A MOULDY Ferrari, left to rust in a Kendal garage, has sold for £68,700 at a prestigious auction house in London.

The green four-seater 1965 330GT has been housed inside a garage for a number of years before being taken to the capital for the sale.

It was estimated by auctioneers Bonhams that the vehicle would not go for more than £40,000. But bidders smashed that target with the Ferrari selling for almost double the expected price.

The wheels on the car had gone rusty, mould had grown on the leather seats and on the car's badge.

Rob Hubbard, senior specialist at Bonhams, said it was 'quite rare' to see this type of Ferrari in an auction house.

"It is very rare to have a Ferrari in this state that allows a buyer to restore it to their own taste," said Mr Hubbard. "In the last couple of years we have sold around four similar ones."

Once the car has been renovated it could sell for as much as £120,000.