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 |  Feb 22 2012, 7:01 PM

In 2009, an FBI agent tasked with transporting a seized Ferrari F50 failed to safely deliver the cargo, instead wrecking the vehicle and sparking a fight with the vehicle’s insurance company.

Now, a Ferrari F50 that seems to match the description, seen in the gallery below, of the car originally stolen from a dealership in Philadelphia is up for auction and only bid thus far up to $65,000.

That’s quite a discount from the $750,000 price tag the F50 would carry without its present injuries. Still, repairing a Ferrari is anything but a poor man’s path to performance, expect to spend an awful lot of money to have anything remotely close to the original car.

Vehicle Inspection Pros, a group that works with the auction company selling the F50, charges $150 just to tell you what’s wrong with the car. While that’s peanuts to anyone buying a car, the body damage looks severe enough to warrant serious repair bills.

Unless spending more than $65,000 on something that might just be a scrap heap appeals to you, there are much better exotic options. Sure it’s not an F50, but if Ferraris are your thing there are about 100 Ferrari 360 Modena’s on Ebay right now within that price range.

GALLERY: Wrecked Ferrari F50

Wrecked-Ferrari-F50-01Wrecked-Ferrari-F50-02Wrecked-Ferrari-F50-03Wrecked-Ferrari-F50-10Wrecked-Ferrari-F50-09Wrecked-Ferrari-F50-05

[Source: Jalopnik]

 |  Feb 25 2011, 8:20 AM

In a strange (and kind of funny) twist, the FBI and Justice department are being sued for crashing a $750,000 Ferrari F50. But how did they come in possession of a car like this? That’s were the story gets interesting.

Back in 2003 the Ferrari F50 had been reported stolen from a dealership in Pennsylvania, which was then paid out by Motors Insurance Corp., making the insurance company the new owner of the missing car. To everyone’s surprise, the car was actually recovered in August 2008 by the FBI, and they subsequently stored it to use to prosecute the thief.

Unfortunately, in May 2009, FBI Special Agent Frederick C. Kingston was transporting the pricey Italian exotic and crashed it into a tree and when Motors Insurance Corp. found out, they sent the FBI and Justice Department a bill for $750,000. The bill was rejected by the agencies – they claimed the damage happened while the car was being detained by the FBI in the course of an investigation. Another claim that was filed in September of 2010 was also rejected.

Trying to get a handle on the accident, the insurance company filed to receive information regarding the crash through the Freedom of Information Act. Unfortunately, it seems like the FBI really doesn’t want to pay for the car, because that request was denied (“federal exemptions” being given as the reason).

The insurance company did receive an email from Assistant U.S. Attorney J. Hamilton Thompson on the day of the crash, which stated that the FBI agent took the F50 for a “short ride” in which he lost control and “fishtailed and slid sideways” only seconds after leaving the warehouse.

Do you think the FBI has a responsibility to pay the $750,000 bill or should the insurance company just forget about ever seeing any kind of compensation for the Justice Department? Let us know in the comment section below.

[Source: The Detroit News]