Trump's old Ferrari sells at auction for record $270,000

NEW YORK -- A Ferarri once owned by President Trump was sold at auction this weekend at a record $270,000.

The 2007 Ferrari F430 F1 Coupe was purchased new by Trump a decade ago.

He didn't drive the Ferrari much. Trump sold the supercar in 2011 with fewer than 2,400 miles on it.

The vehicle changed hands again on Saturday at an Auctions America event in Florida. The auction house did not name the buyer or the seller.

The cherry red Ferrari rolled onto the auction block around 5:30 pm ET as "Hail to the Chief" boomed from the speakers.

At first, it looked like the car wouldn't sell. It left the auction block with a top bid of $245,000 -- which didn't meet the reserve price, or the minimum bid required for a sale.

The Ferrari, according to Auctions America, sold "just minutes after it left the podium."

The $270,000 sale price is the most a Ferrari F430 Coupe with an automatic transmission has ever sold for at auction, according to Hagerty Insurance.

"Similar versions of the model without the celebrity provenance traditionally bring between $125,000 and $175,000 depending on mileage, condition and optional equipment," Auctions America said in a statement.

Ahead of the auction, Auctions America said it expected the car to fetch between $250,000 and $350,000.

The Ferrari's new owner will get the car with just over 6,000 miles on it, and the purchase comes with a copy of the original title boasting Trump's recognizable "bold signature," Auctions America said.