This year's Monterey Car Week seems busier than ever, with headline-grabbing auctions, classic cars galore and all manner of special-edition sports cars. But for Panoz, it's also a chance to release a special 25th Anniversary Edition of the Esperante Spyder.

Unveiled at Gordon McCall’s Motorworks Revival at the Monterey Jet Center yesterday, the striking red Spyder is one of only 25 examples Panoz will produce, a mixture of Spyders and Spyder GTs. The car commemorates the firm's motorsports heritage—including several Le Mans appearances—and like all Panoz cars, every car will be hand-built.

Each Esperante Spyder weighs 3,128 lbs, courtesy of a special aluminum body formed using a process called Superplastic Forming. The technique debuted in 1992 and Panoz has used it ever since. In 1996 came the aluminum chassis and an all-aluminum modular V-8. Since then, the company has focused on various other composites, including carbon fiber, to keep weight low and performance up.

Due to the hand-built nature of the car, each 25th Anniversary Esperante can be built to customer specification, so there's no set power figure. Instead, buyers will be able to choose from a range of outputs between 430 naturally-aspirated horses to 560-horsepower from a supercharged V-8. A six-speed Tremec T56 Magnum manual transmission is standard, though customers can also opt for a six-speed auto with paddle shifters.

Performance is quoted at 3.7 seconds to 60 mph and a top speed of 172 mph. On the way, you'll also clear the quarter-mile in 12.5 seconds at 112 mph. The Esperante is no stripped-out track special though—the interior is swathed in leather, while wood, metal and Alcantara trim are all on the options list. There's even a 10.6-inch electronic gauge cluster sitting in front of the driver—technology unheard of at the Esperante's debut 25 years ago.

If the standard power outputs aren't enough, Panoz has drafted in one of its affiliates, Élan Power Products, to custom-build engines of 800 hp or more. These won't be cheap, though "cheap" is rarely a word in the supercar lexicon and even the standard 25th Anniversary models will set buyers back $179,120. Opt for the GT, and that rises to $204,750, plus destination.

American sports car brand Panoz is present at this week’s 2015 Dubai Motor Show where the company is showing off its latest Esperante Spyder and Spyder GT models. And sharing the stand with the open-top sports cars is a very special model from Panoz’s past: the 1997 Esperante GTR-1 Le Mans homologation special.

There were just two Esperante GTR-1 road cars built as part of the homologation rules for the various race series that the racing version competed in, which included the prestigious 24 Hours of Le Mans. Only one of the cars remains, and it just underwent a six-month restoration process at Panoz’s headquarters in Braselton, Georgia.

The car is very different to the Esperante road car on sale today, though the basic configuration of a front-mounted V-8, six-speed manual transmission and rear-wheel drive has been retained. The Esperante GTR-1 is powered by a 6.0-liter V-8 derived from a Ford Motor Company [NYSE:F] design and delivers an estimated 600 horsepower and 500 pound-feet of torque.

Other specs include a ZF six-speed manual, Brembo brakes, 18-inch OZ Racing center-lock wheels, and full carbon fiber construction. The car also sports a full leather interior. Despite the luxury trimmings, the curb weight still comes in at an incredible 1,980 lbs.

The car is currently owned by Panoz, which has no plans to sell it. However, the company will build a new version using the original body and tub molds. Pricing is set at $890,000 and is dependent on the customer’s personalization requirements.

If it’s a more modern Panoz you’re after, the latest Esperante is also available. It starts at $179,120 for the 430-hp version and ranges up to $204,750 for the 560-horsepower range-topper.