Spanish Royal Ferraris Finally Off The Market

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Two Ferraris that were given to former Spanish King Juan Carlos as a gift from the United Arab Emirates in 2011, are presented to the press before being auctioned, in Madrid, Spain, October 19, 2015. According to local media and the government, the unused Ferraris had been parked at the former King's residence, the Zarzuela palace, before being donated to Spain's National Heritage which in turn transferred them to the central government to be auctioned next month at a starting price of 350,000 Euros ($396,000) each. REUTERS/Andrea Comas

According to the Spanish government, two Ferraris gifted to Spain’s former king Juan Carlos by an Arab sheikh finally went for nearly €444,000 (RM2.16 million).

They first went under the hammer in November 2015 for an asking price of €350,000 and €345,000 (US$400,000 and US$394,000), but there were no buyers.

The black and silver-plated cars were ceded to the state by King Felipe VI when he took over in 2014 after his father’s abdication and pledged to clean up the royals’ image.

The sports cars were given to Juan Carlos by Sheikh Mohammed bin Rashid al-Maktoum, prime minister of the United Arab Emirates, after the former king visited his country in 2011, but he never drove them.

The crown’s popularity had been severely damaged by Juan Carlos’ lavish lifestyle at a time of devastating economic crisis in Spain, as well as Princess Cristina’s alleged involvement in a corruption scandal targeting her husband, for which she has since been acquitted.

However, the ministry of finance announced that today in Madrid, they went for €201,555 and €242,287, one of them to a car dealership and the other to a private buyer.

Felipe has ordered members of the royal family not to accept any extravagant gifts. Any official presents they receive must now be donated to national heritage.

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