This $2 Million Ferrari F50 Disappeared For 16 Years… And

The 1996 Ferrari F50 is an interesting car on its own merits. Only 349 of the automobiles were built to commemorate the 50th anniversary of the legendary Italian automaker, aiming to be the closest possible to a street-legal Formula One race car. But one of those cars is now at the center of a complex investigation announced by the US Attorney’s Office for the Western District of New York to determine who is actually its real owner after its 16-year-old years, which led to an open question. Have done

Currently, the car is in the custody of the federal government on the issue, where it is from December 2019. According to reports from various outlets, there are two parties who say they have claims of ownership of the vehicle: Mohammed Alsalusi, a Miami-based man, said he bought the car free and clear in September of the same year for $ 1.435 million, and one Italian man Paolo Provenzi, who returned the car in 2003 for $ 310,000. Now, the car is reportedly valued at $ 1.95 million on the current market.

US Attorney’s Office, Western District of New York

As the story progresses, Provenzi, along with his father and brother, bought the car in February 2003, reporting that it was stolen the following month. He filed an insurance claim on the car, but it was not revived until US Customs and Border Protection arrived on their way from the US to Canada.

Alsaloussi bought the car from a Canadian company called Economic Collection Ltd, which issued a statement through an attorney representing both parties that they had “a very strong claim to ownership of the vehicle.”

In a statement regarding the investigation, US Attorney James P. Kennedy explained why the authorities decided to seize the car rather than seize it through customs:

“Upon investigation, my office determined that it would not be appropriate for us to exercise our authority and seize this extremely valuable and previously stolen luxury car … instead, following an 18-year odyssey , Which we know was taken across continents and countries, we have decided that the time has come for a court of law to determine the true owner of the vehicle. “

One of the goals of that investigation would be to determine how the car made its way from Italy to Canada, and what its status has been for the past two decades, as well as who exactly it belongs to.

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