The Legal Battle Over a $16.5 Million Ferrari

Look at this car. It’s a nice-looking car, isn’t it? This is a 1954 Ferrari 375 Plus with a 330 hp V12 engine. There were only five made that year, and only four exist now. Quite a rare and valuable vehicle, indeed. The last time it was sold, it went for $16.5 million dollars. And this car is now at the center of a multi-party fight. Karl Kleve purchased it in 1958 for a mere $2,500 because it was in awful shape at the time.

Karl purchased the broken vehicle from Jim Kimberly back then, but made no effort to restore the vehicle. It would then sit on a trailer outside Karl’s home in Ohio for 30-years in complete disarray. This is where things start to get confusing. According to official documents, the Ferrari was then stolen sometime between the years of 1985 and 1989, and the crime was never solved. It would then show up later in Antwerp, Belgium as a Belgian trader imported the vehicle from Atlanta, Georgia. The police would quickly impound the vehicle, as Karl did report it as stolen. Unfortunately, for unknown reasons, the police sided with the Belgian import company and gave them the vehicle.

Things went downhill from there. The car was sold and restored, then Kleve made another claim, and this back and forth went on past Kleve’s death, as well as that of the buyer. Read the claims of the many people who still want the rare Ferrari at Worthly.


Newest 1
Newest 1 Comment

Login to comment.




Email This Post to a Friend
"The Legal Battle Over a $16.5 Million Ferrari"

Separate multiple emails with a comma. Limit 5.

 

Success! Your email has been sent!

close window
X

This website uses cookies.

This website uses cookies to improve user experience. By using this website you consent to all cookies in accordance with our Privacy Policy.

I agree
 
Learn More