Rare Ferraris fetch £8.5m

Connect FM
Rare Ferraris fetch £8.5m

Two rare Ferraris, given to the RNLI by a Northamptonshire classic car enthusiast, have fetched more than £8.5 million at auction.

£6.6 million was raised with the sale of the 250 GT SWB and £1.93 million for the 275/GTB/4 (the red and silver cars respectively in the photos) at the Imperial War Museum at Duxford.

Joint Executor Jim Kearns from solicitors Wilson Browne told Connect FM: “It is a remarkable and generous legacy”

The exquisite cars really were the  impossible gift . To leave them to an individual would have incurred 40% inheritance tax meaning that the cars would most likely have to be sold to pay for it. Leaving them to a charitable cause as noble as the RNLI means that they get the maximum value.”

Money raised from the sale will be used to build a new lifeboat called Richard and Caroline Colton, named after  Richard and his late wife.

Richard Colton was a Northamptonshire-based businessman who had a distinguished career in footwear distribution and who for 40 years collected and actively campaigned sensational classic cars.

Described by close friends as  a shy and private man , he was known to be somewhat nervous of the sea, which may have added to his great respect for the men and women who risk their lives daily around Britain s coast.

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