Ferrari Stolen 15 Years Ago Recovered In Sharon CT

[Don]

Source: Hartford ( CT ) Courant:


" A classic Ferrari stolen from a warehouse in Spain 15 years ago was recovered Thursday in the northwest corner town of Sharon.

The man who had it, identified on Ferrari enthusiast websites as Paul L. Hallingby, apparently did not know the car was stolen, state police said. He bought the car in 2000 for $550,000 and added it to his collection of exotic cars, state police said. Hallingby could not be reached for comment Friday "


http://www.courant.com/news/local/hc...,1776491.story

[mrmustang]

I feel sorry for the ex current owner in CT.....

[Excaliber]

Like Musical Chairs and the current owner was left without a seat!

Interesting the original owner never accepted an insurance payment for the car. Turns out he was right about the car eventually showing up again because of it's rarity. Kind of like a rare piece of art, who you going to sell it too?

[SPF2245]

mr'stang, I agree to some point about the current owner having the most loss in the deal...'cept for the fact if the artical holds any water, the deal he got was too good to be true. I'm just amazed it didn't get caught earlier, most early Ferrari collectors I've met are about as anal as they come in regards to the true history of their cars...and even more on prospective buys. Oh well, atleast the real owner was able to get his baby back.

[Ron61]

It is nice for the owner that it was stolen from, but I still feel for the guy who has it now. The way I read the article, they are giving the estimated value of the car now, which would have gone up a lot over the past 15 years, now what it would have been worth when this last person bought it. Since they never said what he gave for it, he may have given what was considered a fair price for this car when he bought it. And the fact he took it to shows and never made any attempt to hide it would tend to suggest he really didn't know anything about it being the stolen car. True, he could have read about it and crawled under there and looked at the numbers, but since there was no gray areas when he bough it, he really had no reason to do so.
At least he took good care of it and it sure looks nice in the picture.

Ron

[Don]

Stolen Ferrari 250 PF Cab, A Timeline


SCM's Michael Sheehan, along with his worldwide gang of Ferrari spotters, have constructed a timeline for the 1958 Ferrari 250 PF Cabriolet, s/n 0799 GT, which now resides at the heart of a "Who's Car Is It?" controversy that spans the Atlantic. Though reported stolen 15 years ago, collectors in the Ferrari world have known the whereabouts of the car, as the timeline illustrates:

" S/N 0799 GT. 250 Series I Cabriolet. 16th of 40 built. Covered headlights and no fender vents. Entered Pininfarina plant on 11/05/57. Pininfarina job #19463. Gearbox #45 C. Rear axle #70 GTC. Built for Dino Fabbri of Italy. Painted MM 11911 black with Connolly VM 3218 natural leather. European Auto Sales Stock #1471. "



http://www.sportscarmarket.com/articles/archives/1633

New York Times:

" When it comes to stealing a Ferrari, there are more gray areas than you might think. Mr. Sheehan said that he recently received an e-mail message from a panicked insurance agent. A gentleman in London “leased a Ferrari Enzo and then flew it to Dubai. They’ll never see it again.”

It’s that easy?

“It’s legal semantics,” Mr. Sheehan said.

“The bad guys are very sophisticated, and so technically it’s not a stolen car, the owner is just behind on his lease payments.” "


http://wheels.blogs.nytimes.com/2008...20chang&st=cse

[CobraEd]

So would his insurance pick up the $550,000 ???????

Even if they don't, it's a good tax write off!

.

[jhv48]

No insurance coverage for buying stolen goods.

Buyer is SOL unfortunately. Can't write it off either.

There is no up side for this poor guy.

[Power Surge]

Well, his only possible recourse is to go after the trail of previous people who were passing it around.