The $40 Million Ferrari Cost The Billionaire Nearly A Third Less

The cost of the car, after tax deductions, is approximately $26.7 million.

Billionaire and physician Herbert Wertheim paid $40 million for the first-ever electric Ferrari Luce at a charity auction. However, due to U.S. tax rules, the actual cost of the purchase for him could theoretically have been about $13.3 million lower, writes Autoblog.

The car with chassis No. 0 was put up for auction by Sotheby’s to benefit the Ferrari Foundation. Its pre-auction estimate exceeded $1.1 million, whereas a standard Luce typically starts at $647,000. The huge difference between the sale price and market value allows the buyer to claim a significant portion of the amount as a charitable donation.

The publication notes that new rules taking effect in the U.S. in 2026 will limit tax deductions for charitable donations. Assuming Wertheim’s annual income is about $200 million, calculations show potential savings of approximately $13.3 million.

However, this refers specifically to an estimated benefit, which depends on the buyer’s income and other circumstances. This isn’t the first time Wertheim has spent tens of millions of dollars at charity car auctions. Last year, he purchased a Ferrari Daytona SP3 for $26 million.

Such transactions can significantly distort the prices of collectible cars; however, for ultra-wealthy buyers, they also serve as a way to support charity and acquire a unique vehicle with substantial tax benefits.

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