Spain gets 1 low bid for king's Ferraris, fails to sell them

Staff Writer
Columbus CEO

MADRID (AP) — Spain's government has been unable to sell at auction two Ferraris given as gifts to former King Juan Carlos because a single bid came in and it was for less than half of the reserve price of 350,000 euros ($400,000) placed on each.

The Ferrari FF four-seater models — one black and the other silver-gray — were given to Juan Carlos by the United Arab Emirates in 2011 and barely have more than delivery mileage.

The king donated the cars to the state in 2012 and the Finance Ministry decided to auction them.

The ministry says Saturday the auction went ahead but only one sealed bid was received for less than 50 percent of the minimum required. It didn't say what would happen to the cars now.