The luxury life of The Apprentice host Terry Serepisos is speeding away from him as his financial woes show no signs of easing.
On Saturday Turners Auctions will put the Phoenix Football Club owner's prized baby blue 2007 Ferrari F430 F1 Spider under the hammer.
Serepisos' investment portfolio is crumbling under the weight of a $203 million debt which this week almost lost him his Wellington-based football club to a consortium of investors.
The former Rich List property tycoon's creditors are set to meet today to consider a proposal for an ''orderly'' sale of commercial and residential property assets he claims are worth $232m.
Serepisos' model of Ferrari is said to be ''the best Ferrari ever made''.
It has six-speed clutchless paddle gears and the 4.3 litre engine boasts a top speed of 315km/h.
The exterior colour, offset by a black leather interior, makes the car quite rare.
This Ferrari is the second Serepisos has sold.
Last year he sold a 2001, 360 Spider telling media that ''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.''
Like his other Ferrari, the F430 F1 Spider barely got a run either, with just 2600kms on the speedo.
Turners hope to get between $180,000 and $200,000 for it. Similar models are listed for sale overseas at more than $250,000.
Also listed in the Prestige Auction is the Governor-General's Jaguar XJ8 which has been in use since 2003.
Turners says the Jag, which has only done 63,000km, ''has been well maintained while in service'' and will be auctioned alongside four equally impressive 2008 BMW 730LDs, previously used to chauffeur Government ministers.
''This is an incredibly rare opportunity to buy from a range of vehicles with a unique claim to New Zealand's motoring history, and we expect significant interest,'' says Turners chief executive Graham Roberts.
The cars will be sold at the Auckland auction house's third prestige sale of the year along with a host of other high-end cars including a gold 2002 Lamborghini Diablo SE.
The auction will begin at midday at Turners' Penrose branch, on the corner of Penrose and Leonard Rds.
Bidders are welcome to inspect the vehicles before the auction and a special viewing evening was held last night.
- © Fairfax NZ News