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UK News The world's most expensive car is at the centre of a trans-Atlantic legal battle between US lawyer who sold the 1962 Ferrari 250 GTO to a London supercar dealer for £37m WITHOUT its original gearbox

13:50  10 december  2019
13:50  10 december  2019 Source:   dailymail.co.uk

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The Ferrari 250 GTO is a GT car produced by Ferrari from 1962 to 1964 for homologation into the FIA' s Group 3 Grand Touring Car category.

This million Ferrari just became the most expensive car ever sold at auction. Published Mon, Aug 27 201811:06 AM EDTUpdated Mon, Aug 27 20181:11 PM EDT. Considered "the Holy Grail in collectible cars ," the 1962 Ferrari 250 GTO was sold by former Microsoft executive Greg Whitten.

Chassis number 3387GT (pictured) has an illustrious history. It had been driven to first in class and second overall at the 1962 '12 Hours of Sebring' by Phil Hill and Olivier Gendebien, a famed motorsports pairing who had also won the '24 Hours of Le Mans' for Ferrari previously. © Associated Newspapers Limited Chassis number 3387GT (pictured) has an illustrious history. It had been driven to first in class and second overall at the 1962 '12 Hours of Sebring' by Phil Hill and Olivier Gendebien, a famed motorsports pairing who had also won the '24 Hours of Le Mans' for Ferrari previously.

A classic car dealer is locked in a High Court battle with a super-rich US collector over the world's most expensive car and its missing gearbox.

Racing driver and supercar trader Gregor Fisken, based in Kensington, west London, is fighting lawyer Bernard Carl over the $44m (£37million) sale of a 1962 Ferrari 250 GTO.

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The pastel-green 1962 Ferrari 250 GTO that was made for legendary racing driver Sir Stirling Moss has set a new bar for expensive collector cars : It was sold for a record million in a private sale last month. It takes the crown as the most expensive car ever sold from a 1936 Type 57SC Bugatti […]

The Ferrari is one of just 39 250 GTOs built between 1962 and 1964, is painted in a bright green apple hue, and was originally made for famed racing driver Sir Stirling Moss. "The market is very active at the moment," James Cottingham, an acquisition consultant for a Ferrari dealer in the U.K., told Bloomberg.

Just 39 of the cars were built by Ferrari between 1962 and 1964 and the model has, for decades, been regarded as the holy grail for the world's wealthiest car collectors.

Now chassis number 3387GT, the second GTO ever built, is at the centre of a court fight.

Mr Fisken's company bought the vehicle - for the highest publicly verified price ever paid for a car - from Washington DC-based Mr Carl, who also has a London address in Chester Square, Belgravia, in October 2017.

Mr Fisken's company Gregor Fisken Ltd (GFL) is suing Mr Carl, demanding that the 'unique and special' original gearbox, which had been removed from the car, now be delivered to them. 

The company immediately sold it on to a wealthy anonymous collector, Judge Richard Pearce was told at the High Court in central London.

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A 1962 Ferrari 250 GTO is expected to sell for as much as million. We 're using cookies to improve your experience. The car is up for sale for the first time in 49 years. This particular 250 GTO , chassis number 3851GT, was delivered straight from the factory to Jo Schlesser, who drove it in the

The 1962 Ferrari 250 GTO , owned by UK-based businessman Eric Heerema, was sold to a collector in the USA. It is one of eight classic Ferraris sold over the past six weeks for a total of £ 97million amid high demand in the classic car market. Chris Evans, the radio presenter, is understood recently to

William Hooper, for Gregor Fisken Ltd, told the court that when 55-year-old Mr Fisken's company bought the car, they knew it did not contain the original gearbox.

a group of people standing in a room: Supercar dealer Gregor Fisken with wife Carolina outside London's High Court © Provided by Daily Mail Supercar dealer Gregor Fisken with wife Carolina outside London's High Court But they believed that Mr Carl could later obtain it from where it was being held by another classic car dealer in the US.

'Mr Carl undertook to use his best efforts to recover and deliver up the gearbox, in consideration for Gregor Fisken Ltd accepting the GTO without it,' he told the judge.

Mr Carl located the gearbox, but the parties fell out, after he said the other dealer wanted $25,000 'release monies' to hand it over, Mr Hooper said.

The bad feeling grew during subsequent exchanges between the parties as to where handover of the part should happen and, if the gearbox was to be delivered to England, who should pay for shipping and the release fee.

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The most expensive cars in the world aren't the newest. Sold at auction by Bonhams in 2014 for ,115,000. The GTO won the FIA GT World Championship two seasons. Only 39 of the models were built, but this particular car was the best maintained.

A 1962 Ferrari 250 GTO has become the world ' s most expensive car after being sold in a private transaction for million. And although spending a small fortune on a single car is likely out of reach for the vast majority of us , we can’t see McCaw hurting over his million purchase either.

Mr Fisken's company is suing for 'specific performance' of the contract, demanding that Mr Carl hand over the gearbox - which is currently being stored by the other US dealer.

But Mr Carl claims he does not have to, as GFL 'repudiated' the contract of sale by refusing his proposal that they pick the gearbox up in California, and claims that Mr Fisken's company now have no title to it.

a man standing next to a woman: US lawyer Bernard Carl © Provided by Daily Mail US lawyer Bernard Carl In a letter, he stated that he 'considered that he had tendered the gearbox' and that the 'purchase agreement was terminated' without it having been delivered, the barrister said.

Mr Carl is alternatively arguing that 'if the purchase agreement subsists and he is obliged to deliver the gearbox to GFL that he is entitled to $500,000 for so doing,' Mr Hooper explained. 

Chassis number 3387GT has an illustrious history.

It had been driven to first in class and second overall at the 1962 '12 Hours of Sebring' by Phil Hill and Olivier Gendebien, a famed motorsports pairing who had also won the '24 Hours of Le Mans' for Ferrari previously.

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A Ferrari 250 GTO has been sold for million – find out what makes a car like this so expensive . Here are some of the most expensive used cars ever sold : This 1954 Mercedes-Benz race- car is the most expensive car ever sold at a UK auction – it went for million in England this

Yep, a Ferrari 250 GTO just changed hands for million after being sold by car collector, Paul Pappalardo, who ’ s owned it since 1984. While details of the buyer are a bit murky, they’ve got themselves a rather tasty car . Chassis #5111 has history galore, having won at the 1963 Tour de

In the witness box, Mr Carl said he had offered both the car and the gearbox to Mr Fisken's company, but at a higher price of $44.5m. 

The $500,000 is due under the contract for his work in locating and obtaining it.

Mr Carl is also insisting that 'GFL does not have title to sue on the purchase agreement' because, as it sold the car on straight away, 'it was contracting as a 'mere agent' for a principal,' the barrister added.

Mr Hooper told the judge: 'The disputes relate to the GTO's original gearbox...which has not been delivered to GFL.

'GFL seek an order that Mr Carl turn over the gearbox.

' a blue car parked on the side of a road: Mr Fisken's company bought the vehicle (pictured) for the highest publicly verified price ever paid for a car - from Washington DC-based Mr Carl © Provided by Daily Mail Mr Fisken's company bought the vehicle (pictured) for the highest publicly verified price ever paid for a car - from Washington DC-based Mr Carl

Mr Carl refuses to turn over the gearbox and maintains that he has no obligation to do so, that the purchase agreement has been terminated for GFL's alleged repudiatory breach of contract and that title to the gearbox does not lie with GFL.'

Denying that GFL have no right to sue, Mr Hooper said: 'GFL is a high-end classic car dealer...As a dealer, GFL needed to have its own buyer lined up prior to entering into a contract with Mr Carl.

'The gearbox was included in the price of the GTO...cash consideration for the gearbox was clearly paid as part of the price for the GTO.'

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A 1963 Ferrari 250 GTO racer has become the world ' s most expensive car , selling for million. The red competition car , formerly owned by the Greenwich, Connecticut-based collector Paul Pappalardo, was acquired by an unidentified buyer in a private transaction, said three specialist

And he told the judge that Mr Fisken's company insists on having the gearbox itself, not cash in kind.

'The gearbox is a unique and special item. Damages would be inadequate,' he said.

The part would help restore the GTO to its 'original and complete state,' he continued.

'The restoration of original parts to cars of this nature is of great significance.

'This is not simply about the unique nature of the gearbox itself, but the restoration of the GTO's provenance.

'It is, as noted by Mr Fisken...a 'travesty that it has not been reunited with the GTO'.'

GFL also says its 'business and reputation risks being undermined or damaged if the gearbox is not returned,' the judge was told.

'GFL has property and title in the gearbox and thereby a right to delivery up and immediate possession,' he said.

Mr Carl could only ever claim a $500,000 payment under the contract if it turned out that the gearbox was in another person's hands and additional formal steps or legal action were required to get it back, he added.

But Mr Carl told the judge in evidence: 'The gearbox and the GTO are worth more together than apart.

'It makes commercial sense (to unite them) and I never opposed the idea.

'From the beginning the idea was that I would give him the car and the gearbox and he would give me $44.5m.

'It would put the car and the gearbox together and that would be a good solution.'

The hearing continues.

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