Ferrari’s $ 1.9 million: two men claim ownership of rare car



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The 1996 Ferrari F50 in question had driven just 10,708 miles and was valued at $ 1,949,669, according to a government valuation last year. Ferrari only made 349 F50s to celebrate the 50th anniversary of the legendary car company.

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

During their inspection, they found that the rivets holding the vehicle identification number (VIN) plate were coated with a black tar-like substance that did not meet factory standards.

The CPB put the car on hold for investigation and contacted Ferrari and the National Insurance Crime Bureau.

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

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

It’s unclear how the Ferrari got from Italy to Canada, where Mohammed Alsaloussi of Florida bought it in September 2019 for $ 1.435 million. Alsaloussi said he had no idea the car was reported stolen, according to the filing.

Now the two men want the car back.

Attorney Alessandra Piras, who represents Provenzi, told Buffalo News, a CNN affiliate, that car travel was “a complicated story.”

“When this is over, there will be a movie about it,” Piras told The Buffalo News. “This car has been around the world, apparently. It was in Japan for a while.”

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

Alsaloussi had registered the car with Ikonick Collections Ltd., a holding company for its collection of rare automobiles, according to court documents.

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“Our client holds the government issued title and registration on the vehicle and has paid the fair market value to a reputable seller,” Alsaloussi attorney Richard O’Neill said in a statement.

“It was only recently that we discovered the existence of the other claimant. We have many questions about the facts and circumstances surrounding the alleged 2003 sale and theft. If the other claimant appears in this matter, we intend to conduct a very thorough investigation of the facts and circumstances surrounding his claim. We look forward to the filing of this action and look forward to resolving this matter. “

In the government file, the United States attorney’s office said it had “great doubt” about who should get the car.

“Upon investigation, my office determined that it would not be appropriate for us to exercise our authority and give up this extremely valuable and previously stolen luxury car,” said US attorney James P. Kennedy Jr. in a statement.

“Instead, after an 18-year odyssey, which we know has crossed continents and countries, we have decided that the time has come for a court to determine the rightful owner of the vehicle.”

Until the matter is resolved, the car is held by CBP in Buffalo.

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