Who Really Owns the “Stolen” Ferrari?

Various countries take different approaches. Some protect the innocent owner whose property was stolen. Others protect the innocent purchaserJ

by ohn Draneas

Acting on a tip from a confidential informant, the Connecticut State Police obtained a warrant to search the garage of a Sharon, Connecticut, collector. Inside, they found a 1958 Ferrari 250 PF Cabriolet, s/n 0799GT, which had been reported stolen in Spain some 15 years previously. The Ferrari had been smuggled into the United States and registered in New Jersey in 1994 under a false VIN. The Spanish owner was reported to have refused the inadequate insurance settlement, believing that the car was rare and valuable enough that it would turn up someday. (A prudent move, as the Ferrari would belong to the insurance company if he had accepted the settlement.)

Once the story broke, the commentary started flying. Several “people who knew” disputed that the car had ever been stolen. One source, as was reported on the SCM web site, claimed the Ferrari was owned...