Real estate agents Dana Bambaci and Kimberly Ward made an incredible discovery under a dusty tarp in the garage of a major fixer-upper in Santa Cruz: A 1963 Ferrari 250GT Lusso with a value of between $1 million and $2.2 million.

Ward pulled out her list of experts who she works with on behalf of clients and called rare auto expert Andy Grundy. It turns out the vintage Italian sports car is one of only 350 built. The vehicle had one owner in 50 years.

The fast luxury automobile, which was found in pretty good condition, was cleaned up — and now may be worth nearly as much as the refurbished House.

The Ferrari and the home was owned by the late David Downs, a “brilliant” scientist who worked at Lockheed Martin, according to Ward and public records. The sellers, who inherited the property from Downs, their uncle, did not realize the valuable car was sitting in the garage.

When Ward saw the Ferrari under the tarp, it was a “wow” moment.

“We walked in the garage and I was just like, ‘Oh dear God,’” she said. “This car is worth more than the house … Now, I feel confident the house will sell for more than the car, but at the time it was a lot. It was wild.”

The two-bedroom, two-bathroom home spanning 1,690 square feet sits near the beach at 122 Auburn Ave. in Santa Cruz, California. Co-listing agents Ward and Shawndy Linquist, both of Compass, have put the two-story residence, which has ocean views from upstairs and downstairs, on the market for $2.45 million.

The Ferrari is available to buy separately.

The residence has been updated inside and out, including renovation of the kitchen, bathrooms, floors and the now spotless three-car garage where the Ferrari once was hidden. The remodel was not easy.

The house was a complete mess, said Ward, who grew up in the business of building and flipping homes. However, beach homes are in high demand in this surf town just south of Silicon Valley, so she and Linquist dived in to the remodel.

“We basically walked into the house and it was kind of like a holy s–t moment,” Ward said. “It was a really surreal moment because when I walked in the house, this house was in such disrepair. It was a six-week beast to turn out. You look at the photos now and it’s gorgeous.”

Built in 1977, the house is modern, sleek and clean in its design.

“Step into a world of quintessential beach living, where every moment feels like a dream come true,” the property listing states. “Nestled six houses away from enchanting West Cliff Drive in Santa Cruz, this stunning home awaits, ready to captivate your heart and soul.”

The tale of finding the rare Ferrari, remodeling the house, and learning about its longtime owner in the process, epitomizes the ethos of the Santa Cruz area, Ward said.

“Santa Cruz is like a magnet for people,” she said. “It draws people for the quality of life and the natural beauty, the sense of strong community and spirit, and the potential for fresh beginnings. I think the cool thing about this house, and the car, is it symbolizes new beginnings and the next chapter. For the next 50 years, it’s somebody’s next legacy.

“That’s something that I’ve been kind of thinking about with this house and car. I’ve been listening to different stories about David (Downs) and the kind of person he was. I think it’s kind of neat.”