But Melbourne Magistrates Court heard on Monday that police cannot find the 55-year-old vehicle, one of just nine ever built.  Publishing a photo of the car in a criminal prosecution may effect its sale value, the court was told.

When prosecutor Matt Fisher opposed the media's application for release of the Ferrari photos, he told deputy chief magistrate Dan Muling that "we are not talking about a Ford Falcon."

Mr Muling replied that if they were they would not be hearing a case about a Ford Falcon unless, he quipped, if it was one used in Division 4 or Homicide, former TV police dramas.

"It is one of nine ever constructed," Mr Fisher said. "It's a rare vehicle." He submitted that connecting the Ferrari "with a criminal prosecution may be detrimental" to its current or future owner, but Mr Muling refused the application.

It is alleged that Sandro Mark Terzini, a repairer and restorer of vintage vehicles, stole the car in 2013, and later dishonestly  claimed he could lawfully sell it. He then stole the $465,000 sale proceeds.

Michael Tovey, QC, for Mr Terzini, 46, who pleaded not guilty to three charges, told the court it was expected the matter "will resolve" in the near future.

In a summary tendered by Mr Fisher, it was alleged Mr Terzini stole the car from Michael Kudelka, a former business partner and vintage car collector,  who had bought it in 1997 from Duttons, a trader in exotic and vintage cars.

The summary said that while Mr Kudelka was overseas in July, 2013, the accused sold the car to George Nakas of Melbourne Prestige, a trader, who believed Mr Terzini was representing Mr Kudelka and had the authority to sell.

Mr Muling heard that Mr Nakas registered the car and sold it last year to Gregory LaManna for $550,000. Duttons then bought it from Mr LaManna for $875,000.

According to the summary, when Mr Kudelka returned last September, he reported the theft to police who now cannot find  the car because Mr Nakas has refused to surrender it, telling investigators he bought it in good faith and made all the necessary checks.

When interviewed by police, Mr Terzini admitted selling the car to Mr Nakas, but said he acted on behalf of Mr Kudelka. Mr Terzini, of Dromana, was bailed to appear  on Tuesday at a directions hearing in the County Court.