When in 1926 Macchi won the Schneider trophy with the Macchi M.39, the following airplanes they designed couldn't achieve the victory again, until this airplane came out.
It was a single-seat two floater airplane with a single fuselage partly made out of metal up to the cockpit and a wood monocoque bolted to the front tubular portion by four bolts. There was a frontal oil tank in the nose with its outside wall exposed to the airstream. It had many water radiators, two in the wings, another two in the pontoons, other one in the nose and another in the floaters that ran from cockpit to tail.
It was completed in 1931 with the idea of having it ready for the Schneider trophy, that eventually it was the last one, but because of engine problems, it couldn't compete that year, so instead of halting the project, Macchi got Benito Mussolini's attention who directed state funds to the company to finish the project.
Its engine was trobulesome for two years and two test pilots, Monti and Bellini, died when trying to achieve the world speed record, so the firm decided to re-engine it with a supercharged FIAT A.S.6 V24 that could generate from 2500 to 3100hp of power and contra-rotating propellers.
After 35 trials, the engine was ready for the world record attempt and it achieved it on 10th April 1933 when achieved a speed of 682km/h (423.5mph) with the Warrant Officer Francesco Agello at the controls (who was the last of the test pilots).
However, Macchi wasn't satisfied because Macchi's aim was to break the 700km/h (434.7mph) barrier, and it was achieved shortly after when also with Agello at the controls, on 23rd October 1934 it achieved the average speed of 709.2km/h (440.7mph). This record remains unbeaten today for the fastest speed ever achieved by a piston-engined floatplane. After that success it was never flown again.
It hold the absolute world speed record until 1939 when the German prototype for the Heinkel He.100 broke by reaching the average speed of 746km/h (463mph) and by the very first prototype of the Messerschmitt Me.209 which achieved a record of 756km/h (469mph) in August 1939. Currently, the fastest land based piston airplane is a heavily modified Grumman F8F Bearcat that in 1989 reached the speed of 850.26km/h (528.33mph).
Apparently there were some projects to turn it into a floatplane fighter but they were discarded as there were better models available back in the early-mid 1930s for that role.
Sources:
1. https://en.wikipedia.org/wiki/Macchi_M.C.72
2. http://www.warbirdsnews.com/warbird-articles/macchi-castoldi-m-c-72-worlds-fastest-piston-powered-seaplane.html
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