers across Italy.
Over the years, the Mondial was involved in several accidents and suffered fire damage.
In 1978, it was purchased by an American collector who preserved it in its damaged condition.
Auction house RM Sotheby's states that the car will require an extensive restoration to bring it back to its "glorious days," but the process will be "highly rewarding."
