Tokyo’s tax agency will auction off $390,000 Ferrari it seized

Tokyo’s tax office has a Ferrari for sale.
The capital’s branch of the national agency seized a 2-seater Ferrari NV 488 Pista Spider with an estimated price of ¥56.8 million ($390,000) from an owner who failed to pay their tax bill. It will hold an online auction for the car over two days next month, it said on its website.
This is not the only luxury item that the agency is auctioning off. Buyers can also bid on high-end real estate and a rare bottle of Suntory Holdings’ cult-favorite whisky Hibiki 30. For those looking for a destination to drive to, the agency is selling a golf course with a starting bid of ¥141 million.
In 2012, the agency auctioned a 7.5 carat diamond that started at ¥40 million. The hammer fell on that stone for ¥76 million. The most expensive non-real estate item ever sold online was a 12.07 carat diamond that started at ¥27 million and soared to ¥93 million, more than three times its initial listing.
The V8-powered 488 Pista Spider model produces more than 700 horsepower and can accelerate from a standstill to 100 kilometer per hour in 2.8 seconds, according to Ferrari Japan’s website. Formula One driver Charles Leclerc owns a custom-made version of the same model. Ferrari USA’s official website lists 6 of the open-top sports cars for sale with prices ranging from $679,900 to $824,895.
The agency declined to comment on the car’s owner for privacy reasons. A spokesperson for Ferrari Japan declined to comment on pricing.
The auction system has some benefits for the sports car’s owner. If the car fetches more than the amount in arrears, the tax agency will give them the difference.