An exquisite Ferrari F40 with fine racing pedigree and a unique shade of paint will soon go up for sale at Barrett-Jackson's upcoming Scottsdale auction from January 21-29.

With a mere 1,311 examples produced, the F40 is a rare and distinctive supercar that is highly sought after by enthusiasts. So why is this example coming up for sale for the third time in five months? We first locked eyes on the gorgeous Italian in August 2022 when it was offered through a private sale by RM Sotheby's.

Then, in December, it resurfaced again. Is there anything wrong with this special Ferrari? As far as we can tell, it's an absolutely pristine example with a truly special backstory. Delivered new to Dutch Ferrari dealer Kroymans Automotive in 1989, the F40 was pressed into duty as a race car and piloted by Michel Oprey and David Hart in the Ferrari/Porsche Challenge series.

During its motorsport career, the angular Ferrari wore a vivid yellow paint job that has since been swapped out for a more demure Grigio Nardo finish. While unusual, this ashy hue was splashed onto the F40 by renowned restoration specialists at the Zanasi Group in Italy, the same people responsible for painting the Daytona Sp3 and other Icona series Fezzas. Here, the car received a full restoration.

Prior to this, the vehicle also received attention from UK-based Autofficina. Aside from a service, new fuel tanks were fitted (along with a fire extinguisher), and the suspension was tested. All of this adds to the rich history of this unique F40, but it's nowhere near as interesting as the journey undertaken by the V8 engine.

Already a powerful motorcar, the twin-turbocharged 2.9-liter was upgraded with Michelotto's help. The standard output of 471 horsepower was boosted to 700 hp to make the Ferrari competitive on the track.

As if 700 horses weren't sufficient, the boosted motor can deliver close to 1,000 mighty horsepower depending on the setup. To put that in perspective, that's more muscle than the SF90 Stradale can deliver - and that has an electrified 4.0-liter V8.

Unlike the leather-lined cabins of its contemporaries, this particular F40 boasts a spartan interior that is focused only on weight-saving measures. Two blue bucket seats do their bit to enliven the cabin, which is barren save for a few switches and the elegant gated manual gearbox.

As for why it's up for sale again has us stumped. It's a magnificent vehicle with a fantastic backstory and a unique color scheme. Perhaps the lofty power figures have scared some off, or maybe it's not as clean as it looks. Maybe it had too high an asking price, but we one day hope to see its future owner thrashing it around a track like it so clearly loves. With no reserve attached to its lot at the 2023 Scottsdale Auction, somebody could score big.