Serepisos sells spare Ferrari

CHANGE OF OWNERSHIP: The Ferrari previously owned by Terry Serepisos in its new owner's driveway. 'It was just sitting in my garage doing nothing,' Mr Serepisos said.

THE ONE: Terry Serepisos still has the car, pictured here, used in The Apprentice.

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Cash-strapped Wellington property tycoon Terry Serepisos has sold one of his Ferrari convertible sports cars.

Last Tuesday's sale of a 2001 Ferrari 360 Spider came days before a Wellington City Council deadline for Mr Serepisos to tackle a rates bill, estimated at $2 million.

He declined to say whether he had met the deadline, but indicated there would be developments this week. Yesterday, he said the Ferrari sale had nothing to do with his cash-flow situation.

"It's a beautiful car and it needs to be driven. It was just sitting in my garage doing nothing. What's the point of owning a beautiful car if you're not driving it? I've got another one, I don't need two Ferraris."

The Dominion Post revealed last month that Mr Serepisos ran up the $2m debt over the past year, though he made some payments.

Subcontractors said they were owed hundreds of thousands of dollars. Mr Serepisos has disputed many of the claims.

It is understood the council set a deadline of last Friday for him to make inroads into the rates bill.

Registration records showed the Ferrari's new owner, Bayleys Wellington co-owner Mark Hourigan, took ownership on Tuesday.

Mr Hourigan, who was busy washing his new car in Lower Hutt yesterday, declined to comment, saying on Friday: "Mate, I don't want to talk about it."

Mr Serepisos is well known for his love of luxury cars. His garage has housed a XJR supercharged Jaguar and two Lamborghinis – a silver Diablo Roadster and a black VT Diablo.

The Spider cost about $250,000 in 2001, he said. He would not say what he sold it for. A similar model was recently priced at $169,000.

In the television show The Apprentice, he can be seen driving a 2007 Ferrari F430. He said he still owned that car "and some others".

Sir Robert Jones told the Sunday Star-Times at the weekend that Mr Serepisos' appointment to the TV show was "shocking" and his excuses for not paying his bills was "childish". "He's a harmless little fellow, he likes getting into the paper and there is nothing wrong with that."

Sir Robert's comments came as it was revealed that Mr Serepisos approached the National Business Review – compiler of the NBR Rich List – to increase his net worth. It was valued at $100m in the 2007 and 2008 Rich List, but he said wanted to be quoted at $140m last year.

Mr Serepisos hit back at Sir Robert yesterday, saying: "He's a Wellingtonian, but what has he ever done for the city except abuse people? Has he ever put his hand up?

"He shouldn't be throwing stones when he lives in a glasshouse. I could go on all day about Bob."

He said he was "working closely" with council officials on his rates debt. "A lot will happen this week."

Recent attention on his business affairs was "unwelcome and unnecessary". "This is a storm in a teacup, it's all going to blow over."

Many contractors claimed they were owed money, despite cash being in dispute, he said.

"That is the thing that has upset me the most. These things are in dispute, but people are still coming out to stick it to me. It's a bit hard to swallow."

- © Fairfax NZ News