Late NC businessman’s Ferrari auctioned for $27M

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(AP)

A rare 1967 Ferrari owned by a North Carolina orphan-turned-millionaire has been sold at auction for $27.5 million.

The red Ferrari was one of 10 ever built, and its single-family ownership increased interest at the sale.

The Los Angeles Times reports (http://lat.ms/1bJDZKB ) the owner, the late Eddie Smith, was a former mayor of Lexington, N.C. He died in 2007 at age 88. Since then, the car has been stored in a specially built garage.

Eddie Smith Jr. says in keeping with his father’s philanthropy, the family is giving all proceeds to various charities.

The car is a Ferrari 275 GTB/4(asterisk)S N.A.R.T. Spider. N.A.R.T. stands for North American Racing Team, a Ferrari-backed venture created to promote the brand in the U.S.

The sale was handled by RM Auctions in Monterey.

(Copyright 2013 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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