Ferrari's new owner is anonymous
By Nancy Needham nancy@theacorn.com

Being a patient man serves Michael Regalia well, especially since he must wait to find out who paid $2.3 million for his 1963 Ferrari 250 GT Berlinetta Lusso, once owned by late actor Steve McQueen.

It took lots of patience as he put about 4,000 hours into restoring the car he paid under $100,000 for and owned for 10 years. He took the car down to the bare body shell, then restored each and every part as perfectly as he possibly could.

Which, for the man who's won Best of Show at Pebble Beach and other top car events, means the result is slightly better than when the car came out new from the factory.

Still, more patience is required from Regalia. Whoever purchased the car during an auction organized by Christie's has asked to remain anonymous until they themselves decide to announce ownership of the car.

He decided to sell the Ferrari only because he felt it deserved to be parked in a better place than his garage, he said.

"It was never about the money. It was a labor of love," Regalia said.

Before the sale he imagined the car being purchased by Ferrari and presented in its museum. He also thought it would be nice if another celebrity owned the car, adding to its Steve McQueen pedigree, he said.

McQueen starred in movies that include the "Magnificent Seven" and "The Great Escape" in 1960 and 1963 respectively. Known for his love of cars, he's respected in the auto world, the professional restorer said.

The car was purchased for double what it was expected to command without the McQueen factor- but not even Regalia knows by whom.

"Even if I knew, I wouldn't tell if the person asked me not to. I would respect the owner's right to keep that information private," he said.

But, he admits, it's going to be hard to keep the car's ownership secret for long. There are already lots of rumors.

"It would be nice to talk to the new owner," Regalia said. "I hope it's going to a good home- I know, for sure, they appreciate it."

Regalia said he's very happy how the auction turned out and what the car he restored has meant for the legacy of Steve McQueen, he said.

"I'll be patient. It's not going to be possible to hide this car forever," he said.