Rusted Bugatti Sells Well Above Estimate

by Deidre Woollard (RSS feed)
Jan 27th 2010 at 12:01AM

How much would you pay for the rusted hunk of metal above? Probably nowhere near what one bidder paid for a 1925 Bugatti Brescia known as the Lake Maggiore Bugatti. The Bugatti got its name because it was discovered by divers in Lake Maggiore in northern Italy. It was left there for decades but last year the car was finally pulled from the lake. At the Retromobile auction held by Bonhams the car sold for €260,500 inclusive of the buyer's premium. The winning bidder, a European collector representing the Peter Mullin Collection in California, plans to show the car in its current condition. The car had carried an estimate of €70,000 to €90,000.

The proceeds will go to a good cause. As The Independent tells the story, Jens Boerlin and other members of the Ascona sub aqua club retrieved the wreckage from Lake Maggiore last year, partly inspired by the murder of a member of the club, Damiano Tamagi, who was attacked in 2008. The car's earnings will go to the 'Fondazione Damiano Tamagi', a charity with a goal of preventing of youth violence.

Tags: bonhams, bugatti, rusted bugatti, RustedBugatti