The Ferrari F40 needs no introduction, in fact, it’s arguably the model most intrinsically tied with the famed marque from Maranello, apart from the 250 GTO. Designed as the successor to the 288 GTO, the F40 was the last prancing horse to receive the stamp of approval from il Commendatore himself, Enzo Ferrari, and it’s reveal in July 1987 was nothing short of earth shattering. With a body woven from carbon fibre and kevlar and a twin-turbocharged V8 producing a mighty 478 horsepower, its racing pedigree was undeniable, but naturally the specific demands of a road-going vehicle had left some performance on the table.
Daniel Marin, managing director of famed French Ferrari importer Charles Pozzi SA, immediately recognised the F40’s potential, and enlisted the help of Giuliano Michelotto and his engineering consultancy to turn up the heat on the F40. Michelotto had turned the Group 4-spec Lancia Stratos, various Ferrari 308 versions, Ferrari’s 333 SP, 288 GTO, and GTO Evoluzione into race-winning monsters, and Ferrari soon gave their blessing for Michelotto to build a run of 19 unleashed F40s, dubbed the F40 LM for their intentions to compete at Le Mans.
Michelotto couldn’t run completely wild, however, because FIA and IMSA regulations limited weight reduction, but that let the firm focus entirely on turning the F40’s V8 into something capable of halting the earth’s rotation. Larger Behr intercoolers were installed, alongside revised camshafts, a modified fuel management system, and an increase in turbo boost, taking the power output up to a stratospheric 720 horses. Not willing to stop there, Michelotto also lowered the F40 LM’s ride height, fitted larger Brembo disc brakes and wider wheels with softer tires before beginning their transformation of the bodywork.
While a standard F40 more than fulfils the old cliché of “Looking fast while standing still,” the LM is on a different planet. An enormous front splitter was fitted, while the clamshell bonnet was upgraded with a NACA duct and much larger cooling vents. The underbody was fitted with Venturi tunnels for increased downforce, and to that same end a larger, adjustable rear wing was fitted. Finally, the F40’s already spartan interior was made even racier thanks to a digital competition instrument panel and racing harnesses.
However, these modifications were designed with the United States’ IMSA series in mind, but a second European FIA-GT version dubbed the ‘GTC’ was also developed, and it was even more potent. Thanks to larger air restrictors, the GTC’s power rose to an astonishing 760 horsepower, representing a near 300 horsepower increase over the ‘standard’ road version. Michelotto had worked wonders, and while the later F40 iterations such as the F40 GT and GTE may be considered more developed, none would ever top Michelotto’s GTC in terms of raw power.
Which brings us to the Ferrari F40 LM you see today. This car, chassis number 95448, was the 14th of just 19 cars ever made and is one of the few built to the more potent GTC specification. Finished in Rosso Corsa and equipped with the desirable sliding plexiglass windows and Stoffa Vigogna cloth-trimmed bucket seats, this F40 LM was completed in December 1992 and delivered a few months later to late Ferrari collector Walter Hagmann of St. Moritz, who also owned a 275 GTB/4 and an F50, among other pinnacle prancing horses. Modern-day hypercar owners could learn a thing or two from Mr. Hagmann, who clearly wasn’t shy about using his brand-new F40 LM, getting into a minor crash during a private testing session at Mugello Circuit in May 1993.
Michelotto easily repaired the limited rear-end damage, and just a few months later it was featured in the July 1993 issue of Swiss enthusiast magazine Auto Illustrierte. By October of that year, this F40 LM had embarked on its long record of event participation with its appearance at the Ferrari Club Italia meet at Mugello, before being displayed at the Zurich Motor Classic Show in February 1998. Mr. Hagmann retained this F40 LM until 2002, when it was sold to a fellow Swiss enthusiast, only to be bought back in 2007. Around that time, it was resold to a Munich-based financier, who enjoyed it at numerous Shell Ferrari/Maserati Historic Challenge events over the next eight years.
In April 2009, this F40 LM was factory-certified by Ferrari Classiche, authenticating the presence of the matching-numbers engine, transaxle, and coachwork. While the Red Book no longer accompanies this car, a digital PDF of the Ferrari Classiche certification pages is on file. In fact, the only notable change to this F40 LM’s specification is the addition of the magnesium OZ Racing wheels, which certainly add to this Ferrari’s considerable presence.
2014 saw this F40 LM return to Michelotto for a thorough restoration, which included an overhaul of the engine and gearbox, minor coachwork repairs, and a respray in the correct original colour. Between 2015 and present this F40 LM has passed through a small number of private collections, with its most notable outing being at the 2025 ModaMiami concours held at The Biltmore Hotel in Coral Gables, Florida, where it won the ‘Ferrari: Passion and Performance Collection’ class award.
Most recently, in June 2025, marque experts Rosso Corsa Inc. of Jupiter, Florida, performed a major service, replacing the fuel bladders, timing and accessory belts, spark plugs, and fuel filters, while new Michelin Pilot Sport GT Slick S7M rubber was fitted. All in, the bill exceeded 67,000 dollars, reassuring any prospective custodians of this ultra-rare Ferrari’s excellent health. Should your collection be worthy of such a prime example of one of Ferrari’s greatest ever prancing horses, RM Sotheby’s Monterey auction on August 16th will represent your chance to add this glorious F40 LM to your stable.
Monterey, 16 Aug
