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16 Jan 2024


Iconic Auctioneers Limited Stand: 1-001

This stunning Mitsubishi Lancer GSR Evolution V ‘S500 TMR’ could well achieve a new world record price following on from the result Iconic reached with a 2000 Mitsubishi Lancer Evolution VI 'Tommi Makinen Edition' UK Specification Chassis #001 which sold in 2021 for an auction world record of £147,000 - eclipsing the previous record of £100,100 achieved by Mitsubishi themselves for a 10,000-mile Evolution from their own collection. Iconic Auctioneers are well known for selling the best-of-breed Evolutions. 


This matchless rally road car will be offered for auction by Iconic Auctioneers at ‘Race Retro Classic and Competition Car Sale’ held on Saturday 24thFebruary 2024, as part of the well-established ‘Race Retro’ motoring event.


It’s widely accepted that finding credible examples of the Evolution V is becoming increasingly hard, so the car presented here represents a remarkable opportunity.


This 1998 Mitsubishi Lancer GSR Evolution V ‘S500 TMR’ is a UK-market car finished in Pyrenean Black and was, intriguingly, either given or sold to the late Richard Burns by Mitsubishi Motors in late 1998. Richard Burns is quite rightly considered a motorsport legend, a driver of great talent, whose life was sadly cut short in his prime at the age of just 34. He was undoubtedly worth more than his sole WRC title, but he played his part in Mitsubishi winning the Constructors Title in 1998 alongside his co-diver Robert Reid and, we understand, that S500 TMR was a reward for his efforts. As history tells us, Richard then signed for Subaru in 1999 and naturally couldn’t be seen driving an Evolution, however, this car clearly meant a lot to him as he resisted the temptation to sell it and added it to his personal Collection.


Over the years, the Burns family and their associates put together the Richard Burns Collection, and ‘S500 TMR’ was a prominent part of this for many years. Our car-enthusiast vendor acquired the car from Jo Burns (Richard’s sister) in February 2020 with a recorded 789 miles on the clock – no, that’s not a typo! He then sent it to marque specialists, Auto Torque Ltd. of Buckinghamshire, for a complete underbody recommission (as the car had suffered from being in storage for so long). This work was exceptional, carried out to OEM spec at a cost of £16,500, and photos within the car’s history file detail the exacting lengths to which they went.

This work was finished in May 2021 and the car has since been cossetted in a special facility as part of our vendor’s Collection, still with just 794 miles indicated. This is a very exciting opportunity to acquire a car with unique provenance that makes this particular example ‘one of a kind’. In remarkable condition, with only a handful of miles covered, this rally-car-for-the-road holds a special appeal for collectors, motorsport fans and Japanese performance car enthusiasts alike.


Accompanying the car is an extract from Richard Burns’ book mentioning the Evo V, an Auto Torque invoice (for recommissioning work), an original dealer hangar from Motorworld Oxford, an extract from the Oxford Mail in Feb 1999, the V5C in Richard Burns’ name, an article from the Mitsubishi Owners Club magazine featuring the car and its backstory and an invoice from Jo Burns. There is also a memory stick of photographs, original Mitsubishi manuals and books, plus an RB-branded baseball cap from the Richard Burns clothing line that was found in the glovebox.

Mitsubishi had enjoyed much success in rallying all around the world since 1973 with their Gallant, Lancer and Starion, however, in 1992 the decision was made to commit fully to winning the World Rally Championship (WRC). Utilising the best of the technologies established through previous years, including their much-refined four-wheel drive S-AWC system (Super-All Wheel Control), the Lancer GSR Evolution model series was launched. True to its name, the series has undergone an ongoing evolution process ever since its introduction with improvements in engine performance and handling leading to the Evolution II in 1993 and the Evolution III in 1995.

Following the introduction of the new Lancer road car model which debuted major improvements in styling and performance, the Lancer GSR Evolution IV was launched in 1996, boasting more power and ever more innovative technology including their new AYC (Active Yaw Control) adaptive handling enhancement system.

The Evolution V continued the process, with a further increase in engine torque and substantially improved handling thanks to a wider track and upgraded Brembo braking. Its 2.0-litre, DOHC, intercooler-turbocharged, four-cylinder engine now used an upgraded intercooler, enlarged nozzle area in the twin-scroll turbocharger, lighter pistons, an upgraded radiator and oil-cooler to produce 280bhp. Launched in January 1998 and produced for only a year, the Lancer Evolution V took up the motorsport mantle, at least in terms of the WRC. A new ruling allowing a bigger body gave Mitsubishi the opportunity to extend the previous model’s platform, increasing brake and wheel size, adding 10mm to its track and displaying, for the first time, flared arches and much more aggressive styling.

As the shows official auction partner for the 12th year Iconic Auctioneers are inviting final entries of collectors’ classic cars and competition cars for their first sale of 2024 on Friday 23rd and Saturday 24th February at Race Retro, Stoneleigh Park, Warwickshire. Entries close on 26th January. Race Retro brings together over 24,000 fans, drivers and enthusiasts at the start of the competition car calendar for a weekend of all things cars and motorsport for what promises to be a magnificent, dedicated sale of Classic and Competition Cars.

Iconic Auctioneers are a world-class, specialist auction house for the sale of classic, competition, modern and collectors' cars; modern and historic motorcycles, as well as automobilia and collectibles. They proudly hold auctions at Europe's biggest motoring events and are now inviting entries for their 2024 sales. For more information and for a no obligation free valuation, contact their team of specialists on +44 (0) 1926 691 141 or visit . A full list of their notable sales and auction world records can be found on their website


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