WHEELS UP BY BRUCE LINDNER

 You’ve heard of flipping cars for profit, right? Check out this story.

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This is a 1962 Ferrari 250 GT SWB (short wheelbase) California Spider. I’m guessing here, but it probably sold for somewhere between $8,000 and $12,000 brand new. It was originally sold to someone in Hollywood. Let your imagination fill in that blank.

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In 1970, the owner slammed it into a curb, twisting up some suspension components, the right front brake and the exhaust system. So he sold it “as is” for $2,400.

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The new owners repaired the damage, and put it up for auction through the Gooding Company. And it recently sold for… 🥁 🥁 🥁 

 

$18,045,000. That’s EIGHTEEN MILLION AND FORTY FIVE THOUSAND DOLLARS.

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If you factor in inflation, that $2,400 works out to around $17,000 in today’s money. Which is less than 1/1,000th of what it just sold for. Even if they spent a million restoring it, I’d call that a good return on an investment!

Comments

[Joel]

Why would anyone pay 18 million for a car...especially an old car? It probably spews noxious fumes wherever it goes.

For the same amount, you could buy 18 brand-new Ferrari Stardales. You could give one to each of your closest 11 friends and have a different one to drive each day of the week. Plus, you'd be helping to save the planet.