Rare $5M Ferrari Competing with $500 Nissan Junkers on Craigslist | Carscoops

      A rare US-spec Ferrari F40 is listed on Craigslist in California for $5 million, having accrued only 7,430 miles, and is being sold due to bankruptcy.

      A judge from a bankruptcy court has sanctioned the sale of this pristine, twin-turbo V8 supercar icon. Additionally, the vehicle is available through a court auction with a starting bid set at $2.55 million.

      If you were searching for a multi-million dollar classic Ferrari, you might not expect to find it on Craigslist, much like someone looking for a $500 Nissan Sentra wouldn't think to browse the RM Sotheby’s auction listings. Nevertheless, there is a vintage Ferrari F40 on this popular, straightforward selling platform, with a hefty asking price of $5 million.

      According to the Craigslist advertisement, this twin-turbo V8 supercar, produced in 1990, is one of just 213 units made to US specifications. The listing indicates it has a clean Carfax history, signaling it has never been damaged; the photos depict it in good condition (though not necessarily competition-ready), and it has only 7,430 miles (12,000 km) on the odometer. So why is it listed on Craigslist?

      Not Just for Clicks

      One potential explanation is that the seller aims to generate significant publicity for the sale by featuring it on Craigslist. And considering you're reading this, it seems to have worked. Another reason might stem from the context of the sale itself.

      “I am the court-appointed broker of record to sell this vehicle for the United States Federal Court,” states the advertisement from Icon Servicing, an exotic car specialist based in Long Beach, CA. The ad further mentions The Honorable Ronald A. Clifford III and the United States Bankruptcy Court for the Central District of California, suggesting that the owner’s previously substantial income that enabled the F40 purchase has dwindled.

      Icon Servicing

      RM Auctions has placed a stalking horse bid – an initial bid on assets in bankruptcy – at $2,555,000. However, the final sale price will be determined during an auction for the F40 that is scheduled to occur at the US Federal Court in Santa Barbara on August 12 at 1:00 PM PST, unless a buyer steps in with $5 million before the auction date, in which case they can directly purchase the Ferrari, canceling the auction.

      This scenario, however, appears unlikely, as Hagerty values a condition 1 concours car at $3.55 million, while this F40 does not meet that standard and is estimated at $2.45 million for a vehicle in good (#3) condition.

      The seller has also established a dedicated microsite detailing the F40 and the sale process, which can be accessed through this link.