An auction for two Ferraris given to the former King of Spain, Juan Carlos, by UAE Prime Minister Sheik Mohammed bin Rashid Al Maktoum has been cancelled by the Finance Ministry after no acceptable bids were made.
Only one offer was submitted and it was lower than the necessary opening bid. The asking price was a minimum of €695,000 for both cars and the Finance Ministry did not disclose the amount offered by the bidder.
The government has not given an update on what will now happen to the cars or if they will be up for a future sale. The two Ferraris, both four seaters, one silver and one black, are to stay in a government garage until further plans are made.
The bidding was opened in October, with a five-day allowance for those interested to examine the cars. The only bid to be received by the Finance Ministry was opened on Friday.
An appraisal done on the Ferraris reported that both had a silver dedicatory plaque, 20-inch sports wheel rims complete with diamond-finish, interior leather rugs, a back seat entertainment centre and exterior cameras for parking.
Last December King Felipe VI, Juan Carlos’s son and successor, told the Spanish royal family not to accept any more high-priced gifts “that could jeopardize the dignity of their institutional tasks.”