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Ecclestone Sells €360 Million Car Collection to Pay Tax Debt
Bernie Ecclestone, the 94-year-old former Formula 1 boss, is selling his €360 million classic car collection to partially offset a €790 million tax debt resulting from a 2015 tax evasion case involving undeclared assets; this is the largest tax settlement in British history.
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Formula One PromotionsBritse Belastingdienst
Bernie EcclestoneStirling MossMichael SchumacherAlberto AscariVladimir Poetin
- How did Ecclestone's tax evasion case lead to such a substantial financial settlement?
- Ecclestone's sale highlights the substantial financial consequences of his tax evasion case. His admission of guilt and subsequent settlement, the largest in British history, resulted in a €790 million payment to the British tax authority (€390 million in back taxes and interest, plus a €400 million penalty). This settlement underscores the severity of tax evasion and its significant financial repercussions.
- What is the primary reason behind Bernie Ecclestone's decision to sell his €360 million classic car collection?
- Bernie Ecclestone, the former Formula 1 boss, is selling his classic car collection worth €360 million to pay off a significant portion of his nearly €800 million tax debt. This collection includes famous cars like Stirling Moss's 1958 Vanwall and Michael Schumacher's 2002 championship-winning Ferrari. Ecclestone, 94, cited his age and desire to avoid burdening his wife as additional reasons for the sale.
- What are the potential long-term effects of this sale on the classic car market and the public perception of tax evasion by wealthy individuals?
- This sale could significantly impact the classic car market, potentially driving up prices for comparable vehicles. Ecclestone's collection represents some of the most historically significant racing cars, making it a unique and high-value offering. The sale could also spark discussions about the ethics of tax avoidance among high-net-worth individuals.