An 87-year-old American billionaire bought the first Ferrari Luce for $40 million, and the purchase could save him $13 million in taxes

Three people stand next to each other and pose for a picture. Herbert Wertheim, wearing a red tie and fedora, stands on the left. (Credit: Taylor Hill—Getty Images)

The American billionaire who bought Ferrari’s first electric vehicle model for an eye-watering eight figures may be able to cash in on a tax write-off perk from the purchase.

Earlier this month, 87-year-old optometrist-turned-businessman-turned-philanthropist Dr. Herbert A. Wertheim bought a Ferrari Luce at a Sotheby’s public auction for $40 million. The auction was part of a charity effort to benefit the Ferrari Foundation, which funds global education initiatives.