[Mark]

BIMMERPOST NEWS

Another rare BMW, a 1959 507 to cross the auction block today estimated at $2M

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This is certainly a good auction season for BMWs. At today's Gooding and Company's auction in Scottsdale, AZ there will be the ultra-rare 1959 BMW 507 Series II, with an estimated value of $1.8-2.2 million. This car is the definition of cool and has served as inspiration for countless modern BMWs, most obviously the BMW Z8. The 507 packs a 3.2L V8 producing a meager 160HP (oh how far we've come in efficiency).

A former owner, a German collection Peter Groh, put around $50,000 in restoration work into the car; the current owner is a noted collector based in California.

About the car from Gooding & Company

THIS CAR
When the Frankfurt Motor Show opened in late 1955, the principal BMW attractions were two new variations on the V-8-powered 502: the 503 and the 507. Though both models were influenced by New York car dealer Max Hoffman and designed by Count Albrecht von Goertz, it was the spectacular 507 that stole the show.

The new BMW roadster was so pure and perfect from every angle that it immediately took its place among the all-time greatest automotive designs. Possessing sweeping, harmonious lines, a purposeful rendition of the classic kidney grille, unmistakable side vents, and aggressive rear haunches, the 507’s lightweight alloy body appeared to be stretched tightly over the mechanical underpinnings and evoked speed even when standing still. Not only did the 507 look like a true sports car, it also drove like one.

With a rigid box frame, upgraded suspension, synchromesh gearbox, and large Al-fn drum brakes, the 507 possessed an ideal foundation for BMW’s robust twin-carburetor V-8 engine. Depending on the gear ratio selected, the 507 was capable of 125 mph–135 mph and offered brilliant acceleration, reaching 0 to 60 mph in less than 10 seconds. Though the 507 was not designed with motor sports in mind, its performance was such that several examples were entered in major racing events, including the Mille Miglia and the Tour de France Automobile.

Production of the 507 commenced in November 1956 and came to a close near the end of 1959 after just 252 examples were built.

Initially intended to fill a gap between the lower-priced English imports and the phenomenally expensive Mercedes-Benz 300 SL Roadster, the 507 commanded a princely $8,988 in the US and 26,500 marks in Germany, making it one of the most expensive – and therefore exclusive – cars of its day. As a result, the elegant BMW attracted celebrities as diverse as Elvis Presley and motor sports hero John Surtees.
It has often been said that development and production costs of the 507 would have bankrupted the company were it not for the Isetta and a thriving motorcycle division. In fact, the flagship model was never intended as a moneymaker. Instead, it sought to re-establish the outstanding sporting reputation BMW enjoyed in the prewar years with the legendary 328, which continues to this day. The 507 certainly accomplished BMW’s goal and, today, the limited-production V-8 roadster is surely the most desirable postwar model ever built by the Munich-based company.

This gorgeous white over black leather BMW 507 is a stunning example of the iconic model that has become so sought after by the world’s leading collectors. Chassis 70244, according to BMW records, was completed on November 4, 1959, and by November 13th had been delivered to Glöckler BMW in Frankfurt. While the earliest ownership history of this late-production 507 is unknown, it spent a long period of time as part of the extensive and well-regarded Hans Durst collection in Davos, Switzerland. Durst was known for the fastidious care that his collection received, regardless of expense, and the high quality of the cars that he selected. The BMW was subsequently sold in July 1997 to German collector and racer Peter Groh, who put just 2,000 miles on the car during his short ownership. Michael Quinn of Montecito, California, purchased the car in 1999 and stated that around 2003 he had approximately $50,000 worth of work performed on the car at Winning Makes in Santa Barbara, California.

Purchased in 2009 by the current owner, a noted West Coast collector with a stable of highly significant cars, the 507 was again sent to Winning Makes for extensive servicing. This work, which is documented by receipts on file, included the rebuild of the brakes, gearbox, cooling system, and shock absorbers, as well as the crack testing and refurbishment of all suspension components. This thorough work is indicative of the care lavished upon this particular collection and should serve as notice to potential buyers as to the level of attention this beautiful 507 has received. While researching the 507 for the current owner, BMW reported that the engine in this car appears to be a later model 160PS unit, potentially from a 3200 that has been stamped with the correct engine number.

Another addition to this wonderful roadster is a factory hardtop that was sourced by the current owner and accompanies the sale of the car. The hardtop will require fitting due to the hand-built nature of the 507’s coachwork; and although not original to this chassis, it will still be an ideal complement to the fantastic specifications. Additionally, the BMW is equipped with an original sales brochure and copies of the factory BMW service and user’s manuals.
Beautifully presented, this striking BMW is poised to become a favorite of any collector. A unique combination of style, rarity, and substantive German engineering, the 507 garners the attention it deserves from the world’s most discerning collectors. An example as well appointed as this is sure to please its fortunate next steward, and the presence of this particular 507 at public auction marks an opportunity not to be overlooked.

Source: Gooding & Company

[Daft]

I didn't know BMW came out with a 507 over 50 years before the 507 C63. Eat that Mercedes lol

[motorsport_cat]

Originally Posted by Daft

I didn't know BMW came out with a 507 over 50 years before the 507 C63. Eat that Mercedes lol

The only difference being that the C63 507 actually has 507hp :P

[mankid247]

Just saw this car at BMW Welt museum today.. It is a beautiful car.

[Krozcrveno]

Such a beautiful car, may I have a ride in it.

[E39lolz]

I saw one lurking on the streets in Pinecrest, an upscale neighborhood in South Miami about two months ago and my jaw dropped!

[Mark]

** UPDATE: Sold for $1,815,000!

[cncmastr]

Needs a drop.

[bimmerjph]

Originally Posted by Mark

** UPDATE: Sold for $1,815,000!

Is that the most expensive BMW ever sold then? I don't think 328's go for that much and I can't think of any other BMW model that is ever a $1,000,000+ car.

[z19930612]

This was a car that bankrupted BMW

[MalibuBimmer]

Correct. Soon after this car was produced BMW met with Chrysler Motors in New York. Chrysler offered BMW's owners $33 million for the company. The owners' representatives wanted $38 million. They were too far apart and couldn't do the deal.

Mercedes Benz expressed an interest, but then the Quandts upped their ownership interest in the company, preserving it as an individual marque.

[Mark]

Originally Posted by bimmerjph

Is that the most expensive BMW ever sold then? I don't think 328's go for that much and I can't think of any other BMW model that is ever a $1,000,000+ car.

I'm not sure what the most expensive BMW ever was, probably nothing as high as a gullwing mercedes, but I do know of this 507 which sold last year for $2.4million

http://rmauctions.com/lots/lot.cfm?lot_id=1064952

[bimmerjph]

Originally Posted by Mark

I'm not sure what the most expensive BMW ever was, probably nothing as high as a gullwing mercedes, but I do know of this 507 which sold last year for $2.4million

http://rmauctions.com/lots/lot.cfm?lot_id=1064952

Ugh that car is so beautiful.

I was hoping to see one when I went to the Zentrum in Spartanburg (they had a picture of one on their website). I was absolutely crushed when it wasn't there.

I literally asked every employee there where it was!

[MalibuBimmer]

I have a sad story to tell.

In 1973 I had 2 BMWs, my Bavaria (which my girlfriend drove) and my almost new 3.0CS. I learned of a pretty beat up 507 for sale, almost a barn find. The owner wanted $5,000 for it. a lot of money for a beat up car. (My 3.0CS had cost me $11,000 cash the year before.)

I was very tempted but my girlfriend wanted another horse.

Well, the norse lived for 8 more years.

But every time I hear of a 507 for sale I kick myself.

(The owner of the Mercedes dealer, Auto Stiegler in Encino, bought the car.)

[Mark]

Originally Posted by MalibuBimmer

I have a sad story to tell.

In 1973 I had 2 BMWs, my Bavaria (which my girlfriend drove) and my almost new 3.0CS. I learned of a pretty beat up 507 for sale, almost a barn find. The owner wanted $5,000 for it. a lot of money for a beat up car. (My 3.0CS had cost me $11,000 cash the year before.)

I was very tempted but my girlfriend wanted another horse.

Well, the norse lived for 8 more years.

But every time I hear of a 507 for sale I kick myself.

(The owner of the Mercedes dealer, Auto Stiegler in Encino, bought the car.)

Ouch!!! Well, atleast you have the i8 now.. alls well that ends well

[MalibuBimmer]

If I ever win the lottery the two cars I want to buy are a pristine 507 and a 1930s RR Springfield Henley Roadster.

[Bimmer Barney]

I saw this exact car during restoration at Winning Makes (it's first visit there). It was the first and only 507 I ever saw in person, and I didn't even know what it was when I saw it. But I was awestruck by its beauty. The most beautiful roadster I've ever seen in person hands down. I remember the owner of Winning Makes saying how obsessive the owner was; every stressed bolt in the car was torque mark painted for example. Really cool for me to see this car again now on the forums as a feature story.

[Mark]

Originally Posted by MalibuBimmer

If I ever win the lottery the two cars I want to buy are a pristine 507 and a 1930s RR Springfield Henley Roadster.

That would be a sight! Please PM me when that day comes