Hi Folks, I inherited my Dad's Testarossa three years ago and now I'm thinking of selling it. I think it is just too much car for me. You really have to man-handle this car, the maintenance scares me, and the extra wide body makes it nerve-wracking to get around the narrow streets I live on up in the hills. My Dad ("flyyellow") had two other Ferraris in his lifetime, but the Testarossa was really the car he loved it seemed to me - which makes it hard to sell it. And this one is special because it was completely restored by the esteemed Mike Regalia. Nonetheless, I don't think I'm the right owner for this car. I don't appreciate it like my Dad did (and like someone else might). I'd rather have a 550 or some other newer car that is easier to drive and does not need 30 hrs in labor to change the belts "or else." My questions are (1) what's it worth, given it's unique history and maintenance (see below) and despite Ferrari made so many of them, and (2) should I spend the at least $6,000 to have the belts changed beforehand? The belts haven't been changed in seven years. According to Patrick Ottis in Berkeley (who has been trusted to work on million dollar Ferraris world-wide), seven years is not a big deal at all and what you can get away with (rather than the now-three years Ferrari demands). Worth it to change the belts now, and be able to state they were just done, or let a new owner deal with it? Personally I feel that it's a red flag to sell the car w/o the service -- but what do I know. * * * * * * * * * * * * * * Here's the background on the car: This car has won numerous awards, and was completely renovated. The first owner of this car was Randy Jackson (Michael Jackson's brother). Then Mike Regalia owned it. Mr. Regalia disassembled the entire vehicle and replaced every rubber part, and either powder coated, cad plated, or repainted everything. He also removed the engine to complete the factory updates and refurbish the suspension system with all new bushings and powder coating. Mike spent well over 2000 hours on the refurbishment, at a cost of $200,000. The interior was done in Connolly leather and all new carpeting passenger area, as well as the trunk. The seats are like no other Testarossa out there. Mr. Regalia purchased a set of Speedline 288 GTO wheels from a collector in Germany to enhance its appearance. They are quite striking with the custom knock-offs Mr. Regalia designed out of 440 billet steel blocks. I have the original Testarossa wheels as well. My my Dad owned it from 1997 onwards. It has been garaged since then and never driven in the rain. The car has some show experience as well. In the 1990's, Mr. Regalia presented the car in Palm Springs and won best of show two years in a row. It was shown at the FERRARIS on Rodeo Drive celebration among others. In addition, it was shown at the 2000 Concorso Itialiano in Carmel, CA, and the car received a Silver Award. Just under 35,000 miles. All service records and receipts for parts. Last major service 2006 (belts changed). Newish tires and battery. Registrations for Randy Jackson and Mike Regalia, also the customs paperwork when Randy Jackson imported the vehicle from Italy. Receipt for 288 GTO wheels. Original EPA/DOT documentation. Tubi exhaust in 1997. FLAT 12. Image Unavailable, Please Login Image Unavailable, Please Login
A very special car for sure. This car will be more valuable to the buyer that seeks a car with special provenance. If you are patient you will get what this car is truly worth. Thank you for sharing the pictures with us.
No idea what your car is worth. It is a special Testarossa, for sure. Perhaps an auction is the only way to find out. Love the color, the wheels, the single mirror, and that leather interior is fantastic. In order to sell your car, it would be best if it was promoted. This could be done by you or done by a broker or done by an auction house. Your post here is a good start. I would not do the belt service at this time. Just represent the car honestly, like you have here, that it is due for a service. The mechanics typically will find a list of other things to fix once they get in there and you don't want to pay for those things to make the car perfect just to sell it. As far as replacing it with a more modern Ferrari, that's an interesting idea. I own a 550 and recommend it as a fun and easy-to-own car. Good luck. .
I'll throw in 2 cents as an "older" guy. I assume your Dad left it to you, rather than wanting the estate to sell it. If so, that means he wants you to enjoy it. He owned the car for a decade. Please think long and hard before trading his pride and joy for just another car.....which also has intensive maintenance costs. You got it for free.....so you can afford to keep it up.
When the car is having the belts changed & on the lift, make sure to take alot of undercarriage photos. Clean, straight, rustfree, undercarriages sell cars!!....Mark
Good advice. Use the car for events, shows and tours. Take it on an occasional weekend getaway. Keep it and enjoy it unless the there's an overriding financial reason to let it go.
I would agree. On the downside: Spending $200K on Testarossa refurbishment isn't something anyone will recoup in our lifetimes, maybe longer, so don't look for a windfall on this car; and the modified seats are nice but probably don't add value. 35,000 miles is high for a collectible, and Randy Jackson isn't Steve McQueen or Paul Newman when it comes to celebrity value. And finally yellow isn't a market-preferred color for a TR. On the upside: The car has a nice history with your family, and as posted above you got it for free, so even a $15K major service with extras would leave you in the black, money-wise. And, if Mike did the car, you know it's straight and properly done -- not some mystery car off of eBay, etc. If you do decide to sell, someone is going to knock $10K off the price for the overdue service, but as others have said if you do sell it I would just disclose the maintenance history and assume it will be negotiated into the price. The other factor is that 550s are also old cars now, so be prepared to invest in restoring some of the mechanicals on that.
Not sure if her Dad felt that way about his daughter owning his beloved yellow Testarossa or not. For example, I have a 20-year-old son who claims he wants my red 1965 Corvette convertible when I die. So, I'm happy to leave it to him in my Will. However, if after owning it for a year or so, my son may find out that 48-year-old cars aren't as much fun as he thought they were, I'd be okay with him selling it and doing something better with his "inheritance". Only the daughter in this case will know her father's feelings best about selling the car.
If she's really asking about the value of the car, it's counterproductive to post a link to her ad where she's already set the price . If this is a thinly veiled ad, then she should subscribe and repost it in FerrariAds, which I've already advised her .
I like the yellow ;-). Also a nice set of luggage behind the seats. I love the interior color and the seats. Good luck with the sale.
Nice inheritance indeed and certainly kind of your dad to pass it on to you! Speaking from the planning to pass on stuff phase of the life cycle: I definitely want my 308 or any Ferrari I might own at the final exit to go to someone who wants it for what it is and intends to keep it. I don't want it to end up with anyone who doesn't care about cars and might let it sit neglected or dump it to pay for a year of their kid's college or to remodel their kitchen. My wife won't want to keep it and we've no children. To meet the desired end, she's agreed to consign it for sale with the shop that maintains it; if she's not around by then my will specifies that that the estate executor do the same. The shop is of high repute in the Ferrari universe and the owner well able to find an enthusiast buyer willing to pay a fair price for a nice car. With a son or daughter I'd not hesitate to leave it to him/her if truly sharing of the Ferrari passion, and would understand that taste differences or maintenance costs might compel a sale for a change to a more suitable model. IMO, OK with your dad to sell his car so long as you use the proceeds for another Ferrari.
Get real guys.... I'm sure he cared more about his daughter than just some car. Sell it if someone else will enjoy it more and you don't need it or would prefer something else. He loved it and that's great, he enjoyed it so he left it to you to use AS YOU PLEASE. Sell it to benefit YOUR situation and who cares if the proceeds fund a Mazda if that's what makes you happy. The car: Might be one of the best examples, unfortunately that would still only put it at the top of the TR market as opposed to setting a new "high" imo. I love it personally. Good Luck
If the OP was close with his Dad, she needs to keep the car. It is special. It was his pride and joy and he wanted her to have it and enjoy it...... and to remember him with. I doubt that his plan was to have her move it down the road. The only thing my dad ever gave me, was a hard time. Keep the car and learn to enjoy it.
I'm going through this now. My dad left me the gt4 and I always wanted it. I'm keeping it and pouring hours of work to get it redone after being off the road for 15 years but I want to do it. Even if your dads tr was his pride and joy and it evokes enough memory that you want it, can use it and keep up the maintenance then keep it. If you neglect it it will cost you lots of money if you are not doing the maintenance yourself and let's face it, the tr is one I those more labor intensive models for regular jobs. The car is at the bottom of the depreciation curve (hopefully) and when the '80's babies are old enough to have tons of cash and are 40-50 years old it will appreciate. this will not go up for a while.... I'd bet your dad would be happy enough that you got the Ferrari bug that you would want to get another one! Do what you want.
With the history and condition I would be surprised if it doesn't sell on this forum. This is a real tough one to be honest. I'm leaning toward selling it because, from what you told us, your father loved this car. Would it not be accurate to say that he would like to see this vehicle be used and loved like he did? On the other hand I would really think long and hard about this because it might add more value in the future to the next generation of your family. As Patek Philippe says, "You never actually own a Patek Philippe. You merely look after it for the next generation." Beautiful car and quite a nice story. All the best.
First of all, sorry to hear of your loss....(it looks like I said the same, in your first "tire pressure thread in 2010) I hate when the first post is "What to do with THIS??!!" Food for thought for all of us... My kids DON'T want the Ferraris, shows they are smarter than Dad!! "It's a MONEY PIT, Daddy!!" Smart Amanda Mike Regalia and Patrick Ottis are known to us all, so what you have is a car where more was 'spent" than it will ever be worth..but most of us are 'there' too.. Answer: It's WORTH "above average", the bad news is that TR values now are a falling knife..headed to $30K....like you have found, it's a nerve wracking car to drive around town, belonging out on the LONG open road. Trade in, on what you want, is most likely the answer, as a dealer will rise to fair value and there may be tax advantages, there would be in Texas, to doing a deal like that..both a California or even a 458 would be smaller/easier to drive in town. Best of luck and like the others 'thanks' for those beautiful pictures...guys like your father (and all of us) do those things because it is fun....I hope you shared some time with him in the car. Memories are what is important, not the machine. What does your husband say???
It is indeed a quandry, but if you are asking the question then you are already showing that you don't want to keep it so much that you would never consider selling it. Don't feel bad about that. I kept some stuff from my Dad when he passed and the rest went to auctions and consignment shops. He didn't leave me a Ferrari, but if he had and I liked a different model I would have sold it and bought the one I want, because I know he loved me and wanted the best for me. If your Dad loved you like it sounds like he did, he would want you to be happy too, so if you want to sell it, sell it. It is a beautiful example and although Testarossa's are falling in price you should get a fair amount for that one since it is a very nice example. Best of luck in your decision. MB
I totally disagree. Not only have Testarossa prices long since stabilized, they are largely going up, albeit incrementally. Sadly, IMHO, this trend will not effect this particular car. Most people prefer the Testarossa to be as original as possible, so that limits the market for this car. Second, the Testarossa market largely prefers Red or Black, so a yellow car, as beautiful as this one is, also has a limited market. Third, it is overdue for its major, so someone purchasing this car has to anticipate that the bill may look more like 10-15K than 5K. Finally, and most frustratingly, the Testarossa market continues to prefer cars with absurdly low mileage. Why? because there are so many out there with low mileage that the buyer can afford to be picky. This car is a difficult sell, it requires a skilled broker to get it before someone who will appreciate what it is and the high quality custom work done. That will take time and patience. In the end, you may get an excellent price. But if you are trying to make a quick sale and are going to dump it on an auction site or to a wholesaler, they are going to price it to appeal to the buyer who was looking for X but would settle for Y... Those sales seldom work out best for the Buyer. Just my .02 As for the idea of selling it at all. Its a quandary no doubt. I am sure most fathers, myself included, would understand if you sold it. I obviously never had the pleasure of meeting your father, but I am sure he wouldn't want to burden you with the upkeep of a Testarossa that is only appreciated because of its connection to him.
Thanks for chiming in on that point Joe....and of course you are correct! An oversimplification, my statement.....sorry. Your other points (as an owner yourself) are very well taken!! I personally would LIKE this car....as you say there are pluses and minus.. Euro is good (to some buyers).. Mike Regalia paint (BIG plus to those 'that know") ++ Custom interior (this is a plus to me, the '85 interior was kind of plain) but this will be a 'minus" to those that prefer OEM.. 288GTO wheels, common at the time it was new, are all but unobtainable now...BIG bucks addition!! Belt service is SUCH a specter over all of our heads, but I would defer to the recent opinion from Patrick Otis shop, again an indicator that this particular car has been cared for by some of the finest guys on the West Coast. Plus, I like yellow!!!! The early single mirror cars are special, and this Euro looks great. The celebrity ownership thing, no big deal...I think Mike Regalia is more interesting than Randy Jackson..LOL! C'mon ..someone ELSE (besides to OP) put the eBay link back in here, so we can check it out...how much does she want???
Original Poster here.... I enjoyed reading everyone's posts - thank you so much. I should get on this site more often. I have two little boys that take up ALL of my time these days, 4 yrs and 9 months old.... (my future race car drivers!) To the person who said something like "You got it for free... you can afford to do the maintenance." I get your point, but I didn't get this for free. My Dad died, let's not forget. I'd rather he be alive taking me for a ride in *HIS* Testarossa rather than me owning it. The car was A LOT MORE FUN WHEN HE WAS ALIVE. Let me say that again, the Testarossa was a lot more fun when he was alive! He was the right owner for the car. I don't think I make the cut - not for this car. And the maintenance costs in the SF Bay Area are a lot more expensive than in Oregon where my Dad lived. I will pay twice as much down here. And that's exactly why I shipped the car to Portland so I could save on the service. I do have the Ferrari bug though. My Dad called it "a disease" which always made everyone laugh the way he said it. You just can't help yourself once you have "the disease"; there's no going back. I'd rather have a different Ferrari, so for those of you wondering what I'd do with the proceeds -- I'd put it towards a Ferrari that is easier to drive. I'm a petite 5'4" female. The Testa is a beast. I really don't know what my Dad would advise me about whether or not to sell the car. It is unfortunate we never had that conversation, because I know this was his pride and joy. He had to go get a brain tumor at 64, and just after he was diagnosed, his language was scrambled. No one could understand him, and likely vice versa. (It was a horrible way to exit.) I think he would have liked for my two little monkeys to enjoy the car. But do I hang onto the Testa until they are old enough and mature enough to drive it? That's many many years away. I think he would understand if I wanted to sell it eventually. And if so, he'd just want it to go to someone who will appreciate it and take care of it as much as he did. Don't we all want that for the cars we truly love? I really liked what BigTex said about it's the memories, not the car itself. Sometimes it's hard to separate the two. And believe me, I have gone back and forth about whether to sell even since I first posted about it. It would be with a very heavy heart. The good thing is I'm not in a huge hurry -- other than I need to let the folks in Portland know what I'm going to do with the car. I haven't created an eBay ad yet. Dealing with eBayers who don't follow through would be very frustrating. I'll let y'all know if I put an ad up though. Someone mentioned getting in contact with a broker or an auctioneer. Good idea. Any leads on who to call? One Ferrari Life a poster told me to call Michael Sheehan. There are more photos of the car in my "albums" section.....
No, not Mike Sheehan.... He doesn't like modern 12s.... Have you met Brian Crall? He was in your 'tire pressure' thread...he's in San Ramon. Isn't that in San Franscisco? I have his phone number.. Mario Andretti is out in Napa, go check in with him....he's a wise old man. Don't quote me.... My comment on memories was my own experience, my daughter made my Ferrari into an Art Car.....both camps thought we were crazy...man, what fun! Yes, from your height description, there are other Ferraris that would be easier drives, the TR is probably blind on three corners, to you... Image Unavailable, Please Login
