A second vintage Ferrari stolen from a luxury car workshop has been found burnt out in Melbourne's south-east.
The $100,000 red 1986 Ferrari 328 was stolen from Hughes Supercar Services in Braeside on Friday morning, along with a rare ruby red 1972 Ferrari Daytona, worth an estimated $2.5 million.
The less expensive 1986 Ferrari with the number plate FUN328 was found engulfed in flames on Jolly Street in Frankston about 6.30am on Monday.
"It's burnt-out, completely destroyed," a police spokeswoman said.
The $2.5 million Daytona Ferrari - which once belonged to Dodi Fayed, boyfriend of Diana, Princess of Wales - was also found burnt-out near Frankston. It was discovered shortly before 4am on Saturday on Gum Hill Drive in Langwarrin.
The two luxury cars were stolen from Hughes Supercar Services in the early hours of last Friday morning.
Police said thieves rammed the roller door of the workshop to gain access to the cars.
Specialist Ferrari mechanic Phillip Hughes said will spend more than $20,000 improving security at his Braeside business, including $7,000 on closed-circuit cameras, but said it was extremely difficult to stop gangs of professional thieves.
"You can put cameras on your premises, but then they'll torch your entire building and you'll lose 20 cars rather than just two. We have taken new measures, but there's no guarantee," Mr Hughes said.
He said more than 2000 hours had been spent restoring the 1973 Daytona Ferrari after it was shipped over from the United Kingdom by former developer Enzo Ceravolo five years ago.
The restoration, which involved rebuilding the engine and a bare metal spray job, had only been completed a fortnight ago.
The car had been returned to the mechanics to replace the alternator.
Mr Ceravolo's son Francesco Ceravolo said the car could be restored despite the fire damage, but it was a question of money.
"The restoration would have to be carried out at a global restoration house that can give it that prominence," he said.
"I would love to, but the old man just turned 70 and he's not up for another five years of this."
Over the weekend, detectives examined video taken from neighbouring businesses. CCTV footage has captured the thieves stealing a black Ford Territory that was used to ram Mr Hughes' business, police said.
Mr Ceravolo said he believed little planning had gone into the theft.
"It wasn't a sophisticated robbery, they did get lucky with the car they took," he said.
"They didn't know what they were torching."
Investigators are still searching for the thieves.
Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or make a confidential report at crimestoppersvic.com.au.