Photo: Twitter/Danielle Church
Everyone loves a good barn find story because, in the end, a classic that was gathering dust is again receiving the kind of care, attention, and love it deserves. This Ferrari F50 is far from this moment, as the saga around it just got a new layer of drama.
Some context for this strange tale is needed first. In December 2019, customs officers at Peace Bridge on the U.S.-Canada border found a 1996 Ferrari F50 on a car carrier, with the VIN partially and seemingly deliberately obscured. They seized the car and launched an investigation.
They were able to track down the F50, one of the 349 anniversary-edition units produced, to Northern Italy, where a man named Paolo Provenzi reported it stolen in 2003. He had since provided documentation attesting that he’d bought the car with his father just one month before it was stolen from a hotel garage. He paid €260,000 (approximately $310,000 at today’s rate exchange, adjusted for inflation at $447,000 in today’s money). His insurance never covered his loss.
The real problem was that the F50 also had a second owner. When it was seized, the F50 was on its way to join Mohammed Alsaloussi’s Ikonick Collection in Miami, a collection of rare and limited-edition supercars. Alsaloussi bought it from a dealer in Canada for $1.435 million.
Authorities determined that the value of the F50 was $1.9 million, but what they couldn’t determine was who had the right to claim it. A civil case was opened, which means a judge will decide which of the two owners will keep the car.
Alsaloussi, for his part, tells CNN in a statement via his attorney that he has reason to doubt the 2003 theft story. He insists, of course, that he did not know the car he bought was stolen.
“Only recently have we discovered the existence of the other claimant. We have many questions about the facts and circumstances surrounding the alleged 2003 sale and theft,” Alsaloussi’s attorney, Richard O’Neill, says. “If the other claimant makes an appearance in this case, we intend to make a very thorough inquiry into the facts and circumstances surrounding his claim. We have been eagerly awaiting the filing of this action and look forward to resolving this matter.”
Alsaloussi also has the title and registration of the vehicle and conducted the transaction with “a reputable seller,” the attorney adds. Translation: he’s not about to let go of the F50 without a proper fight.
They were able to track down the F50, one of the 349 anniversary-edition units produced, to Northern Italy, where a man named Paolo Provenzi reported it stolen in 2003. He had since provided documentation attesting that he’d bought the car with his father just one month before it was stolen from a hotel garage. He paid €260,000 (approximately $310,000 at today’s rate exchange, adjusted for inflation at $447,000 in today’s money). His insurance never covered his loss.
The real problem was that the F50 also had a second owner. When it was seized, the F50 was on its way to join Mohammed Alsaloussi’s Ikonick Collection in Miami, a collection of rare and limited-edition supercars. Alsaloussi bought it from a dealer in Canada for $1.435 million.
Authorities determined that the value of the F50 was $1.9 million, but what they couldn’t determine was who had the right to claim it. A civil case was opened, which means a judge will decide which of the two owners will keep the car.
Alsaloussi, for his part, tells CNN in a statement via his attorney that he has reason to doubt the 2003 theft story. He insists, of course, that he did not know the car he bought was stolen.
“Only recently have we discovered the existence of the other claimant. We have many questions about the facts and circumstances surrounding the alleged 2003 sale and theft,” Alsaloussi’s attorney, Richard O’Neill, says. “If the other claimant makes an appearance in this case, we intend to make a very thorough inquiry into the facts and circumstances surrounding his claim. We have been eagerly awaiting the filing of this action and look forward to resolving this matter.”
Alsaloussi also has the title and registration of the vehicle and conducted the transaction with “a reputable seller,” the attorney adds. Translation: he’s not about to let go of the F50 without a proper fight.
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