FINE-TUNING A MASTERPIECE

Upon its introduction in July 1987, the Ferrari F40 set a new benchmark for styling, engineering, and performance. With the model’s ferocious twin-turbocharged V-8 developing 478 horsepower, the F40 had more than enough output on tap for any self-respecting enthusiast. But being a Ferrari, and one built with a slew of advanced competition-grade components, speculation immediately abounded regarding the model’s potential as a racecar.

Enter Daniel Marin, the managing director of France’s longtime Ferrari importer, Charles Pozzi SA. Tantalized by the possibilities, Marin instigated the development of a competition version of the stock F40 that was entrusted to Giuliano Michelotto and his eponymous consulting firm. Michelotto had been instrumental in the success of numerous racecars, including the Group 4-spec Lancia Stratos and various Ferrari 308 versions; not to mention a key contributor to the build programs of Ferrari’s 333 SP, 288 GTO, and GTO Evoluzione, and the mighty F40. Ferrari soon gave its officially sanctioned blessing to this build program, and 19 cars were ultimately prepared by Michelotto as the F40 LM, the name obviously signifying the intent to run Le Mans at some point.

Because IMSA and FIA regulations limited weight reduction, the most significant modifications were made to the engine, which featured larger Behr intercoolers, revised camshafts, a modified fuel management system, and an increase in turbo boost, ultimately resulting in a shocking increase to 720 horsepower (a net gain of 242 horsepower). This impressive uptick in power was complemented by numerous chassis considerations, including larger Brembo disc brakes, wider wheels with softer tires, and a lowered ride height. Finally, the bodywork was aerodynamically massaged with a large front spoiler, a revised front hood with much larger cooling vents, underbody venturi, and a huge adjustable rear wing, while the interior was revised with racing harnesses and a competition instrument panel.

While these specifications were adopted for cars intended for use in American IMSA events, a second version was simultaneously built to “GTC” specifications for racing in the European FIA-GT series. This version featured an even more powerful engine, with larger air restrictors bringing output up to a whopping 760 horsepower—nearly 300 horsepower more than the original engine configuration. Indisputably, Michelotto had transformed a promising colt into a no-holds-barred thoroughbred.

Just 19 examples of the F40 LM were prepared by Michelotto, and with their awesome mechanical enhancements and aerodynamic refinements, they remain among the most collectable and correspondingly valuated premium iterations of the F40. It is worth noting that while later racing iterations of the F40 like the F40 GT and GTE may have been more highly developed in some regards, none of them were as brutally powerful as the F40 LM GTC-spec, which maintains the mantle of being the most powerful version of Maranello’s seminal 40th anniversary supercar.

BUILD NUMBER 14—SPECIFIED FOR POWER

According to the combined information of factory build sheets, a factory invoice, history reports by both Marcel Massini and Rosso Corsa Consulting, and Ferrari Classiche certification, chassis number 95448 is the 14th example prepared by Michelotto. Built to the more powerful GTC specifications, the LM was further equipped with the highly desirable Lexan plexiglass sliding side windows and finished in the characteristic Rosso Corsa paint over seats trimmed in Stoffa Vigogna (cloth upholstery).

Following factory completion in December 1992, the spectacular LM was delivered a few months later to the buyer, the late marque collector Walter Hagmann of St. Moritz, Switzerland, who also owned a 275 GTB/4 and an F50, among other important Prancing Horses. Mr. Hagmann obviously embraced the prodigious competition machine with zeal, as he was involved in a minor crash during a private testing session at the Mugello Circuit in May 1993. Michelotto quickly repaired the limited rear-end damage, and the car was then featured in the July 1993 issue of the Swiss enthusiast magazine Auto Illustrierte.

In October 1993 the F40 commenced a long record of event participation with its appearance at the Ferrari Club Italia meet at Mugello, followed by display at the Motor Classic Show in Zurich in February 1998. Hagmann sold the LM to a fellow Swiss enthusiast in 2002, only to buy it back and resell it in 2007 to a financier in Munich who worked for Ferrari Financial Services. This owner enjoyed the remarkable F40 at numerous Shell Ferrari/Maserati Historic Challenge events over the next eight years, including runs at Monza, Italy; Le Vigeant, France; Brno, Czech Republic; and Valencia, Spain.

Perhaps most notably, in April 2009 the F40 LM was factory-certified by Ferrari Classiche, authenticating the presence of the matching-numbers engine, transaxle, and coachwork. The physical Red Book no longer accompanies the car, but a digital PDF of the Ferrari Classiche certification pages is on file. The only noted change to the car in the 2009 certification was that the car’s original wheels had been changed to larger, but slightly narrower, OZ magnesium wheels, which remain on the car today. Around this time following certification, the LM reportedly was returned to Michelotto for engine upgrades.

In 2014 the Ferrari was again returned to Michelotto for a thorough freshening, and the car’s original build/tuning operation overhauled the engine and gearbox, performed minor coachwork repairs, and refinished the exterior in the correct original color. A year later the highly authentic F40 LM was purchased by an investment developer in Las Vegas, and he kept the car for five years before it was sold to a German dealer, from whom it later passed to an Austrian collector.

Under present ownership the F40 LM was shown at the 2025 ModaMiami concours held at The Biltmore Hotel in Coral Gables, Florida, where it naturally drew the attention of many discerning tifosi, winning the Ferrari: Passion and Performance Collection class award. In preparation for its current offering, the Ferrari has undergone a major service by Rosso Corsa Inc. of Jupiter, Florida, completed in June 2025. This work included the replacement of the fuel bladders, timing and accessory belts, spark plugs, and fuel filters. A new battery was installed, and the wheels were shod with new Michelin Pilot Sport GT Slick S7M tires. Invoices on file reflect this work, which totaled an investment of over $67,000.

As one of just 19 Ferrari F40 LMs ever produced, this well-documented example, abounding in exquisite competition-engineered details, would make a sensational addition to any Ferrari-centric garage or racing-themed collection. It offers the next caretaker the pride of field exhibition or the visceral joy of hot laps in one of Maranello’s most powerfully specified modern berlinettas—a true wolf in wolf’s clothing.