There seems to be trouble in paradise for well-respected luxury auction house Bonham’s. The billionaire behind Victoria’s Secret and other companies, Les Wexner, recently purchased a 1954 Ferrari 375-Plus at the Goodwood Festival of Speed auction hosted by Bonham’s. Now Wexner is suing due to a pre-existing dispute over the car’s ownership! Bonham’s states that the ownership dispute was resolved prior to the sale, yet Wexner claims he was not made aware of any of the story and claims the legalities continue.
Les Wexner claims he was not made aware of the legal situation involving the Ferrari and that it continues.
The dispute stems from a series of strange happenings:
- Part of the Ferrari 375-Plus was stolen from its Ohio home back in the 1980s. The stolen part was taken to Belgium, where the legal spat began.
- The heated dispute has continued across the Atlantic for decades…defying rationality.
- Bonham’s did arrange a session that brought both sides of the dispute together and claims an agreement was reached and signed. The agreement supposedly extinguishes all claims and counterclaims on the car.
- If such an agreement was signed in 2013, prior to the 2014 sale to Wexner, why is he filing for a full refund for the Ferrari as well as damages?
Wexner is among the largest retail moguls on the planet. Wexner has Victoria’s Secret, Bath and Body Works, Henri Bendel and La Senza in his deep pockets to support any shopping habits. The annual Goodwood Festival of Speed attracts buyers like Wexner annually, and auction houses like Bonham’s are eager to provide an arena where buyers and sellers can come together. The auction house should certainly proceed with caution in the matter to avoid losing the confidence of high-end clients.
Fun fact: the 1954 Ferrari 375-Plus has a 4.9-liter engine capable of nailing the 0-60 mile per hour jump in 4 seconds with a top speed of 186. More fun to look at: Victoria’s Secret models or this Ferrari?
Post by Imagine Lifestyles Luxury Rentals