Man charged over Melbourne Ferrari theft

A Melbourne man has been charged with allegedly torching a vintage Ferrari once owned by Princess Diana's boyfriend Dodi Fayed.

The prized 1972 Daytona - one of two Ferraris allegedly stolen from a Braeside repair shop on November 6 - was found fully alight in Langwarrin shortly after it went missing.

A red 1986 328 Ferrari worth more than $100,000 was also allegedly stolen and found torched in Frankston.

The two cars had a combined worth of $2 million.

A 34-year-old Frankston man has been charged with multiple offences, including theft and arson.

Two women who were arrested with him on Thursday have been released without charge.

The man was refused bail and has been remanded to appear at the Melbourne Magistrates Court on Friday.

The ruby red Daytona Ferrari was once owned by Mr Fayed, who died in the Paris car crash which also killed Diana in 1997.

It was also previously owned by Pink Floyd's Roger Waters.

The current owner of the car, restaurant owner Enzo Ceravolo, bought it in the UK five years ago.

It was in the shop for minor repairs after the Motorclassica exhibition in Melbourne when it was allegedly stolen.

Business magnate and Harrods owner Mohamed Al-Fayed gave the car to his son Dodi in the 1990s.