Is the World’s Most Valuable Car Coming to Market?

Posted on June 27, 2017 by in Auto

Drivers have been infatuated with the automobile since shortly after the first one rolled off the assembly line. Early automobile designers likely never envisioned collectors buying dozens of models, restorers searching the world for hard to find original parts, museums devoted to cars, nor cars with multi-million dollar price tags.

The automobile collecting and car enthusiast world is keeping a keen eye on the rare car market in anticipation of a car breaking the $100 million price mark.

The car, a 1964 Ferrari 275 GTB/C Speciale, may make its way to the market due to the death of the owner Preston Henn. Henn, who was 86, was a serious racing aficionado and South Florida flea-market magnate.

Whether the car will actually find its way to the open market is very much in doubt.

Henn displayed the classic car at his Fort Lauderdale, Florida drive-in theatre and swap shop.  Shortly before his death, he told Auto week that he had made provisions to ensure that the 275 stayed on display at the flea market for long after he was gone.  According to a family friend at one point Henn had asked to be buried in the car.

Part of the value of classic cars comes not only from its pedigree but also from its owner.  In addition to owning the swap meet, Henn ran a racing team and was reportedly a skilled driver.  He was also a bit of an eccentric.

He repeatedly turned down requests from Ferrari to display the classic in their museum.  When a Japanese collector offered him about 40 million euros for the car he told them to “stop talking to me.”   He sued Fiat Chrysler for defamation when they refused his $1 million bid to buy the ultra-rare LaFerrari Aperta.

The Cars Pedigree is Equally unique.

When the 275 GTB first went into production, Ferrari was just beginning to embrace road cars as more than a way to pay for their racing teams.   A few of the cars were built for racing. The racing models had thinner body panels, a lower mounted engine, and six carburettors that delivered 330 horsepower. The racing model weighed 300 pounds less that the road model and was stamped with a “C” (for Competizione) and “Speciale.”

Henn’s 275 won the 1965 24 Hours of Le Mans.  It is also one of only three of its kind in the world.

Brain Rabold, the Hagerty Group’s vice president of valuation, says the car is a ‘once-in-a-lifetime opportunity, and I’m certain there are people who have long been interested in this car.”  According to Rabold if the car comes to market (which depends greatly on Henn’s wife and four children) that it will sell for between $50 and $75 million. However he goes on to that “there could be someone that surprises.”

The Ferrari’s rarity and racing pedigree combined create a sensational valuation. You could be surprised how much your car is worth – using a value my car service is a great way to learn the current market price.

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