Updated Scottsdale 2012: Lee Iacocca's Ferrari F40

This one slipped under my radar until it was pointed out on another blog that the 1991 Ferrari F40 Berlinetta being offered for sale at the RM Auctions sale this weekend was originally owned by none other than Lee Iacooca. This car when it was new was one of my poster cars along with the Lamborghini Countach in my bedroom. And it is still considered the ultimate by many car enthusiasts. This car has three owners, the first of which being Lee Iacocca, father of the Mustang and the K-car. And since 1991 has only covered 300 miles, making this car probably the lowest mile F40s in existence. The F40 was conceived by Enzo Ferrari to commemorate the company's 40th anniversary building cars and was the last car Enzo oversaw to completion. Powered by a twin turbo, 3 liter V8 with 471 horse power was unheard of at the time from a factory built car. 0-60 was 3.9 seconds and could reach 140 miles per hour in under 14 seconds. only 400 examples were ever produced with fewer ending up on American shores. 1991 was the last model year for the F40, and with the mileage and ownership lineage, makes this one special car. It has also never been registered or titled. That's right, this car is still on the Ferrari MSO. This car keeps getting better and better. RM estimates the value between $650 and $750,000 dollars. We'll be following this one for sure.

Update: This car sold for $710,000. 


Source & Photos: RM Auctions

Another significant 1953 Corvette to be auctioned in Scottsdale

I had mentioned earlier this week about Russo & Steele auctioning off the famed Noland Adams 1953 Chevrolet Corvette here. However, I think I may have found a slightly more significant 53 Vette that will be auctioned by RM auctions the same weekend.

Up for auction is 1953 Corvette #5. This is one of the earliest known Corvettes in existence, and carries quite an interesting history. This car was one of the first three Corvettes to be sold to the public. Before it was sold though, the story goes that Harley Earl. GM's head of styling paraded this car around Detroit to some Ford dealers and even drove it to Ford's engineering department. Perhaps in all in a good natured, "Beat you to the punch" moment. After that, Corvette #5 was shipped to Philadelphia, PA to show to prospective Chevrolet dealers and to be reviewed by 3 time Indy 500 winner Mauri Rose who would report back to GM what needed to be updated to improve build quality on later Corvettes.

Shortly after, Crawford Greenewalt purchased Corvette #5 from Wilmington, Delaware’s Diver Chevrolet as a gift to his wife. Greenwalt at the time was chief chemical engineer and president of DuPont. The car then passed through many owners before being restored from 1997 through 2003 to be unveiled for the Corvette's 50th Anniversary. During that time, Corvette #5 was restored to NCRS "Top Flight" specifications. Included with the sale are copies of many internal GM documents verifying the car's history as well as the expected documentation that would accompany a car of this quality.


Barrett-Jackson auctioned off an even earlier example, Corvette #3, which for all technical purposes was the first Corvette sold to the public for $1 million dollars in 2006. RM's estimate, may just be a little on the light  side at $450,000-$650,000.  But who knows. Different auction company, different buyers. This is another we'll be watching for sure next weekend.

Source: RM Auctions

What's in a name? Ex Steve McQueen Porsche 911 sells for $1.25 Million.

There's hardly a person out there who doesn't know who Steve McQueen is. It is also no secret that he had a great passion for anything powered by gasoline. He owned and raced numerous cars and motorcycles, and even on occasion few a few airplanes before his untimely death in 1980. In recent years, there has been a resurgence in anything and everything Steve McQueen. However, on the rare occasion, you can find something that he actually owned. Take the case of this Slate Grey 1970 Porsche 911 S. This car was purchased new from Porsche by McQueen for use while filming his movie LeMans. Not only was it owned by McQueen, but it also appeared in the opening sequence of LeMans as Michael Delaney's personal car. After filming wrapped, the Porsche was sent back to Porsche for some upgrades (the car was already heavily optioned including a leather interior and A/C) before being shipped to LA. In late 1971 McQueen put the Porsche for sale, the theory is due to his also owning a 1969 911 S that was nearly identical, but having an upgraded stereo installed (that car is still in the McQueen family today).

Since that time, the 1970 has passed through several collectors hands, all knowing the cars unique place in history. It also remains largely original, having only received a fresh coat of paint and a new interior along with the usual maintenance items. Also surprising is that the car has covered well over 100,000 miles. So it's been driven, just the way Steve would have had it. The current owner elected to offer the car for sale and commissioned the car to RM Auction's Monterey sale (fitting) and with an opening bid of $200,000, the Porsche quickly rose to $1 million dollars and ending just short of the high auction estimate of $1.35 million.

This is another car, that I personally would love to have in my collection, even if it didn't have the Steve McQueen pedigree. There is something about the early 911s that just look so right, even today. And when topped with the subdued slate grey paint color, it makes for one classy ride. Congratulations to the new owner, and hopefully the 911 will be see out on the road and at car events rather than locked away in a garage.

Photos: RM Auctions.

Thinking of Monterey

Well, it's Monterey Week. considered by many as the pinnacle of the collector car hobby. Events like the Quail, Concourso Italiano, Pebble Beach Councours d'Elegance and the Rolex Historics to name a few. Cars that are restored to better than new condition that rarely make it out of the garage, gather to strut their stuff for the world to see. Every year I am treated to parts of what I would call my PowerBall wish list if I were to ever hit the lottery and strike it rich. Many folks would lavish them self with new cars, where as I would build a nice new garage and fill it to the brim with automotive history. One such vehicle is the Ferrari 265 GT/B Daytona and the Shelby 289 Cobra. These classics are some of the most beautiful cars to ever be designed and this year in Monterey, RM Auctions has examples of each that I would love to call my own.


1971 Ferrari 365 Daytona coupe

1964 Shelby 289 Cobra

Picture source: RM Auctions

Drive it like Steve McQueen

Coming soon to a garage near you, if you are the lucky bidder. The 1970 Porsche 911 S driven by Steve McQueen in the opening scenes of the cult classic Le Mans will soon be crossing the auction block. Current owner Frank Gallogly has consigned the car to RM Auctions Monterey sale later this year. The owner won't disclose his asking price for the car and the details on the auction have not been released yet by RM. Once they are made available, we will pass on the details here.

The car is a slate gray 1970 911 S that was purchased by McQueen's Solar Productions from Porsche to drive while on location in France. Many assumed it was the same Porsche that Steve McQueen owned in the states, however that car was a 1969 model in the same slate gray. The 911 came equipped with air-conditioning, a Blaupunkt AM/FM radio, leather interior, electric sunroof, aluminum wheel trim rings and driving lights. As with any vintage car, some restoration work has been performed over the years which included a fresh coat of paint and a new windshield. The car was thought to have been lost for decades, but the truth was the car was sent back to Porsche for some modifications before being sent back to McQueen in California. The car was later sold when Solar Productions filed for bankruptcy. The car changed hands a few times with each owner knowing exactly what they had.