President Trump's Ferrari Struggles to Sell at Auction
Bidding on the 2007 Ferrari F430 F1 Coupe stopped below the reserve price of $250,000.
It may be one of the fastest pieces of presidential history this side of a retired Air Force One, but a 2007 Ferrari F430 F1 Coupe first purchased new by President Donald Trump apparently failed to impress at an Auctions America event in Fort Lauderdale this weekend and was pulled off the block when bidding stopped just below the reserve price of $250,000. Even a copy of the original New York title featuring Trump's "distinctive, bold signature" and a promise that it's likely the only president-owned Ferrari in existence weren't enough to propel the car to its lofty pre-auction estimates, according to Bloomberg.
Though the auction house later gave a statement saying the F430 went for $270,000 in a private transaction "minutes" after the public sale was ended, it was originally thought to be worth up to $350,000. And considering the Trump Bump enjoyed by his other vehicles that have crossed the auction block recently—his personalized 1997 Lamborghini Diablo VT Roadster sold for $460,000 last fall on eBay—it's somewhat of a low-energy result for this Rosso Corsa Ferrari.
Polarizing provenance aside, the F430 is kind of an awkward duck for collectors right now, playing middle child to the superior 360 and 458 in most minds. According to Bloomberg, average auction prices for models equipped with the semi-automatic transmission have fallen 15 percent since 2012 to around $125,000, well below its original MSRP. President Trump apparently agreed with the market, as he only put 2,400 miles on the car in the four years he owned it. While that means the F430 is in near-mint condition, Jonathan Klinger of Hagerty told Bloomberg the fact that it no longer belonged to the president likely dinged its potential value a little bit.
Still, it's always notable to see a president's former vehicle go up for sale, especially when it has a 4.3 liter V8. And given that the man has owned a lot of cars over the years, it's entirely possible we'll see more pop up at auctions in the near future as their current owners try to cash in. Our money says the Allante is next.