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Autos

A lingerie tycoon and an auction house are fighting over this $16.5 million Ferrari

By
Benjamin Snyder
Benjamin Snyder
Managing Editor
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July 10, 2015, 10:17 AM ET
A Ferrari 375 Plus of 1954 is shown on A
A Ferrari 375 Plus of 1954 is shown on April 27, 2011 at the Musee des Arts Decoratifs museum in Paris, during the "L'art de l'Automobile" exhibition, the first ever auto show presented in Europe of American fashion designer Ralph Lauren's private collection of historical sports cars from the 1930's to nowadays. Seventeen legendary sports cars will be on display for four months from April 28. AFP PHOTO MEHDI FEDOUACH (Photo credit should read MEHDI FEDOUACH/AFP/Getty Images)Photograph by Mehdi Fedouach — AFP/Getty Images

A red 1954 Ferrari racer is in the middle of a battle between Victoria’s Secret owner Les Wexner, auction house Bonhams, and a slew of others, after years of previous back and forth.

Wexner, who bought the car in 2014 for $16.5 million, sued Bonhams, claiming that the auction house failed to tell him about the conflicts in ownership and wanted a full refund, along with damages.

Bonhams then sued the daughter of Karl Kleve, whom Bloomberg calls the “last undisputed owner.” The auction house is also suing a car dealership in Paraguay.

A judge is expected to hear the lawsuits at once in September to settle it.

The car is only one of five ever made, and two are currently in private ownership. “It’s a car worth fighting for,” according to John Collins, who owns a Ferrari dealership in the U.K. to Bloomberg. “It’s an important car.”

About the Author
By Benjamin SnyderManaging Editor
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Benjamin Snyder is Fortune's managing editor, leading operations for the newsroom.

Prior to rejoining Fortune, he was a managing editor at Business Insider and has worked as an editor for Bloomberg, LinkedIn and CNBC, covering leadership stories, sports business, careers and business news. He started his career as a breaking news reporter at Fortune in 2014.

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