Yes, there are multiple pink Ferraris. This one just happens to be the worst. UPDATE!
At first this looks like some generic-if-ugly "high-performance" car, possibly a cheap homebuilt from some ambitious backyard fabricator. And it's Hello Kitty pink, which never helps. Look closer: That perfectly-fitted top and buttresses? Those triangular door releases? The engine cover? That is, we fear, a Ferrari 360 under all that.
Generically tasteless just jumped to fully offensive.
Most of the body panels have been replaced, but some are still original under the coat of Pepto pink and a few dress pieces: the hood looks right even with that tongue (sorry, no other way to describe it) lying on top of it. The doors are likewise probably stock aside from the trim strips, complete with mirrors. The rest? If boring can be vile, this is it; it's all about the most predictable signifiers, from the too-smooth nose to the blocky air intakes to that absurd wing.
Somewhere under there, though, lives a serious sports car (Not according to Juan Pablo Montoya — Ed.). And somewhere walking around out there is a person who knows no shame.
UPDATE: Reader Organiczero, who clearly both knows his stuff and has a high mental pain threshold, call this correctly as the Sbarro GT 8. It is indeed based on a Ferrari 360 that was thoroughly molested by the famously bizarre Swiss house back in 2006. Even knowing the source, we are still deeply troubled by the twisted sense of style that produced this monstrosity.
(Hat tip to Anthony!)