Ferrari F40 to be Auctioned Off at Federal Auction with Starting Price of $2.55 Million

A rare Ferrari F40 will be auctioned off as part of a bankruptcy sale by Santa Paula Hay & Grain. The car, delivered to California in 1991, has had five owners and is now valued at $2.6 million. A "stalking horse" bid of $2.55 million has been submitted by RM Sotheby's, while a buy-it-now price of $5 million has been listed. The auction is open to all bidders, with no buyer or seller fees.

A unique opportunity to acquire a rare Ferrari F40 is on the horizon, as part of the bankruptcy sale of Santa Paula Hay & Grain. The 1990 model, delivered to California in 1991, is one of only 213 U.S.-spec examples ever made and has a low mileage of just 7,430 miles [1]. This rare car is expected to fetch a significant price, with an estimated value of $2.6 million.

The auction, scheduled for August 12, 2025, will be conducted under the supervision of the U.S. Federal Court Central District of California, Northern Division. Unlike traditional high-end auctions, this sale is being run by a court-appointed broker, ensuring no buyer or seller fees. The opening "stalking horse" bid was placed by RM Sotheby’s at $2,555,000, with a court-authorized buy-it-now price of $5 million [1].

The car's history is notable, having had five owners and being part of the bankruptcy filings of Santa Paula Hay & Grain. The company, known for its involvement in agriculture and pet supplies, owns the F40, adding an intriguing layer to the story [1]. The car is a U.S.-spec model, making it a highly sought-after collector’s item.

The Ferrari F40, conceived to celebrate the brand’s 40th anniversary, is Enzo Ferrari’s final masterpiece. With its twin-turbocharged 2.9-liter V8 producing 478 horsepower and a top speed over 200 mph, it was the fastest production car of its time. The car's lightweight Kevlar and carbon fiber construction give it a raw, unfiltered feel that modern supercars rarely match [1].

The auction process is highly controlled, with bidders required to qualify with the court and participate either in person or via Zoom. The bidding increments are $10,000, and there is a three-day window to pay a $500,000 deposit if one wins the auction. The sale is expected to be tightly regulated and transparent, appealing to collectors seeking a secure transaction [1].

By cutting out the usual auction house fees, this federal setup could mean significant savings for the buyer. At many high-profile collector sales, buyers pay premiums of 10 percent or more on top of the hammer price. Here, that money stays in the buyer’s pocket, or goes toward a stronger bid [1].

The Ferrari F40’s auction through a U.S. federal court makes this event a genuine oddity in the automotive world. For the right buyer, it’s an opportunity to own one of the most iconic cars ever built without paying the premiums that usually come with high-end sales. Whether the car hammers close to the $2.6 million starting point or approaches the $5 million buy-it-now price, the story of the Ferrari F40 that sold in a courtroom will be one for the history books.

References:
[1] https://www.hotcars.com/ferrari-f40-government-sell-5-5m/