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Joined: Aug 2005
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Campfire 'Bwana
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OP
Campfire 'Bwana
Joined: Aug 2005
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Joined: Jan 2008
Posts: 5,222
Campfire Tracker
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Campfire Tracker
Joined: Jan 2008
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"Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence". John Adams
"A dishonest man can always be trusted to be dishonest". Captain Jack Sparrow
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Joined: Jan 2001
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Campfire Ranger
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Campfire Ranger
Joined: Jan 2001
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Here's the full story from the last person to own the F50:
Back in 2003, I attended a party thrown by my wife's colleagues from her residency training program (she's a radiologist). During that party, one of her colleagues introduced me to her husband, an airline pilot, and we quickly hit it off due to a mutual passion for cars. I asked him what he had and he mentioned a testarossa and an F50. Needless to say, this got my attention and I thought maybe I misheard, and asked again to which he replied "yeah, its parked outside, you want to see it ?"
So, about 10 minutes after meeting this fellow, I am out riding in his F50 thinking this is wonderful ! The car was plated in KY, current tags, and of course being driven openly. I asked him where he obtained it and he told me it was from an old guy out west who tracked it and he bought it from him "at a good price" since he was getting old.
Over the subsequent years, I saw the F50 out and about, met the owner and his wife several times at local concours and shows, and jokingly asked them for first right of refusal should he ever decide to sell it. Fast forward to 2008, and the couple was in the middle of a divorce. The owner comes to me and says he might have an interest in selling the car if I was interested. Well, of course I was !
A deal was struck, monies and title exchanged (title was clear and current, clean carfax...I know, worthless ! and the car needed a major and fuel tank so I negotiated a price that took into account at least 30-50k worth of anticipated work.) Admittedly, I did not do enough due diligence at this point. The car was being driven openly, current plates, and it was with someone who "I knew". I could never have dreamed the saga about to unfold.
Several weeks later, I contacted Ferrari Spa via their website with the cars details in order to register myself as the new owner as I had done with the other ferraris. I knew something was up when they asked me to fax a copy of the title to them. I found the engine number on the car and sent them a photo...and to my utter dismay, they confirmed that this was the engine number on the car stolen from Algar Ferrari.
I cannot tell you how that moment felt...utter disbelief, shock...a knee bending moment that left me stunned. I knew I had let my guard down and done a deal in a way that I never had before...and it stood to cost me several hundred thousand dollars. I contacted the local police and FBI, and they arrived the next day. I showed them the material gathered in the conversation with Ferrari Spa and Ferrari NA, and they obviously knew what they were looking at. The car was taken after that meeting and it was a sinking feeling to see it being driven away on a flatbed.
I later found out how he obtained a clear title and license plate. Well, he had a friend in the nicholasville KY DMV. He was advised to write a letter to the state capitol (I was shown this letter by the FBI). It said that this car was imported to be sold and that the original buyer never took possession. The MSO was lost, and the writer was asking the DMV in Frankfort to issue a title...sworn affidavit etc...and THATS ALL IT TOOK ! I was shocked at how easy in was to be honest. He obviously had helped duplicating the VIN plate, and the result was a legally titled and clear plate that he renewed each year. Oh, and the stated value on the original title paperwork was $22,500
Now, after collecting myself, I had the task of getting my money back. How you may ask ? Well, it turns out that a criminal's greed for money is only exceeded by the desire to remain out of jail and free. I calmly called the seller on a sunday night and proceeded to explain that there was an "irregularity with the VIN and engine number" and that I needed to reverse the deal. The first words out of his mouth were "Do the police know, we can reverse this deal tomorrow" At that point I knew my only chance of getting the money back was to tap into his desire to get the car back and get rid of it. The next day, 80% of the purchase price was wired back into my account. I told him the car was not at my residence (did not want a criminal trying to reclaim it in the middle of the night)....and technically it wasn't
The next two weeks, I methodically called and waited for increments of the remaining 20% to come in. In the meantime, police had discovered that the other two Ferraris in his possession were also stolen. Luckily for me, as the investigation continued they did not move in to arrest him and that gave me some time. I have to say the Lexington PD and the FBI were brilliant to work with, absolutely first class and clearly understanding that we had been duped by supposed "friends". They were elated when the first wire hit and subsequent wires arrived for the full amount. They sent Algar Ferrari a picture of this guy, and the salesman that fateful day it was heisted confirmed it was person. He had presented impeccable ID and a credit check revealed stellar credit. That to me is unbelievable...I could never have imagined this fellow being capable of that...something so brazen...I just didn't see it in him. But I suppose the desire to be something you are not just overwhelmed him. The other cars were identified as stolen from Long Island (testarossa and 328 GTS). I had seen all three cars at a hangar in Lexington Airport where he stored them...in retrospect one of the safest places to stash something stolen since it is so secure.
Anyway, shortly after I received the last wire, the police moved in and arrested him. He was convicted in Federal Court in Lexington for grand theft and I believe served 2 yrs before release and has several years of probation ahead. He made a full confession and this was likely a factor in what I consider a fairly weak sentence.
The sad part of this is what happened to the F50 in FBI hands. The car was being shifted from one location to another and the roads were greasy from a light rainfall. Where the accident happened is a small industrial road but it is at a crest. I think it came over the crest a little hot and the back end got wiggly on the wet surface. He went over a curb, took out the rear wheel and suspension and planted the side of the car firmly around a tree. Unfortunately, this caused terminal damage to the tub. Its sad, because I was in discussions with Algar and the insurance company to buy it back. The terms of Algars insurance policy gave them first right of refusal to buy it back. Once the car had crashed, they sent technicians over to take a look at it...their inspection lasted 5 mins at which point they declared it a total loss.
The latest in this saga is the now publicized dispute between the insurance co and the government/FBI. Sadly, the car sits gathering dust in a warehouse somewhere...a pitiful end to an infamous car that was much loved in its short stay with us. Someday, maybe I'll pursue another F50....but I have to say this whole episode has dampened my zeal for them a bit
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Joined: Nov 2006
Posts: 34,261
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2006
Posts: 34,261 |
Don't vote knothead, it only encourages them. Anonymous
"Never underestimate the power of stupid people in large groups." Anonymous
"Self-reliance, free thinking, and wealth is anathema to both the power of the State and the Church." Derby Dude
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Joined: Mar 2010
Posts: 342
Campfire Member
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Campfire Member
Joined: Mar 2010
Posts: 342 |
A little duct tape will fix that.
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Joined: Feb 2001
Posts: 4,042
Campfire Tracker
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Campfire Tracker
Joined: Feb 2001
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I'm not sure anything would dampen my desire for an F50. Those cars are the stuff of dreams.
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Joined: Jan 2001
Posts: 21,317
Campfire Ranger
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Campfire Ranger
Joined: Jan 2001
Posts: 21,317 |
The last owner has quite the stable of exotics.
I've been debating a midlife crisis car. The two that really turn my crank are the F40 and F50, but I can't see getting a car that cost more than my house. Reality is more like a testarossa. Which I guess isn't a bad thing, and the testarossa is just starting to hit the 30 year age mark, which is about where prices bottom out.
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Joined: Mar 2009
Posts: 6,001
Campfire Tracker
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Campfire Tracker
Joined: Mar 2009
Posts: 6,001 |
Great cars, but huge maintenance pigs.
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Joined: Jun 2005
Posts: 13,234
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2005
Posts: 13,234 |
Imagine, flying technicians in from Italy to look at the car.
Airfare, rental car, hotel, meals...
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Joined: Jan 2004
Posts: 2,811
Campfire Regular
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Campfire Regular
Joined: Jan 2004
Posts: 2,811 |
Send it over to Northern Dave. He can fix anything!!!
"I call that bold talk for a one-eyed fat man." --Robert Duvall.
"Fill your hand, you son-of-a-bitch!" --John Wayne.
~Molɔ̀ːn Labé Skýla~
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Joined: Jan 2001
Posts: 21,317
Campfire Ranger
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Campfire Ranger
Joined: Jan 2001
Posts: 21,317 |
There are plenty of factory trained techs in the states, well, not Alaska.
The thing that makes the maintenance so expensive is the engine has to be removed to do most major services, and the parts aren't cheap. That said, if you can afford a $500,000- 1,000,000 car, $10-30,000 for a service isn't going to break you.
And for a motor head, few things have a more amazing sound than a 12 cylinder Ferrari winding out, though the twin turbo V-8 F-40 makes it's own uniquely wonderful music.
Last edited by 458 Lott; 05/13/11.
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Joined: Jan 2006
Posts: 698
Campfire Regular
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Campfire Regular
Joined: Jan 2006
Posts: 698 |
That is a very accurate rendition of the way things occurred. I won't say what the speed we calculated from the crash was, but it was impressive.
The funny thing about it was we were going to have it towed on a flat bed by our contract towing service, but the FBI agent said, no, I'll just drive it in. Few moments later and, Oh crap, how we gonna 'splain this? There were some VERY tight rear ends when .gov people were informed about it.
Oh course the first statement in any crash liability discussion is, we aren't liable for it.............
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Joined: Mar 2009
Posts: 6,001
Campfire Tracker
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Campfire Tracker
Joined: Mar 2009
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I had seen all three cars at a hangar in Lexington Airport where he stored them...in retrospect one of the safest places to stash something stolen since it is so secure. if you can afford a $500,000- 1,000,000 car, $10-30,000 for a service isn't going to break you.
A great deal of the Ferrari's I've seen have been in private or corporate aircraft hangars, although none of them (to the best of my knowledge) were stolen. One hangar I worked out of in Chicago has 6 of them, the owner has 12 total various Ferrari models between Chicago, Boca, and Aspen. He has a private mechanic employed for his cars (as well as his aircraft).
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Joined: Feb 2001
Posts: 4,042
Campfire Tracker
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Campfire Tracker
Joined: Feb 2001
Posts: 4,042 |
The last owner has quite the stable of exotics.
I've been debating a midlife crisis car. The two that really turn my crank are the F40 and F50, but I can't see getting a car that cost more than my house. Reality is more like a testarossa. Which I guess isn't a bad thing, and the testarossa is just starting to hit the 30 year age mark, which is about where prices bottom out. I'll not be able to afford a Ferrari unless I win the lottery but I am within a year of pulling the trigger on a 930 Porsche. That's just going to have to suffice as my exotic car.....
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Joined: Feb 2001
Posts: 4,042
Campfire Tracker
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Campfire Tracker
Joined: Feb 2001
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I had seen all three cars at a hangar in Lexington Airport where he stored them...in retrospect one of the safest places to stash something stolen since it is so secure. if you can afford a $500,000- 1,000,000 car, $10-30,000 for a service isn't going to break you.
A great deal of the Ferrari's I've seen have been in private or corporate aircraft hangars, although none of them (to the best of my knowledge) were stolen. One hangar I worked out of in Chicago has 6 of them, the owner has 12 total various Ferrari models between Chicago, Boca, and Aspen. He has a private mechanic employed for his cars (as well as his aircraft). Levr, Which airport is that at? that would be something to see...
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Joined: Mar 2009
Posts: 6,001
Campfire Tracker
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Campfire Tracker
Joined: Mar 2009
Posts: 6,001 |
Which airport is that at? that would be something to see...
Chicago Executive in Wheeling. I haven't talked to him or been in there in a while, so I'm not sure what he has now- he sure traded them and upgraded a lot. I only got in one with him as a driver once. That was enough. He was one scary sumbiitch. He would let me drive them occasionally however, which was a real treat considering I'll never have the scratch myself to be an owner of one. He treated the wife and I like family. His pride and joy cars were in Boca- I believe the two F's he owned were both there. This pic was taken not long after it was delivered; I believe early winter of '03 or '04 maybe?- a new 575M that came up in covered transport from Ft. Lauderdale. The wife kind of liked this one- it had a nice growl. ![[Linked Image]](http://i418.photobucket.com/albums/pp262/levrluvr/Image043.jpg)
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Joined: Jan 2006
Posts: 21,810
Campfire Ranger
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Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
Hey, what's the beef? A few strips of duct tape and some red paint and she'll be as good as new!
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Joined: Jan 2006
Posts: 21,810
Campfire Ranger
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Campfire Ranger
Joined: Jan 2006
Posts: 21,810 |
Which airport is that at? that would be something to see...
Chicago Executive in Wheeling. I haven't talked to him or been in there in a while, so I'm not sure what he has now- he sure traded them and upgraded a lot. I only got in one with him as a driver once. That was enough. He was one scary sumbiitch. He would let me drive them occasionally however, which was a real treat considering I'll never have the scratch myself to be an owner of one. He treated the wife and I like family. His pride and joy cars were in Boca- I believe the two F's he owned were both there. This pic was taken not long after it was delivered; I believe early winter of '03 or '04 maybe?- a new 575M that came up in covered transport from Ft. Lauderdale. The wife kind of liked this one- it had a nice growl. Ferrari is trying to recreate the aura of the 1960's. The 575 and several other models have design updates of the 365 design of the '60's. Pinninfarina and Scagletti were masters!
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Joined: Feb 2001
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Campfire Tracker
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Campfire Tracker
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Lever,
Thanks. That sounds like a great opportunity.
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