Jerry Seinfeld has settled a lawsuit over a Porsche 356 he sold as part of the “Jerry Seinfeld Collection” in 2016 after the new owner claimed the vehicle was inauthentic. The terms of the settlement have not been disclosed.
Seinfeld sold the rare 1956 Porsche 356 A 1500 GS/GT Carrera Speedster at auction for $1.4 million, plus a 10% buyer's premium. The new owner is a Channel Islands-based entity called Fica Frio Ltd. It's connected to Carlos Monteverde, the son of a billionaire philanthropist, Lily Safra. But a year after the sale, Fica Frio had the vehicle assessed by a Porsche expert who informed the new owner that the Porsche was a fake.
Seinfeld says he was unaware the car was inauthentic and asked the dealer he purchased the car from in 2013 to sort it out with Fica Frio. The dealer refused, and so Seinfeld issued a complaint against the company.
“Mr. Seinfeld, who is a very successful comedian, does not need to supplement his income by building and selling counterfeit sports cars,” the complaint says.
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The main reason the Porsche expert believed the car was a fake was the lack of images taken during its apparent restoration. This is despite Seinfeld’s auction claiming that it is “among the finest restored examples of a highly sought-after four-cam Porsche.”
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The case is now settled, according to a letter filed on Wednesday in Manhattan federal court. In addition to the settlement with Frio, Seinfeld also settled the suit he filed against European Collectibles, from whom he purchased the car for $1.2 million.
Seinfeld also reportedly left a personal apology to Fica Frio and said “you will be completely indemnified in full and not have to keep the car”, although the money has not been refunded as of yet.
