Late Philanthropist’s Rare Ferrari Raises $27.5 Million for Charity

On August 18, the Los Angeles Times reported the $27.5 million auction sale of a rare 1967 Ferrari owned by late millionaire and Philanthropist Eddie Smith.

According to the article, “Cheers got louder as the price went up on Saturday night in downtown Monterey, where the Ferrari 275 GTB/4*S N.A.R.T. Spider passed to new owners from the family that originally bought the car. The final price, which includes commission, makes it the most expensive road car ever sold at auction.”

The record-breaking sale price is attributed to the fact that the car was one of only 10 ever built and that it had been under single-family ownership since 1968. According to Smith’s son, the family decided to put the car up for auction because it has remained in storage for the most part since his father’s death in 2007. In the spirit of the late Lexington mayor’s dedication to philanthropy, all proceeds from the Ferrari sale will go to different recipient charities, which include the family’s foundation and other charitable organizations in the area.

Traditional charity auctions like this one are known to raise awareness for various causes that these organizations represent. However, much like the multi-million car sale, these activities usually involve big-ticket items and can be extremely expensive to obtain. This might be intimidating for those who want to donate to these important causes but may not have the means to bid on these types of items.

Fortunately, there are programs like eBay Giving Works that aim to help their partner organizations through sales from online charity auctions as well as direct donations from sellers and buyers on the e-commerce site. The setup is not as elaborate as a traditional charity auction, but it enables people to support their chosen causes through whatever amount they can afford to give.

With eBay Giving Works, nonprofit organizations are also allowed to sell their own items as well. Apart from encouraging the site’s extensive network of users to donate to charity through online auctions and purchases, these organizations can use this as an opportunity to educate a wider number of people about their mission.

(Article Excerpt and Image from Rare Ferrari sets world record with $27.5-million sale, Los Angeles Times, August 18, 2013)


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