Printer installation failed. Error 0x00000490

I had a strange error today when I tried to install a new Ricoh Multi-Functional printer on Windows 2008 R2 Server x64.

Printer was installed by selecting the

Add a TCP/IP or Web Services Printer by IP address or hostname radio button

Type of device: Autodetect

With this setup I have received the following error message:

Printer installation failed. Operation could not be completed (error 0x00000490)

The problem was located in the wrong Model type in the last page of Network Printer Installation Wizard since I was not asked to provide drivers for this printer.

I have solved this by selecting the Add a TCP/IP or Web Services Printer by IP address or hostname radio button

Type of device: TCP/IP

Now I was able to add drivers for this device and everything went well although using Type of device: Autodetect option usually works well, especially with HP printers.