By on September 6, 2008

The Connecticut Police’s press release on the recovery of this stolen 1958 250 PF Ferrari reveals that the po-po bought its owner’s Schultzian story (I know NOTHING) hook, line and sinker. Of course, the car’s owner and Bear Stearns heir’s friends in high places had nothing to do with it. Still, Paul Hallingby’s insistence that he was unaware of the show car’s dubious provenance is a PR nightmare. If Hallingby wasn’t criminally complicit, he was a silver-spooned rube. You might suggest that the fact that Hallingby was trying to sell the vehicle for ten percent of its $4m – $5m market value indicates a certain “awareness” (as intimated by my old college chum Bill Henderson at The New York Post). But I couldn’t possibly comment. In any case, full marks to the Ferrari’s Swiss owner, who refused to take an insurance payout when the car disappeared in Spain. His belief that his rare, beloved Ferrari would one day show up intact has been vidicated. Now, if only someone would be charged with the crime…

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6 Comments on “How Could Hallingby NOT Know this Ferrari Was Stolen?...”

  • avatar
    Andy D

    If it sounds too good be true, it probably isn’t. I was in Sharon Labor day WE for the Rolex Festival. Is there a statute of limitations involved on this? If so, then maybe that is the reason Barney was showing the car.

  • avatar

    Here’s a potential QOTD: If you knew for a fact that this car had been stolen, yet could obtain it for the hot-fingered discount, would you weigh the risk-reward benefits and still purchase it knowing you would go to jail?

    I’m guessing that if you could afford the discounted price you could probably afford the actual market price, but I think this issue brings up an intriguing scenario. After all, it’s not as if a 250 shows up on the market everyday.

  • avatar

    Those cars are up for between four and five million dollars? That REALLY is ten times too much. I can’t see the money in it, I’m sorry. Some people has way too much money…

  • avatar

    While I am not here to defend any silver-spooned rubes, I have to point out some obvious facts that are missing from this story as presented: The car was purchased in the early/mid 1990s. Ferrari 250s were NOT selling for $4-$5mil back then. The Ferrari market collapsed in 1990 along with the Japanese recession and 250s could be found for around $1mil. The values quoted are always for “excellent condition/no-stories” cars. It is very common to see cars with uncertain provenance, mis-matching engines/chassis, etc trade for well under the top-tier classics… so $500k for a 250 in the early to mid 90s is actually a fair market value for a car of uncertain history.

    That said, low-volume cars such as 250s, especially a covered-headlights PF 250, SHOULD be easy to verify against a few registries. The silver-spooned rube may have had suspicions if he looked hard enough. He should have.


  • avatar

    Chuck, the article states that Hallingby bought the car in 2000, by which point the car valuations had recovered from the 1990 crash. Also, the article identifies him as a Ferrari enthusiast. All the enthusiasts I know pore over Ferrari registries where individual vehicle histories are often detailed. Any enthusiast worth his salt would have checked the VIN and the price. 500K was low in 2000. I smell a rat.

  • avatar

    Smell a rat! The whole deal stinks to high heaven!

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