A dispute over the ownership of a 1954 Ferrari racing car that Victoria’s Secret founder Les Wexner bought for 10.7 million pounds ($15.4 million) was settled before a U.K. trial was scheduled to start.
Wexner, who bought the Ferrari at a Bonhams auction in 2014 through Copley Motorcars, joined up with the car dealer to sue the auction house for putting the vehicle up for sale while there were several lawsuits in the U.K. and U.S. over its ownership.
"Copley Motorcars and Bonhams announce the settlement of their ongoing litigation concerning the auction of a 1954 Ferrari 375-Plus by Bonhams at its Goodwood sale," they said in a joint statement April 18, the day a trial was scheduled to begin. "The resolution of the litigation, including the transfer of valid Ohio title and Bonhams’ contribution to Copley’s costs, finally enables the completion of the sale of the car with the disputes to title now definitively resolved."
Ferrari made just five 375 Plus models in 1954 and only four remain in existence. Fashion designer Ralph Lauren and candy billionaire Giorgio Perfetti each own one.
The claims over ownership laid bare the car’s peculiar history. The battered, burnt-out chassis was stolen from the Ohio backyard of an eccentric ex-U.S. army engineer, eventually finding its way into the hands of one of the world’s most renowned Ferrari dealers in Belgium.
The case is Copley Motorcars Corp. v Bonhams 1793 Ltd., in the U.K. High Court of Justice, Chancery Division case no HC-2014-000794