We need hardly remind readers of the constant draw of the Ferrari brand - especially with a Ferrari 250 GTO selling for $31.6m earlier this month, making it the second most expensive car ever sold.

However, the vehicle which has just been announced as being a part of an upcoming Monaco auction, (May 11-12) whilst legendary, is a little different.

The remarkable consignment is the famous Hydroplane racing boat, ARNO XI, which comes complete with a Ferrari engine.

A unique piece of history, ARNO XI was first conceived of by Achille Castoldi, who wanted to set a water-speed world record. In the years of 1952-3, Castoldi convinced Enzo Ferrari to assist, and a 12-cylinder, 4,500 cc V-12 Ferrari engine (identical to that used to ensure Ferrari's first ever Grand Prix victory in 1951) was installed, assisted by twin superchargers.

Ferrari-engined 1953 ARNO XI Hydroplane

In 1953 it set a world speed record for an 800kg boat on Lake Iseo in northern Italy (241.70 km/h or 150.19 mph ) - in fact so triumphant was the boat's performance that the record still stands. Nando dell'Orto then used it for racing, with great success.

Collectors will remember the excitement that can be generated by the water speed record - Malcolm Campbell's trophy became very valuable, for example.

"We are thrilled to be offering the historic ARNO XI at our Monaco sale. This awe-inspiring racing boat has beauty, history, provenance and performance; it simply ticks every box for any serious collector," says Peter Wallman, European specialist at the auctioneer.

Collectors who wish to own a more grounded classic Ferrari should check out this 1973 Ferrari Dino GT Targa Coupe - before someone else speeds off in it!