Melbourne man in court over theft of Ferrari once owned by Dodi Fayed

A Melbourne man is due to face court after 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.

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