Ownership OF Jim Kimberly’s Ferrari 375Plus “Dust Up” Coming To A Close
Back in Y 1958 a US Army engineer bought a burned-out Ferrari for $2,500 from sportsman/racer Jim Kimberly, he had no idea that it would go on become the most contested car in history.
Now, after 16 years of lawsuits and ownership claims from Paraguay to Switzerland, the fate of the vintage 375Plus racer is finally being resolved in a London court.
Ferrari made only 5 375 Plus models that year and 4 of motor racing’s Golden Age remain.
Ralph Lauren and Giorgio Perfetti have 2 of them, and Leslie Wexler hopes to own this one s/n 0384. Mr. Wexler bought it at a Bohnam’s Goodwood (UK) auction in June of Y 2014.
The last undisputed owner of the 375Plus was Karl Kleve, engineer-turned car collector.
Mr. Kleve died in Y 2003 at the age of 90, he bought the fire damaged racer from the heir to the Kleenex tissue fortune, Jim Kimberly. 30 odd years later it was stolen according to court documents.
According to the files, parts of the car turned up in Antwerp where it was acquired by a Belgian car trader. Customs officials there impounded the car to determine its ownership after Mr. Kleve reported it stolen, authorities sided with the trader. Cleared, it was sold to Jacques Swaters, a Ferrari dealer and former race car driver. Not knowing it had been stolen, Mr. Swaters spent years restoring the car back to its original form.
In Y 1999, after Mr. Kleve located the car and confirmed his ownership by its chassis number, 0384M, Mr. Swaters agreed to pay $625,000 to keep it.
About 10 yrs later, after Messrs Swaters and Kleve died, a daughter of Mr. Swaters filed a suit in Ohio claiming that Mr. Kleve violated the sales agreement by withholding some of the car’s parts. That claim of ownership was followed by 2 others.
In Y 2013, all parties at interest agreed to “extinguish all claims and counterclaims” and allow Bonhams to sell the racer and split the proceeds. And so last June, after an extensive marketing campaign, it was sold to Mr. Wexner, Chairman of L Brands (NYSE:LB), at an auction at the Goodwood Festival of Speed in the UK.
Then Mr. Wexner, perhaps with buyers remorse, sued Bonhams after the sale, claiming the auctioneer failed to inform him of unresolved ownership disputes and demanding a full refund plus damages for the Ferrari.
Bonhams sued Mr. Kleve’s daughter, Kristine, for allegedly breaching the terms of their settlement deal prior to the sale.
The 4 lawsuits are in London and combined so a judge can settle the disputes at once. The next hearing is scheduled for September.
Lawyers for the parties did not respond for comment requests
Have a terrific weekend.
Paul Ebeling
HeffX-LTN
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