Most law enforcement auctions feature rather dull vehicles, but a 1991 Ferrari F40 seized from a California millionaire hammered sold this week at a U.S. Marshals auction for $760,000.
The Ferrari first emerged in a very different spotlight: It appeared on the television show Fast N’ Loud in 2013. At the time, it was totaled, but Richard Rawlings and his partner Dennis Collins brought it back to life.
Can’t believe it’s been 4+ years since we sold our F40. Never would have imagined it would be up for auction at an impound lot! Seeing it in person today made me realize it belongs at Gas Monkey. Time to bid and hope we get lucky, wish us luck! @FastNLoudTV #gasmonkeygarage pic.twitter.com/kISUEQiiDZ
— Richard Ray Rawlings (@RRRawlings) February 7, 2019
The car had a couple owners after its TV debut and eventually made its way to Richard Scott, who made millions operating parking lots in Santa Monica, the Los Angeles Times reported. Scott pleaded guilty last year to conspiracy and wire fraud charges after stealing more than $11 million from the Department of Veterans Affairs by skimming parking revenues.
After the plea, the Federal Bureau of Investigations seized Scott’s collection of high-end vehicles, including the F40. It’s standard practice for the FBI to turn over seized assets to the U.S. Marshals during litigation for safekeeping.
The sale of the F40 — and several other of Scott’s Ferraris and Corvettes — was done to pay millions in restitution that was reportedly part of his plea deal.
The Ferrari was sold by Apple Auctioneering, a Houston-based company that contracts with the federal government to sell seized assets. Proceeds are sent back to law enforcement or used for victim compensation.