CHITTY CHITTY KER-CHING: Ferrari bought for £5,000 fetches £18 million

A Ferrari that was purchased by an American businessman for only £5,000 has been sold at auction for an astonishing £18 million at an auction in Monterey, California. The classic 1960’s sportscar, a Ferrari 275 GTB/4*S NART Spyder and one of only ten made, belonged to the estate of late businessman, former city mayor and philanthropist Eddie Smith. Smith passed away in 2007. The red two-seater, which is still in mint condition, was bought for £5,000 by the businessman in 1967. Despite its age, the car’s condition and scarcity meant that experts at RM Auctions estimated that the car would go under … Continue reading CHITTY CHITTY KER-CHING: Ferrari bought for £5,000 fetches £18 million