The fastest spinning white dwarfs (WDs), which approach break-up speeds, are found in close binary systems. In the two known magnetic WD propellers'', AE~Aqr and LAMOST J0240+1952, the magnetic WD spins so rapidly that it ejects the material transferred by its Roche-lobe-filling companion rather than accreting it. We report the discovery of the third such system, 1eRASS J042633.5$-$250226 (1eRASS J0426/Valeria), at only 265 pc, identified by combining SRG/eROSITA and \textit{Gaia} data via the X-ray Main Sequence’'. TESS photometry shows AE~Aqr-like flaring and orbital modulation with hr, and ZTF shows month-long high/low state changes. Phase-resolved Palomar/DBSP spectroscopy confirms the orbital period and yields a donor radial velocity of km s. High-speed Palomar/CHIMERA photometry detects optical pulsations on three nights with the strongest detection at sec, though further observations are needed to confirm this as the WD spin. Spectral fitting of the donor in the low state reveals a late K-type star with K. Zeeman splitting in the optical spectrum yields a candidate field strength of MG, meaning the system will evolve into a polar. Like other WD propellers, the system is X-ray faint ( erg s), but is not detected in the radio, and a spin period is not detected in X-rays by SRG/eROSITA. The proximity of this system and evolutionary model constraints on the timeframe of the propeller phase yield a birth rate density of , which agrees with that of magnetic CVs, suggesting that a substantial fraction of magnetic CVs pass through a propeller phase.

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