Billionaire's $40M Ferrari purchase could yield $13M tax break
Dr. Herbert A. Wertheim, an 87-year-old billionaire, bought the first Ferrari Luce at a Sotheby's charity auction for $40 million, far above its $1.1 million presale estimate. The purchase could allow him to claim a tax deduction of over $13 million under U.S. charitable giving rules. Wertheim, a philanthropist with a $4.8 billion net worth, has not commented on whether he will take the write-off.
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Original headline: “An 87-year-old American billionaire bought the first Ferrari Luce for $40 million, and the purchase could save him $13 million in taxes.” Browse more stories.