Generous Family Donates Proceeds From Rare Ferrari Sale to Charity
The Smith family came out of its fortune almost as fast as it came into it.
The family of the late Eddie Smith auctioned off his 1967 Ferrari 275 GTB/4*S N.A.R.T Spider for $27.5 million this past weekend in Monterey, California and revealed all of the proceeds from the sale will go to charity.
The Spider went for such a huge sum because it is only one of 10 ever produced. The $27.5 million tab marks the most expensive price for a road car sold at auction.
Smith bought the car in 1968 for what now seems like a paltry $14,500 and it has remained with the family ever since. His son had some simple words for the new owner: "Drive it, love it, enjoy it, and more importantly share it with others so they can see it."
The family will donate the money to its foundation, as well as various charities in Lexington, North Carolina where Smith used to tool around in the Spider.