Will the Ferrari 275P Return to Auction?
This sounds like one of those fairytales.
The Ferrari 275P became the last works-Ferrari to win at Le Mans. Consigned to a February 2018 auction, the estimate reached €30m. This would become a record for a Ferrari paid in Euros at auction. The dollar record belongs to the 250 GTO that sold at auction in 2014 for $38m.
However, a private sale of a 250 GTO eclipsed the auction record. Check our blog post: Record £52m Sale for Ferrari 250 GTO.
Everything seemed fine until January 2018 when it withdrew from the auction! Why? Legal issues. The estate devised a nigh bulletproof tax savings plan but it went sideways by a few hundred million euros.
That will come soon but we need to explain why the Ferrari 275P is so famous.
How Famous is the Ferrari 275P?
The car is one-of-a-kind because it won Le Mans twice. In addition, it's the last Ferrari to win it but that's the beginning.
It didn't just win, it dominated.
In the 1964 edition of the famous endurance race, the Ferrari 275P covered 4,695km at an average speed of 196.6km/h (122.1 mph)! This amazing speed became real by its 3.3-litre V12 engine churning out 316 bhp down the Mulsanne straight. Imagine that?
Enzo Ferrari reportedly didn't like keeping race-winning Ferraris in museums so they sold it to Luigi Chinetti's NART racing team and then Pierre Bardinon, the notable collector, acquired it.
Pierre Bardinon's Mas du Clos Collection
Pierre Bardinon, one of the most famous car collectors in the world captured the prized Ferrari and added it to his collection at Mas du Clos, France.
Unlike traditional collectors who store their vehicles in Fort-Knox like security, he built a race-track near his 'museum' and raced them.
Why did we use the word 'museum'? Whispers about the number of cars peak at 500!
Bardinon started selling them in the latter stage of his life and this is where it gets messy after Pierre died in 2012.
- In 2012, the collection dropped to 20.
- In 2016, the collection obtained a $200m valuation.
When an estate is inherited, French Law dictates a percentage of the estate's assets is paid as tax.
Why Did the Ferrari 275P Withdraw From Auction?
The Bardinon estate disagreed with the $200m and insisted $70m instead. The reasoning for this spells tax avoidance but who knows?
Although it's difficult to value the cars, a problem occurred when a 1957 Ferrari 335 Sport Scaglietti sold for €32m.
A Legal battle followed and this resulted in the withdrawal of the Ferrari 275P.
The on-going legal battles are casting a cloud over the future of the Ferrari 275P.
The history and heritage would have given the 2014 record a run for its money and the Ferrari 335 Sport Scaglietti. However, a record is on the horizon when a Ferrari 250 GTO received a monster estimate. Check our blog post: Ferrari 250 GTO receives $45m Estimate.
The Bardinon collection became so renowned, Enzo Ferrari called it the Ferrari Museum!
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