Former Lexington Mayor's Ferrari Sells For $27.5 Million

3:00 PM, Aug 18, 2013   |    comments
Photo courtesy: RM Auctions via The Business Journal
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Pebble Beach, CA -- A rare Ferrari owned by former Lexington Mayor Eddie Smith Sr. broke a couple records at a California auction Saturday, according to The Business Journal.  

The 1967 Ferrari 275 GTB/4*S NART Spyder sold for $27.5 million, making it the most money paid for a Ferrari at auction anywhere in the world and the most for a car bought at any public sale in the United States.

The car's original estimated value was only $14 to $17 million. But, even that was a nice step up from the $8,000 former Mayor Smith originally spent on the car.

The Spyder was one of only 10 made by Ferrari, according to the Business Journal. Bloomberg reports actor Steve McQueen tried to buy the car from Mayor Smith when he wrecked his own.

Mayor Smith, who served from 1970 to 1975, died in 2007.

Smith's family says the proceeds from the sale will be donated to charity.

The Business Journal

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