This was a tough one. It took a hint, but the first reader on the right track was Dnaj, who pointed out that it was a Zanella Ceccato. That’s just about it – it’s a 1965 Zanella Sport 100. Founded in 1948 by the Zanella brothers, the namesake company did not start building motorcycles until 1957. In 1964 they introduced the Super Sport, which was available in 100cc and 125cc models. Some of the initial models are called the “Ceccatos” as that’s the Italian comapny that Zanella licensed designs from. This example is going to need plenty of work, but I’ve never seen another one before.
from http://cybermotorcycle.com/euro/brands/zanella.htm
Obviously, this is a rare bike. Unfortunately it does not run as the engine is locked up, and this will need a restoration. It’s mostly complete but a few parts are missing. Are you up to the task? If so, find this rare Italian for sale in Butte, Montana with an unmet opening bid of $200