Buying and selling luxury cars is nothing knew for Tom Price. That’s what Price does for a living in the San Francisco Bay Area. But when the purchase is a Ferrari collection of 21 vintage cars, that’s a different matter.
Price, a car magnate in Belvedere, California, who owns several luxury car dealerships, purchased the collection of undisclosed Ferrari models on Feb. 2 from bankrupt Dutch vehicle-distributor Kroymans, according to a report in the Marin Independent Journal newspaper.
Price declined specify the amount he paid for the vehicles, but the newspaper speculated the price at $30 million.
The transaction was negotiated by car broker Thomas Hamann, owner of Hamann Classic Cars in Connecticut. Hamann told the newspaper he’s been negotiating the collection’s sale since last May.
“It was a very exceptional deal. This is a historic collection. It was an entire collection and under special circumstances. If it wouldn’t have been for the bankruptcy, it would not have been possible to buy all of these cars.”
Price provided little additional details about his purchase. But he said he’ll keep only one Ferarri and that more than half of the vehicles have either already been sold overseas or having pending buyers on the East Coast.
A vintage race car driver, Price owns Marin Luxury Cars, which includes dealerships for Aston Martin, Jaguar, Land Rover and Volvo, Infiniti, Scion and Toyota.