$2 Million Ferrari F50 Reappears After 16 Years Missing

For the 50th anniversary of Ferrari, the automaker only commissioned 349 F50s to for the 1996. One of those 349 cars is currently the focal point of an in-depth investigation recently announced by the US Attorney’s Office for the Western District of New York. The controversy centers around just who exactly is the vehicle’s rightful owner.

Today, the car sits in the same place it has been since December 2019, as  the property of the federal government. According to different media outlets, the two claimants of the car are Miami’s Mohammed Alsaloussi, whose claim stems from his purchase of the F50 that he claims happened in September 2019 for the price of $1.435 million, and Paolo Provenzi, an Italian citizen who says he lawfully bought the car in 2003 for $310,000. Today, the F50’s value is appraised at $1.95 million.

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Reports state that Provenzi, his father, and his brother first purchased it in February of 2003, only to report it stolen in March of that year. While he filed an insurance claim, the rare ride didn’t resurface again until US Customs and Border Protection agents commandeered it as it came across the border from the United States into Canada.

As for Alsaloussi, he claimed that the car was first purchased by him from a Canadian company called Ikonick Collection Ltd.

In a statement regarding this unique investigation, United States Attorney James P. Kennedy explained the reason behind the decisions by authorities to confiscate the car rather than let it pass through customs:

“After investigation, my Office determined that it would not be appropriate for us to exercise our authority and forfeit this extremely valuable and previously stolen luxury car…Instead, after an 18-year odyssey, which we know took it across continents and countries, we have decided that the time has come for a court of law to determine the rightful owner of the vehicle.”

Today, as the car sits in limbo, both Provenzi and Alsaloussi await the decision about who is the real owner of the rare and extremely expensive car. Of the many outstanding questions, the investigation is looking to determine more than just ownership, but also figure out how the car managed to get all the way from Italy and into Canada, not to mention its whereabouts for nearly two decades. In the end, the F50 mystery is one that will have many questions left to answer.

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Sources: 247 News Around The World, Buffalo News

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