Lawsuit: $44M Ferrari 250 GTO is missing a part.
The world’s most expensive car is at the centre of a High Court battle between a top dealer and a US collector, as a judge must decide who is entitled to the $44 million vehicle’s gearbox.
Classic supercar trader Gregor Fisken, 55, bought the 1962 Ferrari 250 GTO in October 2017 on the understanding that its missing original gearbox would be sourced and later handed over. The blue coupe is the second of 36 Ferrari 250 GTOs that were built and comes with a lengthy and impressive racing history.
It doesn’t have its original 5-speed manual transmission.
The part had been replaced and was owned by a third party at the time of the sale. Classic cars of all stripes are worth significantly more when they have all of their original parts, especially ones with eight-figure valuations.
Fisken has since resold the Ferrari for an undisclosed sum, but is looking to force the delivery of the gearbox, claiming in High Court in London that he purchased the car with the understanding that it could and would be acquired and handed over following the sale.
The Times reported that arrangements were being made to do just that, but that the parties disagreed over the specifics, which included a $25,000 fee to the third party, and it never happened.
Carl’s side is arguing that any purchase agreement between him and Fisken was nullified when the car was sold again, but also that it stipulated that he would be owed $500,000 for obtaining the gearbox. The hearing is ongoing and it’s not clear when a verdict will be reached.
