Serepisos' Ferrari sells for $204k

The Ferrari F430 F1 produces 360kW from its 4.3 litre V8 engine and will do more than 300km/h. Photo / Doug Sherring

A rare "sharknose" Ferrari owned by embattled businessman Terry Serepisos was snapped up at auction yesterday for $204,500. It's the latest asset lost by the fashion-conscious businessman, who faces a bankruptcy hearing tomorrow.

Serepisos became a face of Kiwi capitalism after fronting the New Zealand TV series of The Apprentice.

But his television career went down the tubes as debt scandals surfaced and he was hauled before the courts. Further blows came last week when he lost control of the Phoenix Football Club.

He may even lose the shirt off his back to one creditor, Fashion Custodians, who want their missing money back and have targeted his clothes collection.

Serepisos is yet to indicate how he might resurrect his career and was unavailable for comment yesterday.

At the car auction, a man who bid on behalf of a buyer refused to reveal the winner's name or nationality but said his client was over the moon with the Ferrari F430 F1. The car has done 2600km.

The supercar - distinctive for its curvy body and "sharknose" bumper - was hauled before a crowd at a Penrose auction house yesterday afternoon.

Turners opened the auction by asking for $200,000 but had to drop to around $180,000.

From then, a bidding war erupted between an Asian man, a local in the crowd and the phone bidder, to the delight of onlookers including TV presenters Mark Sainsbury and Simon Dallow.

Turners boasted that the supercar was "the best Ferrari ever made". It is capable of reaching 315km/h.

The phone bidder fled when approached by the Herald on Sunday, just as the Ferrari was also spirited away.