Trump’s Ferrari sells for $270,000
President Donald Trump’s bright red Ferrari F430 F1 coupe sold for $270,000 at an auction in Florida over the weekend.
The bright red Ferrari was originally going for $240,000 – $10,000 less than the estimated going price for the car. However, it was confirmed by Business Insider that a private bidder swooped the Ferrari up for $270,000, within only 15 minutes of it leaving the auction stage.
The luxury supercar sold for just $14,750 more than Nicolas Cage’s Porsche 356 Speedster. The Speedster was formerly part of an extensive private car collection owned by the actor.
Other cars that have previously sold from this collection include the 1967 Shelby Mustang GT50 used in Cage’s movie Gone in 60 Seconds. The car sold for $1,000,000 at a Mecum auction in May 2013.
Trump bought the Ferrari in 2007 and owned it for just over four years, according to the auction house. During that time span, the F430 F1 coupe accrued around 2,400 miles.
However, the car is not coming straight from Trump. There was one more owner prior to the car going up for auction.
Ferrari first introduced this model at the 2004 Paris Motor Show. It was produced until 2009, before being replaced by Ferrari’s 458.
The F430 F1 coupe is powered by a 4.4-liter V8 engine capable of producing 490 hp. It can also reach a top speed of 196 mph.
Trump’s Ferrari went for nearly double the going rate for other, almost identical cars. However, collectible cars once owned by the President of the United States are extremely rare, making the price make the sense.
Other cars that belong to Trump that have sold recently include his 1997 Lamborghini Diablo, which sold on eBay last year.
Celebrity cars often fetch multiples of their going prices, with well-known names such as Eric Clapton, Steve McQueen, John Lennon and various Popes.
Many of the highest multiple offers in this area belong to Juan Manuel Fangio, who is arguably the greatest driver of all time. A Ferrari 335S Spider Scaglietti ($35.7 million in February 2016), Mercedes-Benz W196 Silver Arrow (sold for $29.6 million in July 2013), and a 1955 Belgian Grand Prix are often referred to as the “Mona Lisa car.”
The term for the cars reference their extreme rarity, exquisite beauty and their fable race history. Therefore, it is difficult to determine the importance of each variable in the equation, with Fangio not being near as famous as Trump.
Other celebrity vehicles which sold at the auction include a 1963 Mercedes-Benz 300SL Roadster, 2007 Ferrari 599 GTB Fiorano (Manual) and a 1990 Lamborghini LM002-A.