Ferrari of San Francisco Has Been Sold! - Ferrari Life
 
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post #1 of 11 Old 07-15-2009, 03:38 PM Thread Starter
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Ferrari of San Francisco Has Been Sold!

Effective August 1, 2009, Ferrari SPA will no longer own Ferrari of San Francisco!

Looking to shed assets and gain $'s Ferrari sold the outfit.

All U.S. Ferrari dealers will now be privately owned.

Boardwalk Ferrari of Texas has been stated as the new owner!
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post #2 of 11 Old 07-15-2009, 05:05 PM
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A lease that could choke Marilyn Chambers!.

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Originally Posted by Gcalo View Post
Effective August 1, 2009, Ferrari SPA will no longer own Ferrari of San Francisco!

Looking to shed assets and gain $'s Ferrari sold the outfit.

All U.S. Ferrari dealers will now be privately owned.

Boardwalk Ferrari of Texas has been stated as the new owner!
That's some pricey real estate, I could only amagine the lease price per month on that building. On a side note they had a beautiful Lamborghini Miura in that dealership, Any idea as to the asking price Greg?. Boardwalk Ferrari of Texas is in my opinion taking a "Huge leap of Faith!" if they feel they can turn a profit at that location.......Mark.
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post #3 of 11 Old 07-15-2009, 07:10 PM Thread Starter
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With few dealerships available Boardwalk obviously felt it was a worthy investment, and I am quite certain they know what they are doing.

Last one for many years was Wynn Las Vegas.

This has to have value.

As far as making $, what incentive was there for Ferrari to make $ there?

Don't know anything about the Miura.
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post #4 of 11 Old 07-16-2009, 09:38 AM
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Dang....better get to FofSF real quick and see what Brad is up to.....

and my free expresso will probably go out the window too

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post #5 of 11 Old 07-17-2009, 10:08 AM Thread Starter
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For the $25 million Boardwalk paid, they will be selling latte's just to pay the overhead!
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post #6 of 11 Old 07-17-2009, 01:53 PM
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For the $25 million Boardwalk paid, they will be selling latte's just to pay the overhead!
Greg do you know exactly what the $25 million included....ie...inventory,building,etc.....Mark.
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post #7 of 11 Old 07-17-2009, 02:04 PM Thread Starter
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No but I will try to find out.

I would guess a good part of that was for the the physical facility in Mill Valley. The repair/parts in San Rafael is a leased affair I believe.

What is interesting is that I was at one time told that Ferrari's plan was to buy out Enzo's son's 10% interest in Ferrari and then give him the S.F. facility as part of the deal. Piero had stated he would like to live in Northern California.

So I guess this is quite a change for Ferrari since $ is now so precious.

That's a ton of cash to pay for a dealership in this economy, but apparenty Boardwalk knows what they are doing.
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post #8 of 11 Old 07-17-2009, 02:15 PM
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Boardwalk will do ok...Owning the Mill Valley property is superb, and could feature other venus if they desired...would have to get the rest. next door, but nice area.

Greg; sure the SR are is lease?.....hope it's long term.

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post #9 of 11 Old 07-17-2009, 02:18 PM Thread Starter
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Do not know actual ownership of the San Rafael property.

It's a guess since there are other businesses in the building as well.
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post #10 of 11 Old 07-17-2009, 03:13 PM
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paint shop is the other bus.

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post #11 of 11 Old 07-17-2009, 03:37 PM Thread Starter
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Did not know that.

So maybe they do own the buildinga nd it is part of the deal.

We will certainly find out.
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