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20-year-old millionaire burns $200,000 Ferrari because he wanted another car

By Mason White 10:17 AM August 13, 2015
Ferrari on fire 

By: Mahesh Sarin
(Scroll down for video) A young millionaire in Switzerland, who wanted to purchase a brand-new luxury car, decided to torch his older model in order to use the insurance money for his new Ferrari.

The 20-year-old unidentified man, set fire to a Ferrari 458 Italia, which he received as a gift from his father.

The man currently owns 14 other cars, including a Lamborghini.

He is also the owner of a real estate portfolio worth nearly $30 million. The 20-year-old man visited the dealer for a new Ferrari 458 Speciale.

He was offered $193,500 for the old car, but that was not enough for the new car.

One of the dealers suggested that he destroy his old car in order to claim the insurance value, which was higher than the market price.

Three accomplices were recruited, including a person who works at the dealership, and to avoid suspicion, the group crossed the border into Germany to do the dirty work.

Once they found a quiet area, the 20-year-old and one of the accomplices visited a brothel, while the other two set the car on fire.

However, images from security cameras led to the arrest of those involved. They were all charged with insurance fraud. In court, the 20-year-old man was sentenced to 22 months probation and was given a fine of $33,000.