Billionaire sues auction house over £10.9 million Ferrari

Billionaire sues auction house over £10.9 million Ferrari
10th November 2014 Edward Legge

Billionaire sues auction house over £10.9 million Ferrari

Lex Wexner, the billionaire owner of Victoria’s Secret is suing auction house Bonhams after paying a record-breaking £10.9 million for the 1954 Ferrari 375-Plus despite an ongoing legal row over ownership.

Wexner is unhappy about ongoing legal arguments regarding the ownership of the Ferrari and is demanding a full refund and damages from Bonhams who he is pursuing through the High Court.
Part of the Ferrari was allegedly stolen from the United States in the 1980s and imported to Belgium, prompting years of legal disputes between previous US owner Karl Kleve and Jacques Swaters, the legendary importer of Ferrari to Belgium. Bonhams assisted in resolving the outstanding ownership issues before offering the car for sale, however documents filed at the High Court dispute this claim.

Wexner’s lawyers, Mishcon de Reya, said:

‘The allegations set out in the claim against Bonhams and the sellers are that despite their knowledge of the ongoing litigation in relation to the ownership of the car, false representations to the contrary were made to the buyer prior to sale, either fraudulently or recklessly.’

Bonhams are disputing the claims.