A stolen $2.5 million Ferrari once owned by Princess Diana's boyfriend Dodi Fayed and Pink Floyd's Roger Waters has been found burnt out in Melbourne's southeast.

The prized 1972 Daytona - one of two Ferrari's stolen from a Braeside repair shop early on Friday morning - was found alight on Gum Hill Drive in Langwarrin about 4am on Saturday.

The luxury car was extensively damaged in the blaze, police said in a statement.

Detectives are still searching for the culprits and the second vehicle - a red 1986 328 Ferrari with the number plate FUN328, worth more than $100,000.

The thieves are thought to have rammed a roller door to gain entry to the repair shop, police said.

The Daytona, whose star-studded pedigree makes it irreplaceable, was in the shop for minor repairs after the Motorclassica exhibition in Melbourne.

It had been fully restored only three weeks ago.

Those who have spent time behind its wheel include British Formula One legend James Hunt. The car was owned by the wife of the owner of his first F1 team at the time.

The car was later owned by Roger Waters before business magnate Mohamed Al-Fayed bought it in the 1990s.

Al-Fayed gifted the car to son Dodi before he and Princess Diana were killed in a crash in Paris in 1997.

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