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

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

The highly collectible 1957 507 Series II Roadster, of which only 252 were built, has been sitting in a Philadelphia garage since 1979, meaning it has not been used since Jimmy Carter was president and Margaret Thatcher became the UK’s first female Prime Minister .

After the German bike has been awakened from its four-decade slumber, it will be offered to the highest bidder at the Bonhams’ Audrain Concours auction in Newport, Rhode Island on September 30, and is expected to sell for between $1.8 million and $2.2 million (£1.5 million and £1.8 million).

Hidden gem: This 1957 BMW 507 Series II Roadster has been garaged for over 40 years.  In that time, it has become one of the German brand's most sought-after classic models, meaning it could sell for over $2 million later this year.

Hidden gem: This 1957 BMW 507 Series II Roadster has been garaged for over 40 years. In that time, it has become one of the German brand’s most sought-after classic models, meaning it could sell for over $2 million later this year.

The auction house says the 507 is one of the most sought-after models by car collectors around the world as it prepared to ramp up interest in the little-used vehicle in the weeks before it goes on 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, the high price made it too expensive for many – and the German manufacturer made a loss on every copy it made.

In the late 1950s, the roadster was so exclusive that ownership was usually reserved only for A-listers, 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.

The car is one of only 252 built between 1956 and 1960.  It will be available on September 30 at the Bonhams Audrain Concours auction in Newport, Rhode Island.

The car is one of only 252 built between 1956 and 1960. It will be available on September 30 at the Bonhams Audrain Concours auction in Newport, Rhode Island.

The 1950s Beemer has been sitting 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

The 1950s Beemer has been sitting 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

Images of the vehicle show where it has been stored for the past four decades, where it has been kept alongside a plethora of old motorcycles in the unit attached to the side of a house

Images of the vehicle show where it has been stored for the past four decades, where it has been kept alongside a plethora of old motorcycles in the unit attached to the side of a house

Bonhams says the 507 is one of the most sought after models for car collectors around the world today because it was one of the exclusive motorcycles of the 1950s, owned by A-listers, including Elvis Presley

Bonhams says the 507 is one of the most sought after models for car collectors around the world today because it was one of the exclusive motorcycles of the 1950s, owned by A-listers, including Elvis Presley

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

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

Unusual for such a glamorous statement car, this 507 was pulled straight into an unassuming garage in an unassuming part of Philadelphia, where it stood for 43 years without turning a wheel – only occasionally started.

Bonhams said: 'This treasure of a garage find, snatched up for over 40 years, presents a spectacular opportunity for the serious collector'

Bonhams said: ‘This treasure of a garage find, snatched up for over 40 years, presents a spectacular opportunity for the serious collector’

Footage of the vehicle being driven out of the garage for the first time in 40 years shows the bodywork showing only a light dusting of dust

Footage of the vehicle being driven out of the garage for the first time in 40 years shows the bodywork showing only a light dusting of dust

There's a lot of dust in there too, which you'd expect from a bike that hasn't been used in over four decades

There’s a lot of dust in there too, which you’d expect from a bike that hasn’t been used in over four decades

BMW 507 specification

59467817 10946685 image a 9 1656057366617

Production: 1956-1960

Units: 252

Engine: 3.2-litre V8 petrol

doors: 2

chairs: 2

Length: 4,380 mm

Width: 1650mm

Height: 1,257mm

wheelbase: 2,480 mm

Curb weight: 1,330 kg

Maximum power: 150 hp @ 5000 rpm

Maximum torque: 235Nm @5000rpm

Acceleration (0-62mph): 11.1 seconds

Top speed: 122mph

Motive: rear-wheel drive

Transfer: 4-speed manual transmission

The images show the vehicle, covered only with a light layer of dust, stored among a plethora of old motorcycles in the unit attached to the side of a house.

And it seems that the car has been kept alongside other copies for years, while prices have risen exponentially.

This engine is just one of a fleet of 507s that the family has serviced over the past 50 years.

The matching numbers copy was delivered new in Caracas, Venezuela.  It later made its way to Montreal, Canada, where it was acquired by the seller's late father in 1979, meaning it's been in the same family for over four decades.

The matching numbers copy was delivered new in Caracas, Venezuela. It later made its way to Montreal, Canada, where it was acquired by the seller’s late father in 1979, meaning it’s been in the same family for over four decades.

The car's current mileage has not been disclosed by Bonhams, who confirmed it will be sold unreservedly when the hammer falls.

The car’s current mileage has not been disclosed by Bonhams, who confirmed it will be sold unreservedly when the hammer falls.

As you can see, the garage that kept the collectible - and ultra-expensive - BMW is not part of a luxury home

As you can see, the garage that kept the collectible – and ultra-expensive – BMW is not part of a luxury home

A car that was largely original and the subject of a typical 1970s makeover with a new ‘Pontiac Bright Blue Metallic’ paintwork prior to current ownership.

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

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

As you can see from this image, the leather seats are definitely well worn.  However, the cab appears to be in good condition, with the switchgear in place and correct and panels all in tact

As you can see from this image, the leather seats are definitely well worn. However, the cab appears to be in good condition, with the switchgear in place and correct and panels all in tact

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

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

The auction house says it expects the winning bid to be in the region of $1.8 million and $2.2 million, with the car being sold without a reserve

The auction house says it expects the winning bid to be in the region of $1.8 million and $2.2 million, with the car being sold without a reserve

The current mileage of the car has not been disclosed by Bonhams, who confirmed it will be sold unreservedly when the hammer falls.

Commenting on the car’s availability in September, Eric Minoff, the auction house’s senior auto specialist, said: “This treasure of a garage find, snatched up for more than 40 years, presents a spectacular opportunity for the serious collector – and it will be. offered without reservation.

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

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