A French appeals court ordered the son of a renowned Ferrari (NYSE:RACE) collector to pay his siblings millions of Euros over the disputed sale of a coveted racer considered the storied Italian automaker’s “Mona Lisa”.
Patrick Bardinon was sued for breach of trust after auctioning off the rare 1964 Ferrari 250 GTO to a Taiwanese buyer in Y 2014 for EUR 38-M ($42-M at current rates) a record at the time.
He says it was a gift from his father Pierre Bardinon, a descendent of the family behind luxury fur and leather house Chapal, after Patrick was in an horrendous racing accident.
“My father thought I had died that day,” he said last March when the lawsuit 1st came to court.
But Anne and Jean-Francois Bardinon claim their brother secretly removed the Ferrari from their father’s collection and unlawfully sold the crown jewel of their shared inheritance.
The pair lost their initial challenge, but the appeals court in Limoges ruled Wednesday in the siblings’ favor, Anne Bardinon’s lawyer said Friday.
It ordered Patrick to return the sale proceeds plus interest as well as the auction commission, a total of EUR 52.3-M to the common inheritance fund.
Pierre Bardinon, who died in Y 2012, had amassed an unrivalled collection of more than 60 Ferraris at his Mas du Clos estate, which had its own race track, in central France.
Most of the cars were bought in rough shape, cheaply, and were painstakingly restored, the 1964 GTO was purchased in Y 1978 for just $700, or about $2,800 in today’s money. Pierre spent another $1,500 fixing it up
Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.
HeffX-LTN overall technical outlook for RACE is Bullish to Very Bullish, overhead resistance is NIL, and Key support at 167.82, 3 of our Key indicators are now Bullish, and the stock has established strong long term support ahead of this coming breakout North.
Ferrari broke out and finished at 171.30, +1.40 Friday in NY.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I see it at 200+/share in that frame.
Have a terrific weekend
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