Michael Jordan's Ferrari 550 Maranello sells for record $2.7M
What's the story
A 1997 Ferrari 550 Maranello once owned by basketball legend Michael Jordan has set a new auction record, selling for a whopping $2.7 million. The sale, which took place on Wednesday night, is the highest price ever paid for this model at a public auction. The final bid far exceeded Joopiter's pre-auction estimate of $800,000 to $1.3 million and more than quadrupled the previous record for a 550 Maranello.
Auction details
Joopiter's entry into collector-car market
The auction, which lasted two weeks and drew 43 bids, was Joopiter's first in partnership with Curated, a dealer specializing in collector and vintage supercars.
The sale marked Joopiter's entry into the collector-car market for the first time.
"Joopiter's entrance into the collector car market marks an exciting expansion for us," said Caitlin Donovan, Global Head of Sale at Joopiter.
Car's journey
Car associated with Jordan's championship years
Ferrari delivered the 550 Maranello to Jordan in May 1997. The car was associated with the last leg of his championship years in Chicago.
It is finished in Rosso Barchetta over tan leather and still carries the Illinois plate "MJ 5."
Jordan was photographed behind the wheel just hours after winning his fifth NBA championship in June 1997, a detail that helped cement the car's identity well beyond typical Ferrari-collector circles.
Discovery
The car was located after a decade-long search
After Jordan sold the 550 Maranello in 2002, it disappeared from public view for over two decades. Curated CEO John Temerian spent nearly a decade tracking it down before finding it this year.
The car was located with a long-term California owner who had never put it up for public sale. Temerian ultimately bought the vehicle without seeing it in person, marking an extraordinary chapter in its history.