A Ferrari worth $2.5 million that was stolen outside a hotel in Italy has been returned to its owner after nearly 24 years.
The F40 is one of only 1,311 produced and the model was the last personally commissioned and approved by the Italian car maker’s legendary founder Enzo Ferrari.
The Ferrari was tracked down by Christopher Marinello, a London-based American lawyer who specialises in reuniting owners with stolen high value goods, including looted Nazi art and luxury watches.
He is taking up an offer by the grateful owner to take the 201mph supercar for a celebratory spin. He posted on social media: “My job doesn't suck, sometimes”.
Earlier this week, it emerged a Ferrari belonging to former Formula One driver Gerhard Berger was recovered by police in the UK, 28 years after it was stolen while he was competing at the San Marino Grand Prix.
The F40 model was built from 1987 to 1992 and was named in honour of the company’s 40th anniversary. At the time the fastest road car, it was capable of 0-62mph in 4.1 seconds, but compared to modern supercars it is relatively basic.
According to the official Ferrari magazine, the F40 does not have power steering, ABS brakes or even electric windows and “had a very singular mission: to thrill”. But despite the car's age it “still feels sensational” to drive.
Mr Marinello, the chief executive and founder of Art Recovery International, said he found the F40 using “exactly the same method as recovering a watch or a painting” and described the car as a “genuine work of art”.
“It could be years before they surface again and in this case with the car it was 24 years, which is incredible,” he told The National.
He explained a confidentiality agreement with the insurance company he was working for prevents him revealing details of the owner.
But he shared the theft statement submitted, which reveals the car comes in Ferrari’s famed Rosso Corsa red and was stolen on April 16 2000, from the Villasanta, an area adjacent to the Monza Formula One racing track.
Mr Marinello, an art student-turned-lawyer, worked as a litigator in New York on art-related disputes before founding Art Recovery International and moving to London.
He operates from an office with a bulletproof door.
Meanwhile, Austrian 10-time Grand Prix winner Berger is set to be reunited with his £350,000 F512M Testarossa.
London's Metropolitan Police said officers received a report from Ferrari in January this year after they carried out checks on a car being bought by a US buyer through a UK broker last year.
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
Royal Birkdale Golf Course
Location: Southport, Merseyside, England
Established: 1889
Type: Private
Total holes: 18
Match info
Costa Rica 0
Serbia 1
Kolarov (56')
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
The Book of Collateral Damage
Sinan Antoon
(Yale University Press)
