Date
28 June 2017
The cherry-red Ferrari F430 was finally sold for  US$270,000 after it left the auction block in Florida on Saturday. Photo: AFP
The cherry-red Ferrari F430 was finally sold for US$270,000 after it left the auction block in Florida on Saturday. Photo: AFP

Donald Trump’s Ferrari underperforms at Florida auction

A 2007 Ferrari F430 F1 Coupe once owned by US President Donald Trump fell short of its low estimate when it left the auction block in Florida over the weekend.

Bidding on the car stopped at US$240,000, US$10,000 below the low estimate of US$250,000 for the car, which had been expected to take as much as US$350,000, Bloomberg reports.

Hours later, the auction house issued a statement saying “we can confirm it exchanged hands just minutes after it left the podium” for a final sale price of US$270,000, the report said.

The company did not say who purchased the vehicle and offered no further details about the off-the-record sale.

The US$270,000 sale price is the most a Ferrari F430 Ccoupe with an automatic transmission has ever sold for at auction, CNN reported, citing Hagerty Insurance.

“Similar versions of the model without the celebrity provenance traditionally bring between US$125,000 and US$175,000 depending on mileage, condition and optional equipment,” the auctioneer, Auctions America, said in a statement.

Still, experts said the car probably would have been worth more if Trump still owned it; the car was offered to the auction house by its second and current owner.

Trump purchased it new in 2007 and owned it for four years, enough to add on 2,400 miles. Its total mileage is near 6,000.

“The appeal is slightly lower than if [bidders] were buying the car directly from Trump,” said Jonathan Klinger, a spokesman for Hagerty, an insurance company for classic cars.

According to Bloomberg, prices can vary widely on the V8, 490-horsepower stallion. RM Sotheby’s sold a 2008 Ferrari F430 GTC for 459,200 euros (US$490,310) in January in Paris; a 2008 Ferrari F430 Scuderia sold for US$182,600 at a Motostalgia sale in Amelia Island, Florida; and Sotheby’s sold a yellow 2007 F430 Spider for US$357,500 in 2016.

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CG

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