Jerry Seinfeld would reimburse Carlos Monteverde, the son of Brazilian billionaire Lily Safra, from her first marriage, for selling him a “Fack” 1958 Porsche.
The comedian has resolved a lawsuit filed in Manhattan Federal Court alleging he sold an “inauthentic” 1958 Porsche for $1.5 million at auction.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at email@example.com.
Seinfeld filed claims against the California-based historic automobile dealer who sold him the unique vehicle, resulting in a legal pileup.
The alleged 1958 Porsche 356 A 1500 GS/GT Carrera Speedster was sold at an auction on Amelia Island, Florida, on March 11, 2016, that was dedicated to the “Jerry Seinfeld Collection” of automobiles.
The purchaser was Fica Frio, a corporation affiliated with Carlos Monteverde, the son of Lily Safra.
Within a year of acquisition, the corporation employed an appraiser who concluded that the Porsche was not authentic. According to the company’s February 2019 complaint against Seinfeld, an expert who assessed the vehicle for resale was concerned that its history file lacked photos of any restoration work.
Within a week of that lawsuit’s filing, the host of “Comedians In Cars Getting Coffee” rushed to shift the blame on the vehicle dealer, stating that California-based European Collectibles promised him in writing that the Porsche was authentic.
Seinfeld’s lawsuit stated, “Mr. Seinfeld, a highly successful comedian, does not need to augment his income by constructing and selling imitation automobiles.”
Wednesday’s petition in Manhattan Federal Court reveals an agreement in principle that ends the controversy. The 68-year-old also settled with European Collectibles, from whom he acquired the $1.2 million automobile. The deal’s terms were not disclosed.