Of course he owned a bright red Italian supercar.
President Donald Trump’s 2007 Ferrari F430 F1 Coupe left the sale block before meeting reserve at auction on Saturday in Florida. Bidding on the car stopped at $240,000, $10,000 below its low estimate. Hours later, the auction house issued a statement saying "we can confirm it exchanged hands just minutes after it left the podium" for a final sale price of $270,000.
The company did not say who purchased the vehicle and offered no further details about the off-the-record sale. Were it the hammer price, this would have been the most paid for an F430 Coupe with automatic transition at auction. It had been expected to take as much as $350,000.
Prices can vary widely on this exotic V8, 490-horsepower stallion. RM Sotheby's sold a 2008 Ferrari F430 GTC for €459,200 ($490,310) in January in Paris; a 2008 Ferrari F430 Scuderia sold for $182,600 at a Motostalgia sale in Amelia Island, Fla. And Sotheby's sold a yellow 2007 F430 Spider for $357,500 in 2016. Other F430s in various conditions can found online, for as much as $234,500 and as little as $121,000.
Donald Trump's Ferrari disappoints at Florida auction https://t.co/vZJWYn4r7B pic.twitter.com/gpVHHvz4cp
— Bloomberg (@business) April 2, 2017
Pristine, low-mileage versions—especially those with manual transmission or special craftsmanship—hold value better than lesser examples. Trump’s included Daytona-style seats and Scuderia crests on the fenders; it had yellow dials, a radio with a CD changer, and a carbon dash insert.
Other Trump-owned cars have fared better at recent sales.
Trump's Cadillac limousine took $68,261 at a Bonhams sale last month in England. The total was four to seven times the average value of an American limo from the same era, according to Hagerty data. His Lamborghini Diablo took $460,000 in September last year—on EBay. That was 75 percent higher than today's current average price for Diablos.
The low price could have been affected by the fact that the car belonged to a "polarizing" president who used it himself, said Jonathan Klinger, a spokesman for Hagerty.
Trump purchased it new in 2007 and owned it for four years, enough to add on 2,400 miles. (Total mileage is near 6,000.) It’s certainly the only supercar to have been owned by a sitting president. Maybe it would have been worth more if Trump still owned it. (The car was offered to the auction house by its second and current owner.)