Donald Trump’s 2007 Ferrari F430 F1 Coupe sold for $10,000 below its “already low” estimate at an auction on Saturday.
According to reports, bidding on the car stopped at $240,000 before it was taken off the sales block. The auction released a statement saying that the car sold several hours later for $270,000.
The F430 Coupe with a semi-automatic transmission was anticipated to sell for as much as $350,000, which would have made it the most expensive Ferrari of its type.
Jonathan Klinger, a spokesman for Hagerty, said the car may have had a higher appeal if it was sold directly by Trump. He said the car was being sold by its second owner, with a total of nearly 6,000 miles on its odometer.
“The appeal is slightly lower than if [bidders] were buying the car directly from Trump,” Klinger said.
Still, Hagerty said the car sold for more than most others of its kind do at auction. They report the average value at auction for this model has fallen 15 percent over the last five years, averaging around $120,000 to $130,000 per sale.
“I would expect the cars with the F1 gearbox, like this one, to continue to depreciate for the near future,” Klinger said. “These were some of the last Ferraris available with manual transmission, making them worth considerably more than the F1 cars. A manual car is worth somewhere from 50 to 75 percent more than the F1 gearbox cars.”
JOIN THE MOVEMENT to SAVE THE NATIONAL ANTHEM
Please join the thousands of DML readers who have purchased a bumper sticker. CLICK HERE.
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
21-second English Pub Brawl goes viral (video)