According to reputable sources, New York collector and entrepreneur James Glickenhaus has recruited Pininfarina to build a one-off Ferrari, inspired by the Ferrari P3/4 race car series of the latter 1960s. Foundation for the project started with the last produced and completely virgin 2003 Enzo. Dubbed the 612 P4/5, the prototype will be debuted at the annual Pebble Beach Concours d'Elegance in August of this year. Aside from the owner's bragging rights, the car is to resurrect and inject the opulent P4 style into future Ferrari models.

Back in mid-2005, Glickenhaus acquired an unregistered United States spec'd Enzo to set the project in motion. Shortly thereafter, the Enzo (still shrink-wrapped from the factory) was shipped to Pininfarina to begin the design refresh.

Design cues start in the car's blood red color with hints at the nose of the original P4 and end with beautiful ceramic coated exhaust tips nestled in the rear fascia. The exquisite nose on the front-end will be made possible by having the radiator mounted horizontally, with a slight recline toward the side.

While much detail is still yet to be decided, assumptions about the interior are that it will contain several integrated carbon fiber elements, surrounding a complete roll cage. The engine of the P4, as stated by Glickenhaus, will remain the same as the Enzo (with 651 hp). Efficiency in drag, due to the updates in design, will likely have the P4 taking a slight edge on the Enzo. Weighing in at an estimated 3009 pounds, the P4 will also take a 1.5 inch lower stance than its inherent design.

So far, just over $4 million has been poured into the project. Will it be worth it? To James Glickenhaus, no doubt - but to the world? It remains to be seen ... literally.