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Yes and no - it clearly states that it's a BMW based evocation but then goes on about it being a restoration and, as has already been pointed out, a 'bare metal' respray, which is stretching the truth somewhat. Nice car though...
Unfortunately, I've just heard the Auction house was visited by Ferrari's lawyers and they have been forced to withdraw the car.
The owner must be very disappointed as they had bids from all over the world.
Badge it up as something that it's not, place it into a high profile auction that lists it worldwide and the buyer is surprised that a certain manufacturer gets upset and demands it is removed.
Come on its not rocket science.