Lake Maggiore Bugatti Sells for $350,000+

The 1925 Bugatti found at the bottom of a Swiss lake after seventy years went under the hammer the past weekend in Paris, and was sold for nearly $370,000, well above estimates. This means the car was bought for three times above its estimated value which was set between $98,000 - $127,000 before the auction.

The proceeds from the auction go to the diving club that recovered the car to benefit a charity preventing youth violence, Luxist says, in the name of a member of the club who died.

On the other hand, the winning bidder plans to display the car in its current condition, as only about 20% of the car is in an appropriate shape to become part of a new vehicle. The Brescia Bugatti has suffered some damage during its extensive stay underwater, so only half of the chassis and most of the aluminum casings can still be saved.

The rusty Brescia Bugatti was found in July 2009 beneath the surface of Lake Maggiore in Italy, after it laid there for the last 73 years. It was originally powered by a 30bhp 1.5-litre four-cylinder engine and was capable of speeds of up to 100mph.

The car was first registered in 1925 in Paris, before being unofficially imported to Switzerland by a young architect. When the Swiss government levied an import duty, the bill amounted to more than the value of the then 11-year-old car. In the case of non-payment of these duties, the car had to be destroyed and the cheapest solution was to push the car into a nearby lake.