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WALTER MEDLIN pleaded poverty when the taxman came calling. Then Hurricane Charley ripped through a barn in rural Florida last year, revealing the property developer’s $50 million (£27 million) collection of classic Ferraris. Now one of Mr Medlin’s cars, a 1967 Ferrari 330 P4, is to be auctioned at a knockdown price by America’s Internal Revenue Service (IRS) to meet his tax bill, estimated at $3 million. The racing car, one of only four built, has a reserve price of $2 million, although its true value is believed to be closer to $10 million.
The V12-powered P4 was fully restored a decade ago by Arizona’s Grand Touring Cars and was in storage at the garage — until it was towed away by the tax authorities. It is likely to attract bids from wealthy car enthusiasts from around the world at the auction on March 30.
Of the original four, one was destroyed in a crash, another is in a museum in France and the last belongs to a Canadian collector. Three of the P4s famously crossed the finishing line of the Daytona 24-hour race together in 1967, taking the first three places.
Mr Medlin can still avoid losing his car by paying his tax bill before 2pm on March 30.
He has made late payments before, turning up at auctions with cheques to retrieve his property.
It has prompted calls to fix the “Walter Medlin Tax Relief Act” — the loophole that allows him to buy his possessions back from the IRS so that taxes are postponed indefinitely.