Patricia Cornwell's 575 Maranello Superamerica Auction | FerrariChat
Buy

Patricia Cornwell's 575 Maranello Superamerica Auction

Discussion in '456/550/575' started by LeslieFNE, Nov 30, 2010.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

Page 1 of 2
  1. LeslieFNE

    LeslieFNE Rookie

    Aug 25, 2008
    45
    Norwood, MA
    Full Name:
    Leslie Stormes
    #1 LeslieFNE, Nov 30, 2010
    We have the honor of hosting a very special auction.

    Patricia Cornwell, #1 New York Times-bestselling author, has signed over the title to her limited edition 2005 Ferrari 575 Maranello Superamerica, appraised at $250,000, to Veterans Village of San Diego (VVSD), to be sold for public auction on December 9th, 2010 at 7pm ET. Bidders can participate in the live auction, held at the Ferrari of New England dealership in Norwood, MA, or online at www.proxibid.com/menishauctions.

    All proceeds will go to Veterans Village of San Diego, a nationally recognized nonprofit and nongovernmental organization that specializes in prevention, intervention, treatment, aftercare and employment services for military veterans, including men and women who have recently returned from Iraq and Afghanistan, to address the alarming national crisis that continues to worsen. Currently, Veterans Village of San Diego is treating six times more post-9/11 homelessness veterans than they did last year at this time, most suffering from post traumatic stress disorder, traumatic brain injury and substance abuse. In San Diego County alone, there are between 3,000 and 4,000 homeless veterans. The donation comes on the heels of "America for Vets", a national campaign just launched by Ms. Cornwell to raise the American public’s awareness about veterans who are in need of our support.

    Video about the event here: http://www.facebook.com/video/video.php?v=179909812025284
     
  2. switchcars

    switchcars Formula 3

    Jul 28, 2005
    2,223
    Full Name:
    Doug
    #2 switchcars, Nov 30, 2010
    Very cool!!!
     
  3. AMA328

    AMA328 F1 Rookie

    Nov 12, 2002
    2,518
    ABQ-67me68-OKC :)
    #3 AMA328, Nov 30, 2010
    Rather optimistic 'appraisal'. Wonder if/what the reserve is? Or, are they gonna play the 'no reserve, but high starting bid game?'.

    Sounds like a good cause, but remember, an auction is an auction...
     
  4. notsofast

    notsofast Karting

    Sep 29, 2009
    127
    #4 notsofast, Nov 30, 2010
    Whatever the outcome of the auction (and fingers crossed it sells for a good price), its a very nice thing to by Cornwell and she should be applauded for supporting veterans in this manner.
     
  5. Darolls

    Darolls F1 Veteran
    BANNED

    Jul 2, 2003
    7,782
    Full Name:
    Sparky
    #5 Darolls, Dec 1, 2010
    It could probably be listed as a charitable contribution deduction (or most of it) on your IRS return.
     
  6. DennisForza

    DennisForza Formula 3

    May 23, 2006
    1,814
    Arlington, VA
    Full Name:
    Dennis
    #6 DennisForza, Dec 1, 2010
    Wouldn't that only be for the amount paid over the fair market value? But since it is an auction on a used car, the fair market value would be whatever is paid, so the only one getting a write off will be Ms. Cornwell.
     
  7. donv

    donv Two Time F1 World Champ
    Owner Rossa Subscribed

    Jan 5, 2002
    26,028
    Portland, Oregon
    Full Name:
    Don
    #7 donv, Dec 1, 2010
    I'm impressed that she owned a 575 SA! I wonder if she's getting an SA Aperta?
     
  8. AMA328

    AMA328 F1 Rookie

    Nov 12, 2002
    2,518
    ABQ-67me68-OKC :)
    #8 AMA328, Dec 1, 2010
    I kinda wondered the same thing. Used market down, donate car, take write off...I don't know the ins/outs of doing this, though; maybe someone else can chime in?
     
  9. Darolls

    Darolls F1 Veteran
    BANNED

    Jul 2, 2003
    7,782
    Full Name:
    Sparky
    #9 Darolls, Dec 2, 2010
    Last edited: Dec 2, 2010
    If anyone understands U.S. tax laws, please let me know. :confused:
     
  10. donv

    donv Two Time F1 World Champ
    Owner Rossa Subscribed

    Jan 5, 2002
    26,028
    Portland, Oregon
    Full Name:
    Don
    #10 donv, Dec 2, 2010
    Without knowing the specifics of her arrangement, it probably is a charitable deduction. The IRS now says that the donor only gets to deduct as much money as the charity gets by selling it-- thus she will be able to deduct whatever they get for it in the auction.

     
  11. Rosso328

    Rosso328 F1 Veteran
    Owner Rossa Subscribed

    Dec 11, 2006
    7,337
    Central FL
    Full Name:
    Paul
    #11 Rosso328, Dec 3, 2010
    Don't be silly. Nobody understands US tax laws.
     
  12. TZ 750

    TZ 750 Formula Junior

    Jul 18, 2009
    912
    #12 TZ 750, Dec 3, 2010
    Last edited: Dec 3, 2010
    Vague assumption on my part,
    but I am expecting a 599GTO.

    In one of her most recent "Scarpatta" books,
    driving a 599 is mentioned...........
     
  13. Darolls

    Darolls F1 Veteran
    BANNED

    Jul 2, 2003
    7,782
    Full Name:
    Sparky
    #13 Darolls, Dec 4, 2010
    Exactly my point! :)
     
  14. 134282

    134282 Four Time F1 World Champ
    BANNED

    Aug 3, 2002
    40,647
    California
    Full Name:
    Carbon McCoy
    #14 134282, Dec 5, 2010
    Leslie, can you tell us the VIN?
     
  15. GrayTA

    GrayTA F1 World Champ
    Owner Rossa Subscribed

    Jun 25, 2006
    15,130
    Deep South
    Full Name:
    PDG
    #15 GrayTA, Dec 5, 2010

    Wondered how long this post would take....


    :)




    PDG
     
  16. LeslieFNE

    LeslieFNE Rookie

    Aug 25, 2008
    45
    Norwood, MA
    Full Name:
    Leslie Stormes
    #16 LeslieFNE, Dec 6, 2010
    I don't have the vin right now but I can get it the next time I'm at the store. Here's more information about the car though.


    2005 Maranello Superamerica. One of only 559 produced. Owned by New York Times Best Selling Author, Patricia Cornwell. A recent appraisal by New England Auto Appraisals lists the car as showroom new condition, very rare and a collectible automobile valued at $250,000. There are 5,865 Miles on the Ripping 540 HP V-12 engine. This Ferrari is capable of almost 200 mph. The most unique feature is the Electrochromic Glass Roof which allows the driver to control 5 levels of light entering the cockpit. With the flip of a switch, the roof rotates and hinges over the rear deck for Open-Air Motoring. The vehicle is finished in "Grigio Mettalico'" or dark gunmetal grey metallic, with a matching dark graphite leather interior. Options include the GTC Handling Package which includes sport-oriented suspension, upgraded wheels and tires, upgraded exhaust system and carbon ceramic brakes and a paddle-shifted F1 gearbox. Additional features include, optional red painted brake calipers, optional Becker HI-FI sound system and CD changer, optional red interior stitching, optional interior dedication plate, optional pre-wiring and kit for battery charging and uniqu bright aluminum grille and hood scoop mesh.
     
  17. DennisForza

    DennisForza Formula 3

    May 23, 2006
    1,814
    Arlington, VA
    Full Name:
    Dennis
    #17 DennisForza, Dec 6, 2010
    If she puts it down as a $250K donation, the buyer will be able to "write off" anything over $250K as a charitable donation to the cause.
     
  18. Kaivball

    Kaivball Three Time F1 World Champ
    Owner

    Jan 11, 2007
    35,997
    Kalifornia
    #18 Kaivball, Dec 6, 2010
    Yup, that's how it works.

    It's a donation deduction for the donor based on the stated value.

    It's a taxable donation deduction for the buyer for any amount paid over the stated value.

    Kai
     
  19. Napolis

    Napolis Three Time F1 World Champ
    Honorary Owner

    Oct 23, 2002
    32,118
    Full Name:
    Jim Glickenhaus
    #19 Napolis, Dec 6, 2010
    The irs determines what the car is worth and allows deductions based on that amount.

    They won't allow a value above fair market price.

    The amount above that fair market price is a deduction the buyer can claim.

    Consult your tax advisor to make sure above is correct if you're going to bid.
     
  20. DennisForza

    DennisForza Formula 3

    May 23, 2006
    1,814
    Arlington, VA
    Full Name:
    Dennis
    #20 DennisForza, Dec 6, 2010
    I will forgo the tax deduction, empty the Christmas present account and bid $1000! ;)
     
  21. Napolis

    Napolis Three Time F1 World Champ
    Honorary Owner

    Oct 23, 2002
    32,118
    Full Name:
    Jim Glickenhaus
    #21 Napolis, Dec 6, 2010
    Not the value she states it's worth.

    The value that the irs determines it's worth is allowed for her.

    Above that is allowed for the auction buyer.

    Once again consult your tax advisor.
     
  22. DennisForza

    DennisForza Formula 3

    May 23, 2006
    1,814
    Arlington, VA
    Full Name:
    Dennis
    #22 DennisForza, Dec 6, 2010
    I am interested on how the folks down the street value such a thing. It is a very limited item, I would think an auction such as this would be what sets the FMV. As such in theory she could write off what ever the car sells for, leaving the buyer with no deduction, or the FMV would have to be what the presumed expert, the auction house, sets as the median of the high and low estimate.
     
  23. BigTex

    BigTex Seven Time F1 World Champ
    Owner Rossa Subscribed

    Dec 6, 2002
    79,368
    Houston, Texas
    Full Name:
    Bubba
    #23 BigTex, Dec 6, 2010
    SA's have a market value in NADA, that's the type of assesment the IRS will allow the donor, I'd think...

    Napolis has it correct but everyone's tax picture is different.....

    The IRS has NEVER heard the word 'Ferrari' from ME!!!
    There's no blank to fit it in......
     
  24. DennisForza

    DennisForza Formula 3

    May 23, 2006
    1,814
    Arlington, VA
    Full Name:
    Dennis
    #24 DennisForza, Dec 6, 2010
    Good to know. ;)
     
  25. BigTex

    BigTex Seven Time F1 World Champ
    Owner Rossa Subscribed

    Dec 6, 2002
    79,368
    Houston, Texas
    Full Name:
    Bubba
    #25 BigTex, Dec 6, 2010
    It's time sensitive obviously...values change as it ages.....

    ...and goes down $25K when the roof glass delaminates.......
     
Page 1 of 2

Share This Page