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Steve Mcqueens Ferrari Roars Off The Auction Block

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by Tim Swanson
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Aug 17 2007 12:00am EDT

Steve McQueen's Ferrari Roars Off the Auction Block

When it came to price, the big question mark for Mike Regalia, the man selling Steve McQueen's 1963 metallic-brown Ferrari 250 Berlinetta Lusso this week in Monterey, was the value a buyer might place on owning part of the late actor's legacy. Any other Lusso like Regalia's was worth about $500,000 on the open market. And Regalia had recently turned down an offer from the Petersen Auto Museum for $750,000. "The real unquantifiable is Steve McQueen," Regalia told the LA Times earlier this week. "He was a cool guy, it's a cool car and it's got a cool story," he says. "The market can decide what that's worth." Well, the market did. And Regalia, who bought the car for "under $100,000" and spent more than 4,000 hours restoring it and turning it into an immaculate showpiece, has done quite well on his investment. The car was expected to fetch between $800,000 and $1.2 million, but the bidding went much higher, with an anonymous buyer dropping $2.3 million for the ride. "I couldn't be happier for the car and the legacy of Steve McQueen," Regalia said.

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