BMW 507 emerges from decades hidden away, could draw millions at auction

It’s almost common to see Ferraris and old Bentleys crossing auction blocks with million-dollar bids, but one ultra-rare BMW is about to make an appearance, and it’s expected to draw seven-figure bids. The BMW 507 is a rakish two-door car produced in exceedingly small numbers. In September, a unique example will cross Bonham’s auction block after spending the past four decades of its life hidden away in a Philly garage.

BMW built just 252 examples of the 507 between 1956 and 1960, making it one of the automaker’s rarest and most desirable vehicles. The list of notable 507 owners includes Elvis Presley and former F1 boss Bernie Ecclestone. The early Series I examples are rarest, as only 34 were built in the first two years of production. This car is a Series II, which came along in 1957. The updated model featured a smaller fuel tank and better trunk space over its predecessor, whose oversized tank limited cargo room and produced strong fuel fumes in the cabin.

This 507 was purchased new in Caracas, Venezuela, before the current owner’s father bought it in the late 1970s. Rather than drive the car, or at least show it off, it spent 43 years in storage in Philadelphia before reaching the auction listings. Interestingly, the car is just one of many 507s owned by the same family.

The car’s leather upholstery is original; Bonhams calls the condition “lived-in.” The exterior was repainted in the 1970s with Pontiac Bright Blue Metallic, and the car rides on a set of desirable Rudge wheels. Under the hood, there’s a 193.3 cubic-inch V8 (just shy of 3.2 liters) that made around 150 horsepower when new. A ZF four-speed manual gearbox came standard, and the car was shown to reach 62 mph from a standstill in just over 11 seconds.

Bonhams estimates the car will pull between $1.8 million and $2.2 million when it crosses the auction block at the Audrain Concours Auction in Rhode Island this September. While we’d hope that the next owner has an opportunity to drive and show the car, its price tag and condition make it more likely to see limited, if any, action.