Trump’s Ferrari sells below estimated value

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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.

Photographer: Dirk de Jager © 2017 Courtesy RM Sotheby's

Photographer: Dirk de Jager © 2017 Courtesy RM Sotheby’s

“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.

Photographer: Dirk de Jager © 2017 Courtesy RM Sotheby's

Photographer: Dirk de Jager © 2017 Courtesy RM Sotheby’s

“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.”

H/T: Bloomberg

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