Ferrari is known for its supercars and its Formula One racing team. However, a retired navy admiral owns a rare 1955 Ferrari 500 Mondial that has a Formula One-motor.

According to Car Buzz, there are only three Ferrari Mondials in the world that still run with proper motor. Retired US Navy Admiral Robert Phillips has been driving this beauty for some 55 years. This particular car has a wonderful story.

In an article from Auto Blog this Ferrari 500 Mondial has a 2.0-liter four-cylinder that provides 172 horsepower. It is a Series II Scaglietti-bodied spider. It has an engine the same with the one used in the Ferrari 500 race car, which was used by Alberto Ascari who grabbed the F1 World Championship in 1952 and 1953.

Road and Track writes that the 1955 Ferrari 500 Mondials are usually owned by private racers. The car owned now by Phillips was originally given to the president of Venezuela in the 50s. After that it was sent to US and race at the Serbing. Its owner wrecked the car and it was stuffed away in Cincinnati. Philips later on found it broken down in 1960. He bought it for $2,225, which amounts to $18,000 in today's money. That money was two-thirds of his yearly salary during that time.

"It likes being driven. It was born to be driven. It needs to be driven," said Phillips.

With only three left in the world, this car is definitely worth exponentially more than the amount Phillips purchased it. However, the beauty and joy of riding this barn find would be reason enough for the owner not to sell it. Another Ferrari 500 Mondial will be up for sale at RM Auctions next month and is listed as "Price on Request."

The best thing about Phillips' Mondial is that it isn't stuck in the museum covered in dust He drives it regularly with leather gloves and the complete outfit. He even drives the beauty on the track, where it belongs.