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Tue 24 Apr 2012 10:59 AM

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Dumped US$1.6m Ferrari up for auction in Dubai

Limited edition car was abandoned by owner at height of emirate's debt crisis

Dumped US$1.6m Ferrari up for auction in Dubai
Flash car was dumped by owner at height of debt crisis (image for illustrative purposes only)

A US$1.6m limited edition
Ferrari, abandoned by its owner during Dubai’s debt crisis, will go on auction
Wednesday in what is thought to be the most lavish police sale in

The red Enzo, one of only
399 in the world, is one of 23 luxury vehicles going under the hammer after
owners abandoned the vehicles on the back of accumulating fines ranging from AED98,300
(US$26,800) to AED100,000, the UK's Daily Mail reported. 

The car, which can reach speeds of up to 217mph, was impounded by police last year after being dumped in
a car park by its British owner.

“There is a black Ferrari
worth AED700,000 abandoned by the British owner for 15 months in our detention
centre when he couldn’t pay the fines recorded on it,” an official told the

Abandoned cars became
synonymous with Dubai’s debt crisis in 2009 to 2010 in which thousands of
expatriates fled the emirate in a bid to escape imprisonment as a result of loan defaults.

Under Dubai law, a car can be auctioned off six months
after being abandoned.

Potential buyers at the
auction must deposit AED50,000 ahead of the sale while entry tickets cost AED110.

A total of 129 cars will be
auctioned at 9am Wednesday in Al Quasis. The sale will also include seven top-of-the-range
Porsches, Corvettes, Mercedes, BMWs, Infinitis, Range Rovers and Dodges.

Dubai police have raised a
total of AED10m in their last five car auctions.

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