Ferrari $ 1.9 million: Two men claim rare car ownership

Ferrari $ 1.9 million: Two men claim rare car ownership

The 1996 Ferrari F50 Only 10,708 miles were covered and it was valued at $ 1949,669, according to an assessment made last year for the government. Ferrari built 349 F50s just to celebrate the legendary car company’s 50th anniversary.

The car was shipped from Quebec, Canada, to a Florida auto collector in December 2019 when US Customs and Border Protection (CBP) officers at the Bridge of Peace Entry Port in Buffalo, New York, noticed something strange, according to court documents. .

While inspecting, they saw that the screws with the VIN were covered in a black, tar-like substance that did not comply with the factory standards.

The Consumer Protection Bureau stopped the car for investigation and called Ferrari and the National Bureau of Insurance Crime.

They learned that the car had been stolen in March 2003 from a parking garage at the Dontello Hotel in Imola, Italy and had never recovered it.

According to the documents, Paolo Provence, who lives in Italy, was able to prove that he, his father and brother had bought a Ferrari about a month before it was stolen for about $ 309,500 (260,000 euros). The loss was not covered by insurance.

It is unclear how a Ferrari from Italy arrived in Canada, as Mohamed Al Selousi bought it from Florida in September 2019 for $ 1.435 million. Al-Selousi said he had no idea of ​​reporting the car theft, according to the file.

Now, both men want the car back.

Attorney Alessandra Piras, representing Provense, said The Buffalo News, a subsidiary of CNN, That the cars that travel was a “complicated story.”

“When this is over, there will be a movie going to be filmed on it,” Peeras told The Buffalo News. “This car has been driving around the world, apparently. It has been in Japan for a while.”

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CNN attempted to reach Piras on Friday, but her office said she was not immediately available.

Al-Selousi had registered the car for Ikonick Collections Ltd, the holding company for his collection of rare cars, according to court documents.

“Our client holds the right of ownership and government issued registration for the vehicle, and pays the fair market value to a reputable seller,” said Richard O’Neill, Al-Salousi’s lawyer.

“Only recently did we discover the existence of the other plaintiff. We have many questions about the facts and circumstances surrounding the sale and the alleged theft in 2003. If the other plaintiff appears in this case, we intend to conduct a very thorough investigation into the facts and circumstances surrounding his claim, and we are impatiently awaiting the lifting of this action We look forward to resolving this matter. “

In the government dossier, the US Attorney’s Office said it had a “significant doubt” about who should get the car.

“After the investigation, my office decided that it would not be appropriate for us to exercise our authority and to relinquish this extremely valuable luxury car that was previously stolen,” US Attorney James B Kennedy Jr. said in a statement.

“Instead, after a journey of 18 years, which we know transported across continents and countries, we decided it was time for a court of law to determine the rightful owner of the vehicle.”

Until the case is settled, the vehicle is being held by CBP in Buffalo.

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