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 |  Feb 18 2012, 11:00 AM

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Almost sixty years ago, wealthy boat-racing privateer Achille Castoldi created the Arno XI hydroplane racing boat powered by a Ferrari engine.

The engine is a 4.5 liter 12-cylinder Ferrari engine similar to that found in the Type 375 grand prix car that was driven to victory by Jose Froilan Gonzalez at the 1951 Silverstone GP. Modified for record breaking marine duty, the engine ran on methanol to allow higher compression ratios for the additional twin-superchargers to deliver more than 500-hp.

In 1953, the Arno XI piloted by Castoldi averaged speeds exceeding 150 mph. Castoldi followed up to break the “24 nautical miles” record in the 800 kg category when the ARNO XI averaged 102.13 mph. As the Italian Powerboat Federation later changed speedboating categories, this record remains unbroken. Apparently, Ferrari is familiar with winning on land and at sea.

Now this beautiful and historic hydroplane can be yours. The RM Auction will put the Arno XI on the block during RM’s Monaco sale on May 11th and 12th. According to RM, the Arno XI is complete with “an extensive history file” that contains period photos, as well as hand written notes from Ferrari engineer Gioacchino Colombo. According to experts, the boat is expected to be valued between $1.3 million to $1.9 million.