BMW 507 hidden in a garage for 43 YEARS may sell for $2.2m

A rare BMW classic car that hasn’t seen the light of day for 43 years is set to go to auction later this year, with experts predicting it could fetch more than $2million.

The highly-collectible 1957 507 Series II Roadster, one of just 252 built, has been kept in a garage in Philadelphia since 1979, meaning it hasn’t been used since Jimmy Carter was President and Margaret Thatcher became the UK’s first female Prime Minister.

Having been wheeled out of its four-decade slumber, the German motor is going to be offered to the highest bidder at Bonhams’ Audrain Concours Auction in Newport, Rhode Island, on September 30 and is predicted to sell for between $1.8million and $2.2million (£1.5million and £1.8million).

The auction house says the 507 is one of the most desirable models for car collectors around the world, as it prepared to ramp up interest in the little-used vehicle in the weeks before it goes to the block.

BMW launched the V8-engined 507 in 1956 with the intention of producing 1,000 units per year for the US market. However, its high price made it too expensive for many – and the German manufacturer made a loss on each one it made. 

In the late fifties, the roadster was so exclusive that ownership was usually reserved for A-listers only, with owners ranging from the King of Rock and Roll, Elvis Presley, to King Constantine II of Greece. 

‘The 507 remains arguably the most collectible and coveted BMW to date,’ says Bonhams.

This matching numbers example – chassis number 70059 – was delivered new to Caracas, Venezuela. 

It later made its way to Montreal, Canada, where it was acquired by the late father of the vendor in 1979, meaning it has been kept in the same family for over four decades.

Unusually for such a glamorous statement car, this 507 was driven straight into a modest garage in an unassuming part of Philadelphia, where it has been kept for 43 years without turning a wheel – only being started up from time to time. 

The images show the vehicle, which is coated only in a light layer of dust, stored amongst a plethora of old motorcycles in the unit attached to the side of a house.  

And it would appear that the car has been preserved alongside other examples for years, while prices have appreciated exponentially. 

This motor is just one of a fleet of 507s kept by the family over the past 50 years or so. 

A largely originally car, it was the subject of a typically 1970s makeover with a repaint in ‘Pontiac Bright Blue Metallic’ prior to the current ownership. 

Adding to its value is the fact it is one of the 252 units fitted with the sought-after Rudge wheels and optional hard top when it left the production line some 65 years ago. 

Inside, the original leather interior remains, though looks to be well worn, and the rest of the cabin is present and correct – and appears in good working order.

The current mileage of the car has not been disclosed by Bonhams, which confirmed it will be sold without reserve when the hammer drops.

Commenting on the car’s availability in September, Eric Minoff, the auction house’s senior motor cars specialist, said: ‘This treasure of a garage find, which has been squirreled away for more than 40 years, offers a spectacular opportunity to the serious collector – and it’s offered at no reserve.

‘The new owner has the choice of sympathetically refurbishing or fully restoring this recently discovered gem.’