In 1965, Giotto Bizzarrini launched Scuderia Bizzarrini, a vanity project/coach building company that aimed to bring the Italian engineer’s many great ideas into production. Though staying in business for just five years and never building more than a few dozen vehicles, the Bizzarrini name lives on for one big reason, the P538.

This gorgeous boutique racer had no roof but timeless designs, and its rear, mid-engine layout drew instant comparisons to other, more popular Italian exotics of the time.

But the beating heart of this gorgeous work of automotive art came not from the lands of Caesar, but rather Detroit, as Bizzarrini had the foresight to stuff a 365 hp 327 ci Chevy small-block into his lightweight racer. The 538 in P538 refers to 5.3-liters of displacement (because metric system) and eight cylinders, as the designers clearly recognized that looks aren’t worth much without a powerful engine under the hood.

Using a lightweight fiberglass body attached to a space frame chassis, a ZF five-speed manual transmission, an independent suspension, and inboard-disc brakes at every wheel, the Bizzarrini P538 seemed like the perfect race car…on paper, at least.

But when it came time to test the P538’s performance at Le Mans, it wound up with a DNF at the 1966 event, and failed to even qualify for the starting grid in 1967. Two years later, Bizzarrini would close up shop, having produced just six 327 ci-powered P538s, as well as a pair powered by Lamborghini V12s.

As is usually the case, the Bizzarrini P538s changed hands a few times, without anybody really applying any historical or major monetary value to them until decades later. Then all of the sudden, they’re worth something like seven figures, because somebody out there decided they really, really wanted one.

If you look at it long enough, you can start to understand why. This particular car will cross the auction block at the RM Sotheby’s Monterey Event on August 13th, in case you wanted to catch a glimpse before it disappears into another private collection for decades on end.