Remember the stolen F50 from Algar?

Jas....that was by far the best car in your stable. Good luck in getting it back.

 

There is a term of "Bonded Warehouse"......FBI should pay for the car. IMO

 

...with OUR money, of course!!!

 

That is crazy! I was just at Algar 2 weeks ago, and I never knew that happened. What an interesting story. Any other information about the Ferrari now, and what Algar is going to do?
-Jared

 

Algar got money from the Insurance co. who is now suing the FBI.

The Ferrari is probably sitting somewhere in an FBI warehouse in several pieces until all this is settled in court.

 

Back in 2003, I attended a party thrown by my wife's colleagues from her residency training program (she's a radiologist). During that party, one of her colleagues introduced me to her husband, an airline pilot, and we quickly hit it off due to a mutual passion for cars. I asked him what he had and he mentioned a testarossa and an F50. Needless to say, this got my attention and I thought maybe I misheard, and asked again to which he replied "yeah, its parked outside, you want to see it ?"

So, about 10 minutes after meeting this fellow, I am out riding in his F50 thinking this is wonderful ! The car was plated in KY, current tags, and of course being driven openly. I asked him where he obtained it and he told me it was from an old guy out west who tracked it and he bought it from him "at a good price" since he was getting old.

Over the subsequent years, I saw the F50 out and about, met the owner and his wife several times at local concours and shows, and jokingly asked them for first right of refusal should he ever decide to sell it. Fast forward to 2008, and the couple was in the middle of a divorce. The owner comes to me and says he might have an interest in selling the car if I was interested. Well, of course I was !

A deal was struck, monies and title exchanged (title was clear and current, clean carfax...I know, worthless ! and the car needed a major and fuel tank so I negotiated a price that took into account at least 30-50k worth of anticipated work.) Admittedly, I did not do enough due diligence at this point. The car was being driven openly, current plates, and it was with someone who "I knew". I could never have dreamed the saga about to unfold.

Several weeks later, I contacted Ferrari Spa via their website with the cars details in order to register myself as the new owner as I had done with the other ferraris. I knew something was up when they asked me to fax a copy of the title to them. I found the engine number on the car and sent them a photo...and to my utter dismay, they confirmed that this was the engine number on the car stolen from Algar Ferrari.

I cannot tell you how that moment felt...utter disbelief, shock...a knee bending moment that left me stunned. I knew I had let my guard down and done a deal in a way that I never had before...and it stood to cost me several hundred thousand dollars. I contacted the local police and FBI, and they arrived the next day. I showed them the material gathered in the conversation with Ferrari Spa and Ferrari NA, and they obviously knew what they were looking at. The car was taken after that meeting and it was a sinking feeling to see it being driven away on a flatbed.

I later found out how he obtained a clear title and license plate. Well, he had a friend in the nicholasville KY DMV. He was advised to write a letter to the state capitol (I was shown this letter by the FBI). It said that this car was imported to be sold and that the original buyer never took possession. The MSO was lost, and the writer was asking the DMV in Frankfort to issue a title...sworn affidavit etc...and THATS ALL IT TOOK ! I was shocked at how easy in was to be honest. He obviously had helped duplicating the VIN plate, and the result was a legally titled and clear plate that he renewed each year. Oh, and the stated value on the original title paperwork was $22,500

Now, after collecting myself, I had the task of getting my money back. How you may ask ? Well, it turns out that a criminal's greed for money is only exceeded by the desire to remain out of jail and free. I calmly called the seller on a sunday night and proceeded to explain that there was an "irregularity with the VIN and engine number" and that I needed to reverse the deal. The first words out of his mouth were "Do the police know, we can reverse this deal tomorrow" At that point I knew my only chance of getting the money back was to tap into his desire to get the car back and get rid of it. The next day, 80% of the purchase price was wired back into my account. I told him the car was not at my residence (did not want a criminal trying to reclaim it in the middle of the night)....and technically it wasn't

The next two weeks, I methodically called and waited for increments of the remaining 20% to come in. In the meantime, police had discovered that the other two Ferraris in his possession were also stolen. Luckily for me, as the investigation continued they did not move in to arrest him and that gave me some time. I have to say the Lexington PD and the FBI were brilliant to work with, absolutely first class and clearly understanding that we had been duped by supposed "friends". They were elated when the first wire hit and subsequent wires arrived for the full amount. They sent Algar Ferrari a picture of this guy, and the salesman that fateful day it was heisted confirmed it was person. He had presented impeccable ID and a credit check revealed stellar credit. That to me is unbelievable...I could never have imagined this fellow being capable of that...something so brazen...I just didn't see it in him. But I suppose the desire to be something you are not just overwhelmed him. The other cars were identified as stolen from Long Island (testarossa and 328 GTS). I had seen all three cars at a hangar in Lexington Airport where he stored them...in retrospect one of the safest places to stash something stolen since it is so secure.

Anyway, shortly after I received the last wire, the police moved in and arrested him. He was convicted in Federal Court in Lexington for grand theft and I believe served 2 yrs before release and has several years of probation ahead. He made a full confession and this was likely a factor in what I consider a fairly weak sentence.

The sad part of this is what happened to the F50 in FBI hands. The car was being shifted from one location to another and the roads were greasy from a light rainfall. Where the accident happened is a small industrial road but it is at a crest. I think it came over the crest a little hot and the back end got wiggly on the wet surface. He went over a curb, took out the rear wheel and suspension and planted the side of the car firmly around a tree. Unfortunately, this caused terminal damage to the tub. Its sad, because I was in discussions with Algar and the insurance company to buy it back. The terms of Algars insurance policy gave them first right of refusal to buy it back. Once the car had crashed, they sent technicians over to take a look at it...their inspection lasted 5 mins at which point they declared it a total loss.

The latest in this saga is the now publicized dispute between the insurance co and the government/FBI. Sadly, the car sits gathering dust in a warehouse somewhere...a pitiful end to an infamous car that was much loved in its short stay with us. Someday, maybe I'll pursue another F50....but I have to say this whole episode has dampened my zeal for them a bit

 

Thanks for sharing that.

All I can say is "WOW"!!!!!!!!!!!!!!!!!!!!!!!!!!!

MDS

PS: Couple of quick questions:

1) So this airplane pilot was actually the infamous Ferrari thief? He kept on flying?

2) How did he get the car to Kentucky? How did he dissappear from Algar Ferrari and the surrounding area?

 

and that's the rest of the story! wow!!!

and simply remarkable that you were able to get your money back!! WOW!!!!!

 

Not sure how I follow how he got a new VIN#. Was the new # from a totaled Ferrari elsewhere in the world?

 

copied VIN #, not sure to what. Another area where due diligence was lacking admittedly. To me, it was a known F50 seen out and about by myself for the previous 5 years...a local car owned by someone I knew in a respectable profession. The guard was down and I almost paid for it big time...lesson learned I suppose but I should never have let it happen

 

Jas-

Was this a Euro F50. When you said "it stood to cost me several hundred thousand dollars", you did not mean that literally? Even a Euro F50 is a $600K+ car. If you paid only several hundred thousand for the car, shouldn't that of send a message and made you suspicious as the price was so low? Maybe I should not be assuming that several hundred means $300-400K. Amazing turn of events. It's sad to hear that you were subjected to this mess. I am very happy for you that you did not loose money. You were very smart in approaching the thief in the way you did. That also took some balls!

Geno

 

+1!

I'll never trust an airline pilot again.

 

So that F50 is gone? Not worth fixing ?

 

Geno, it was 575k ...I would have had 600k+ in it with the services it needed....lucky indeed.

 

Andrew, it seems to be the case. Although one would think that current CF repair techniques might make it roadworthy. Apparently the tub is damaged along with major suspension components, front valence and fender...not sure if the fuel bladder was damaged as it was hit in this location.

I'm with you...if it could be salvaged to any degree it would be worth it just for the sake of preserving it.

The insurance co have my number. If it ever gets freed up and if Algar decide to let it go and if....well, you get the picture

 

Thanks for sharing Jas, interesting story to say the least.

 

Isaac, those pics bring back some fleeting good memories. Although the brief remembrances of the drives are nice, I'm sure you can understand that my predominant memories of the ownership experience are decidedly unhappy !!! Even when I contemplated buying it back my Mrs was voiced her opinion as follows...."Are you CRAZY !!!"

 

thanks,this story is so far out there ,

 

they need to make a movie 'bout this.....on second thought , no one would believe it.

 

I remember when the FBI seized Auto Mart or Auto Market in Orange County. Nader went to prison and as the cops/fbi/feds seized all the exotics- mainly supercharged diablos, and some Ferraris. The feds were burning rubber as they took off with the engines, tires and gear boxes ice cold! I just remember saying to myself "those are very hard cars to drive to the average person" and I hope none of them get wrecked. This is definitely a story of "ok, it's my turn." I hope the insurance company wins this time!

 

A few weeks of fun is tough to outweigh the stresses of the situation. I was very surprised when we spoke about a month after the show to hear what had happened.

speaking of crazy...I think Rex still has one of the GY Fiorano tires in his garage

 

Do you know what he flew? That would have been my first red flag. But I will admit the car looks so damn good I would have just convinced myself he was a good saver lol.

 

737's, a pilot for Jet Blue. (always had pilot uniform on making the drive the cinci for a short hop to NYC. Apparently flew a NYC to Florida route regularly....

 

Jas

So glad that you came out whole and that the truth of what happened is now public.

Hope U are all Well!

 

Very sad for that F50 to end up her life like that. But i'm glad you only ended up being wiser from this story and not poorer! Im sure you'll find an F50 when the time is right

Do you plan to attend the FCA Annual in Georgia?