Miami millionaire Mohammed Alsaloussi bought the F50 at auction for around £1.159,458 in September 2019.
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Crucially Mr Alsaloussi has said he did not know the car had been stolen from an Italian car park in 2003.
In 2003, it was acquired by an Italian limited partnership consisting of Paolo Provenzi (“Provenzi”), his brother, and his father. The Ferrari was stolen around a month later.
The red F50 was seized by the US authorities in December 2019 while crossing the border from Canada on a loader.
Official’s seized the motor after they noticed its identity number had been smeared with tar.
The Ferrari appears to have gone missing for around 16 years, and it is not clear how the motor fetched up in Canada. The car has only 10,708 miles on the clock, adding to the intrigue.
The authorities then filed a civil action to identify the Ferrari’s true owner.
One person close to the story said to Buffalo News: “When this is over, there’s going to be a movie made about this.This car has been going around the world, apparently.”
Speaking in March 2021 James Kennedy, US Attorney for the Western District of New York,said: “After investigation, my office determined that it would not be appropriate for us to exercise our authority and
forfeit this extremely valuable and previously stolen luxury car.
“Instead, after an 18-year odyssey, which we know took it across continents and countries, we have decided that the time has come for a court of law to determine the rightful owner of the vehicle.”
Richard O’Neill, Alsaloussi’s lawyer, said: “We have been eagerly awaiting the filing of this action and believe our client has a very strong claim of ownership of this vehicle.”
A source close to the case told The Sun : “In August, Ikonick filed a motion asking for the Ferrari to be returned to it. Provenzi opposed the motion.
“The court heard oral argument on the matter in late September. The parties are still waiting for a decision.”
The F50 was an attempt by Ferrari to create a road car with Formula 1 looks and performance.
The motor has been bought by big names over the years, from Rod Stewart to Clint Eastwood and Mike Tyson.
The 1995 Ferrari F50 was rock star amongst supercars thanks to its stunning looks and performance.
With two seats from an F1 and hulking V12, the car could do 200mph and reach 60 from zero in just 3.6 seconds.
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