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Ferraris worth £8m auctioned for Lifeboat charity Ferraris auctioned for lifeboat charity RNLI sell for £8.5m
(about 9 hours later)
Two rare Ferraris thought to be worth £8m will be auctioned later, with the proceeds going to the Royal National Lifeboat Institution (RNLI). Two rare Ferraris, donated to the Royal National Lifeboat Institution, have sold for more than £8.5m at auction.
Businessman Richard Colton left the cars to the charity in his will in what could become the most generous gift the RNLI has ever received.Businessman Richard Colton left the cars to the charity in his will in what could become the most generous gift the RNLI has ever received.
A 1960 red Ferrari 250 GT SWB sold for £6.6m, while a silver 1967 Ferrari 275 GTB/4 sold for £1.93m.
Mr Colton hoped to raise enough money to fund a new lifeboat to be named after him and his late wife Caroline.
Described as "a shy and private man", he was said to be nervous of the sea.Described as "a shy and private man", he was said to be nervous of the sea.
He hoped to raise enough money to fund a new lifeboat to be named after him and his late wife Caroline. The Ferrari 250 GT SWB was one of just 10 supplied to the UK. It has been described by experts as "one of the most beautiful cars in the world" as well as one of the most valuable.
Although there is no official valuation on the cars, two similar vehicles recently sold for a total of £8m. The Ferrari 275 GTB/4 was widely regarded as the best grand tourer of its time, with the Hollywood actor Steve McQueen owning one.
The red 1960 Ferrari 250 GT SWB was one of just 10 supplied to the UK. It has been described by experts as "one of the most beautiful cars in the world" as well as one of the most valuable. Mr Colton, from Stanwick, Northamptonshire, died in March aged 82 and left his car collection to the charity.
The other car, a 1967 Ferrari 275 GTB/4, was widely regarded as the best grand tourer of its time, with the Hollywood actor Steve McQueen owning one. He had restored both the Ferraris and had driven them across Europe.
Mr Colton, from Stanwick, Northamptonshire, died in March aged 82. The RNLI's chief executive, Paul Bossier said: "We are overwhelmed by the sale price of the two Ferraris, a legacy so generously gifted to our charity by car enthusiast Richard Colton.
He restored both cars and had driven them across Europe. "His legacy will help our volunteer crews carry out their lifesaving work around the coast. In line with Mr Colton's wishes, some of the money raised from the sale will go towards funding a new Shannon class lifeboat which will be named after his Mr Colton and his late wife Richard and Caroline Colton."
Guy Rose, legacy manager at the RNLI, said the charity was "deeply grateful and humbled" by the donation. Another car in Mr Colton's collection, a Jaguar E-Type V12 Coupe once owned by football star George Best, sold for £43,000 - which also goes to the RNLI.
"Six out of every 10 lifeboat launches are only made possible because of gifts left to us in wills, so they are vital to saving lives at sea. Best, who died in 2005, drove the car for three years and sold it in 1974.
"Mr Colton's generosity will be felt most by our volunteer crews and the people whose lives they save," he said. And a 1976 Jaguar XJ-C 12, which featured as John Steed's car in the 1970s' TV series The New Avengers, sold for £62,000 despite having a guide price of just £10,000 to £12,000.
The cars will be auctioned by H&H Classics at the Imperial War Museum, Duxford, Cambridge. The cars were auctioned by H&H Classics at the Imperial War Museum, Duxford, Cambridge.