An 87-year-old American billionaire bought the first Ferrari Luce for $40 million, and the purchase could save him $13 million in taxes

The American billionaire who bought Ferrari’s first electric vehicle model for an eye-watering eight figures may be able to cash in on a tax write-off perk from the purchase. 

Earlier this month, 87-year-old optometrist-turned-businessman-turned-philanthropist Dr. Herbert A. Wertheim bought a Ferrari Luce at a Sotheby’s public auction for $40 million. The auction was part of a charity effort to benefit the Ferrari Foundation, which funds global education initiatives.

The $40 million buying prices on the auto was more than 36 times the model’s presale estimates of $1.1 million. (The Luce retails for $640,000, but the auctioned car had a higher price tag because it had a pre-production chassis.)

Now, it seems Wertheim may end up getting a large chunk of that purchase back, as part of a longtime American tradition of the country incentivizing the nation’s wealthiest philanthropists into giving back.

Large charity donations like Wertheim’s can lend themselves to massive tax write-offs as a result of America’s tax system. Automotive content creator and television presenter Peter Greaves first brought attention to the potential for Wertheim to gain millions back on the purchase of his Luce in a recent Youtube video.

When Wertheim files his 2026 taxes, he would have to subtract the........

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