Ferrari's First Luce EV Production Unit Sold for $40 Million at Sotheby's Auction, More Than 36 Times Its EstimateBenzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.The first production Ferrari Luce, uniquely configured through Ferrari N.V.'s Tailor Made program, has been sold for $40 million at the RM Sotheby's auction in Monterey during the Monterey Car Week in California.'Tailor Made' Luce EVOn Sunday, the RM Sotheby's handle on X posted an update about the auction, sharing that "the 2026 Ferrari Luce 'Tailor Made' has sold for $40,000,000 USD at our Monterey sale."AdvertisementAdvertisementDon't Miss:A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and whyStill Learning the Market? These 50 Must-Know Terms Can Help You Catch Up FastThe update added that all of the proceeds would be donated by Ferrari to "benefit future educational initiatives through The Ferrari Foundation, a recognized 501(c)(3) public charity." A 501(c)(3) organization is an entity that is exempt from Federal Income Taxes under the Internal Revenue Code.The 2026 Ferrari Luce 'Tailor Made' has sold for $40,000,000 USD at our Monterey sale.Ferrari will donate all proceeds of this charity auction to benefit future educational initiatives through The Ferrari Foundation, a recognized 501(c)(3) public charity. #RMMonterey… pic.twitter.com/Cr3LsKAE0D— RM Sotheby's (@rmsothebys) August 16, 2026According to the RM Sotheby's website, the unit, which is identified as "Chassis 0" and is "the first production chassis of the Ferrari Luce program," would initially return to Maranello in Italy, where Ferrari is based, before being delivered to the owner in the first quarter of 2027.AdvertisementAdvertisementSee Also: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big TimeThe auction confirmed that the buyer's premium, which is an added cost to the winning bid, had been waived on the car. According to a report by Electrek, the car's pre-sale estimate was around $1.1 million, while the Ferrari lists Luce with a price of around $640,000. The $40 million figure represents over 36 times its pre-sale price estimate.Ferrari Luce EVThe Luce, designed by former Apple Inc. design head Jony Ive and his collective LoveFrom, features four electric motors and produces over 1,000 HP with a 122 kWh battery. It also provides a range of 330 miles on a single charge, according to the company.Following its debut, Ferrari's stock declined sharply as the company's investors questioned its pivot into the electric vehicle space.AdvertisementAdvertisementPhoto courtesy: William's photo / Shutterstock.comRead Next: Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier.Think you're saving enough for your kids? 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