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

Dr. Herbert A. Wertheim, an 87-year-old American billionaire, recently purchased Ferrari's first electric vehicle model, the Ferrari Luce, for $40 million at a Sotheby’s public auction in support of the Ferrari Foundation's global education initiatives. The auction price was 36 times higher than the model's presale estimate of $1.1 million.

Wertheim, a philanthropist with an estimated net worth of $4.8 billion, may be able to claim a substantial tax write-off for the purchase, potentially recouping over $13 million from the U.S. government. The tax law allows for itemized deductions to be capped at 35% for top earners, and Wertheim's estimated adjusted gross income is reported to be $200 million, which would leave him eligible for a $35.85 million tax refund based on IRS 2026 tax rules.

Ferrari has faced criticism for the Luce's design, but the carmaker has reportedly surpassed its initial sales goal of 500 units. The tax incentives for philanthropy have become more favorable under the Trump administration, with the One Big Beautiful Bill Act reducing the benefit for top earners from 37% to 35%.