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Old 09-06-2008, 06:08 AM   #1
P03w
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PWN3D Vintage Ferrari stolen in 1993 and worth $3.5 million shows up in Connecticut.

Quote:
SHARON, Conn. -- A rare 1958 Ferrari 250 PF that had been stolen more than a decade ago in Spain was found in Sharon on Thursday night, state police said.

Police said the investigation into the stolen car was launched in June when members of the State Police Motor Vehicle Fraud Task Force learned that the car was registered in the state.

Police said the Ferrari was stolen in 1993 in Spain and then smuggled into the U.S. through New Jersey. Police said the car was initially registered with a false vehicle identification number and involved in multiple sales transactions over several years in New Jersey.

The car was ultimately sold to a Connecticut buyer in 2000 for $550,000. Police said the buyer appeared to be unaware that the car had been stolen.

Exotic car enthusiasts value the car between $4 and $5 million.

The car's rightful owner was identified as a resident of Switzerland. Police said the owner never accepted the insurance claim on the car because he said he believed that the Ferrari was so rare and valuable that it would eventually turn up somewhere in the world intact.

Police said the car was recovered after investigators submitted a search warrant for the buyer's Sharon residence.
Article says 'enthusiasts' value the car at $4-5 million, but that's highly optimistic. I have a very reliable source that tells me that market on a Series I PF cab is currently $3-3.5m, hence that is the amount I felt warranted use in the title of this thread. As an interesting note, and something you won't find in this article, is the fact that the car has been shown publicly, and rather frequently over the recent years lending credibility to the owner's claims of innocence.

http://www.wfsb.com/news/17400417/detail.html#

I wonder how much the original owner is worth, given that he declined to cash the $550,000 insurance check in the belief it would eventually surface... guess he was right! Well played.

Moral of the story: If you're going to steal a car, make sure it isn't one of 40 that someone will certainly recognize before long.

P03w
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Old 09-06-2008, 06:12 AM   #2
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wow... just think how much that $550k would be worth today if he had invested it in something nice... like property, oil, etc
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Old 09-06-2008, 06:14 AM   #3
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The "market" value was for the last one sold. You really can't estimate the value of a car like this except that it'll be more than the last one went for.

I think the article might be wrong, that car wasn't a 1958 model, 212 were made in '59 and '60 if it's what I'm looking at, the 250 GT Cabriolet Pininfarina Series II. ibifyouhavethemeans...

You'd think if you were a buyer, picking one up for that cheap would be a little fishy. Something about you can't con an honest man.

Last edited by richde; 09-06-2008 at 06:26 AM.
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Old 09-06-2008, 06:34 AM   #4
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Quote:
Originally Posted by richde View Post
The "market" value was for the last one sold. You really can't estimate the value of a car like this except that it'll be more than the last one went for.

I think the article might be wrong, that car wasn't a 1958 model, 212 were made in '59 and '60 if it's what I'm looking at, the 250 GT Cabriolet Pininfarina Series II. ibifyouhavethemeans...

You'd think if you were a buyer, picking one up for that cheap would be a little fishy. Something about you can't con an honest man.
Alright, I bit my tongue before your edits, but I'm going to have to respond now.

"You" can't estimate the value, but Marcel Massini can, and did. That's my source for the actual value. If you don't know who he is, Google is your friend, and you'll find him to be the authority on the matter.

As far as production numbers, you're looking at Series II cars, and this is a Series I, hence the production number of 40 I mentioned earlier, and the higher value than a one-of-200+ SII car.

Additionally, the buyer paid a market-correct $550k at the time of purchase (the same amount the insurance check was for), and it is only since that time that the value has increased exponentially.

:sigh:

Anything else? Good. I'm going to bed now.

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Old 09-06-2008, 08:40 AM   #5
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Wow, how much would that have sucked if he took the insurance check. IIRC, if that vehicle turns up later down the road, and you accepted the ins check, the insurance would then have claim to the car and it would belong to them then. Correct?

Also, saying that the ins check was for $550K. Where did it say that in the article? Whatever it was, the real suck would be then that the owner would have lost 15 years of appreciation value on the car btwn 93-now if he took the check.

$550,000 wait 15 years and it turns into ~3.5mill. Yea, I can wait too.
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Old 09-06-2008, 09:26 AM   #6
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The cops linked the crime back to an 18 year old Chicago native named Ferris Bueller.



They also found the lifeless body of the son of the owner, Cameron Frye, who was shot while trying to stop the perpetrator.



The mastermind behind the whole scheme is one Ben Stein. He has been suspended from job as a high school teacher while the investigation continues.



All the while principal Edward Rooney continued to make phone calls. The bastard!!

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Old 09-06-2008, 09:28 AM   #7
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Nowhere does it say that the original owner paid $550,000.
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Old 09-06-2008, 09:30 AM   #8
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Well done.

I was trying so hard to think of a Ferris Bueller reference, but couldn't. I wanted the "It's so choice..." quote but that was already used yesterday.
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Old 09-06-2008, 09:36 AM   #9
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Quote:
Originally Posted by Apollo IV View Post
Well done.

I was trying so hard to think of a Ferris Bueller reference, but couldn't. I wanted the "It's so choice..." quote but that was already used yesterday.
Mr. Bueller was quoted as saying, "What was I suppose to do? Mr. Rooney would have never believed that Mr. Peterson drives that piece of sh_t!" when he was taking into custody. Investigators believe he was referring to Cameron Frye's rusted out piece of crap Datsun.
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Old 09-06-2008, 09:43 AM   #10
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Quote:
Originally Posted by Platinum03Wagon View Post
Moral of the story: If you're going to steal a car, make sure it isn't one of 40 that someone will certainly recognize before long.

P03w
How is the guy who stole it, out any money? We don't even know who he is.
Now the poor guy who ended up with the car... he's out $550K.
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Old 09-06-2008, 09:49 AM   #11
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Quote:
Originally Posted by dmpi View Post
How is the guy who stole it, out any money? We don't even know who he is.
Now the poor guy who ended up with the car... he's out $550K.
I have it on good authority that it was the Hamburglar.



grant
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Old 09-06-2008, 11:11 AM   #12
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Quote:
Originally Posted by Mud Pig View Post
The cops linked the crime back to an 18 year old Chicago native named Ferris Bueller.



They also found the lifeless body of the son of the owner, Cameron Frye, who was shot while trying to stop the perpetrator.



The mastermind behind the whole scheme is one Ben Stein. He has been suspended from job as a high school teacher while the investigation continues.



All the while principal Edward Rooney continued to make phone calls. The bastard!!

the mastermind should be called the economics teacher since ben stein is his real name and wasnt used in the film
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Old 09-06-2008, 01:10 PM   #13
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Quote:
Originally Posted by Mud Pig View Post
The cops linked the crime back to an 18 year old Chicago native named Ferris Bueller.


The car in the movie was a replica 250 GT California, right? Does it look pretty much like the 250 Pinifarina?
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Old 09-06-2008, 01:34 PM   #14
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Yes, the Ferris Bueller car was a replica California Spider by a company called 'Modena'; and is the car from which the newest Ferrari (due out in less than a year) draws its name. The PF cab was produced contemporary to the California, but was a more luxurious car. To the untrained eye, they're almost indistinguishable. They do share the same wheelbase with the LWB Cal Spider and the same Colombo-designed 3-liter v12 engine.

Cal Spider:


PF Cabriolet:


As far as comments regarding the information not stated in the article, I'm involved in a discussion among some other folks much more intimately connected to the situation than I initially felt warranted divulging, lest I become the new racer98, but rest assured that the price paid by the most recent US owner, the amount of the insurance check to the original owner in Switzerland, the value of $3-3.5m and other information posted is correct despite not being in that article. As far as who is 'out' the money, the last buyer, who is out a LOT of money at this point ($550k out of pocket, $3m+ opportunity cost) will certainly litigate to recover losses, and since none of the legit brokers and buyers will want to be out the money (or reputation, or in prison), investigators will eventually get back to whomever stole it.

BTW, just to make your head really spin, the 'original' owner in 1958 paid about $10k brand new for the car. Now that would have been an incredible investment, but back then, they were just "one of them finicky Eye-talian jobs".

P03w

PS- As further aside, it was the 250 series and it's inherent clutch problems that prompted a tractor builder named Ferrucio Lamborghini to complain to Enzo, as he owned three of them. Ferrari insulted Lamborghini and reportedly told him to stick to tractors and leave the sports cars to him. Lamborghini decided to build a better sports car, and the rest is history.
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Old 09-11-2008, 01:39 PM   #15
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Quote:
Originally Posted by Brad Pittiful View Post
the mastermind should be called the economics teacher since ben stein is his real name and wasnt used in the film
First there was grammar nazis and then there is the annoying film buff nazi. What is this world coming too?

Used his real name because I couldn't find his characters name.
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Old 09-11-2008, 01:41 PM   #16
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Quote:
Originally Posted by Mud Pig View Post
First there was grammar nazis and then there is the annoying film buff nazi. What is this world coming too?

Used his real name because I couldn't find his characters name.
http://www.imdb.com/title/tt0091042/

Ben Stein ... Economics Teacher
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Old 09-11-2008, 01:44 PM   #17
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Bueller borrows; it was stolen by Charlie Sheen, and he was on drugs.
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Old 09-11-2008, 01:50 PM   #18
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Quote:
Originally Posted by Mud Pig View Post
Investigators believe he was referring to Cameron Frye's rusted out piece of crap Datsun.
Didnt Cameron drive a Saab?
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Old 09-11-2008, 01:55 PM   #19
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Originally Posted by 95LXAWD View Post
Didnt Cameron drive a Saab?
You son of a bitch!!!
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Old 09-11-2008, 02:12 PM   #20
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Quote:
Originally Posted by Layman View Post
Nowhere does it say that the original owner paid $550,000.
No, not the ORIGINAL owner. What it also doesn't say, is that the insurance check was for $550K. The buyer in CT - I guess, the "middle" owner? - paid $550K.
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Old 09-11-2008, 02:27 PM   #21
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FTR, $550K turns into $3.5M in 15 years with a 12.3% annual return. It's not like the guy did all that much better than if he had just taken the check.
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Old 09-11-2008, 09:04 PM   #22
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This isn't that tough, folks. There have been several owners. The first paid ~$14,000 for it new, it changed hands privately several times and for increasing amounts each time. The Swiss owner (second most recent) did not PAY $550k for it, but had a current appraisal for $550k at the time of theft, so that's what the check from ins. amounted to. By coincidence, and dicated precisely by the market, the unsuspecting US buyer of the stolen car paid the same $550k- not to the man in Switzerland of course, but to the middlemen/thieves. In the time since his purchase, the same car has appreciated sevenfold to its current value of ~$3.5 million.

Quote:
Originally Posted by sonicblue View Post
FTR, $550K turns into $3.5M in 15 years with a 12.3% annual return. It's not like the guy did all that much better than if he had just taken the check.
Can you drive a check? Which looks better in the garage? What other investment provided a consistent >12.3% return for that period?

I'm not saying invest in Ferraris, as most don't ROI nearly as well, but this was well bought by any measure.

'Cept for that whole thing about it being stolen.

P03w
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Old 09-11-2008, 09:36 PM   #23
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Definitely wouldn't hurt my feelings, the one from Ferris Buellers Day of is slick though.
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Old 09-11-2008, 09:52 PM   #24
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I just don't get how the car appreciated 6X its value in 15 years...Does that mean in 10 years it'll be worth a biiiiilllllllllllionnn...?
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Old 09-11-2008, 10:06 PM   #25
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Next, Supra's are going to increase value exponentially. Oh wait...
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