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London Legal Fight Over £33m Ferrari

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An apparently mundane car part, the gearbox, is at the centre of a legal dispute involving a very rare - and very expensive – Ferrari

The car at the centre of the dispute is a 1962 Ferrari 250 GTO. As well as being one of the most beautiful cars of the 1960’s, the classic sports car, one of 39 originally manufactured, comes complete with an in-depth motor racing pedigree.

The car was sold by US lawyer Bernard Carl for £33m back in October 2017, making it the most expensive car ever sold privately. The purchaser, UK-based exotic car dealer Gregor Fisken (UK), took legal action against Carl in London earlier this year, arguing that Carl delivered the car without the original 5-speed manual transmission, even though the car didn’t have it at the point of sale; a fact that both parties were aware of.

Fisken claims that he bought the car from Carl knowing about the missing gearbox, but arguing in court that Carl agreed to locate and deliver the missing part. Since then, Fisken has further sold on the car, and now has its new owner demanding he supply the correct gearbox.

Court papers have revealed that a third-party, based in the USA, is in possession of the gearbox. Fisken says he and Carl had an agreement for the delivery of the gearbox at a later time, but the matter was never put down on paper because they couldn’t agree on who would pay the $25,000 “release fee” to the gearbox’s current ‘keeper’. Fisken says Carl should have paid it, while Carl argues Fisken should have traveled to the U.S. to retrieve the part himself – and pay the release fee and another $500,000 to Carl for locating it. Fisken wants the court to force Carl to deliver the gearbox, while Carl argues that whatever understanding they had became null when Fisken sold off the Ferrari.

A decision in the case is expected to made by the court by early 2020.

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