Auction canceled after no one offers serious bid for Spanish king’s Ferraris

The Finance Ministry invalidated an auction on Friday for two Ferraris that were given as gifts to Spain’s former king, Juan Carlos, because no takers were willing to pay the minimum €695,000 the Spanish government was asking for the luxury vehicles.

Only one person, who was not identified, submitted an offer, albeit one that was lower than the required opening bid. The Finance Ministry did not reveal the amount offered by the lone bidder.

One unidentified person submitted an offer that was lower than the minimum sale price

Ministry officials have not said what steps they will take next to try to offload the two four-seater Ferrari FFs – one silver gray, one black – which were given to the Spanish monarch by the United Arab Emirates government.

In the meantime, the vehicles will remain parked in a government garage, where they have been stored since King Juan Carlos decided to donate the gifts to Spanish National Heritage, which later handed them over to the central government for auction.

Both were presents from UAE Prime Minister Sheik Mohammed bin Rashid Al Maktoum following a visit by the Spanish monarch to watch a Formula 1 race in the country in November 2011.

The Finance Ministry opened the bidding in mid-October, with a five-day period to allow those interested to inspect the vehicles, before the October 30 deadline. The only bid that came in was opened on Friday.

The government was asking for €350,000 for the black Ferrari and €345,000 for the silver gray one, which “has a slight scratch mark on the left front side and rear side,” as well as a “slight dent on the back wheel,” according to an appraisal. The vehicle also shows 763 kilometers on its odometer.

The appraisal also stated that the Ferraris were equipped with a silver dedicatory plaque, 20-inch diamond-finished sports wheel rims, interior leather rugs, a backseat entertainment center, including a high-watt stereo sound system, television station receiver, and exterior cameras for parking.

Last December, Juan Carlos’s successor, his son King Felipe VI, instructed the Spanish royal family not to accept any more favors or expensive gifts “that could jeopardize the dignity of their institutional tasks.” The move was part of a campaign by Felipe to clean up the royal household’s image following months of low popularity ratings.

English version by Martin Delfín.