Victoria's Secret billionaire in multi-million lawsuit over vintage Ferrari
A High Court row in the UK centred on the ownership of a 1950s Ferrari racing car which sold at auction for £10.7 million could generate lawyers' bills of more than £8 million, a judge has heard.
London auctioneer Bonhams has been sued by 78-year-old American billionaire businessman Leslie Wexner - who bought the 1954 Ferrari 375-Plus at an auction in the summer of 2014. Several other people who claim to have an interest are also embroiled. Any trial is not expected to take place until 2016.
Mr Justice Flaux today analysed the latest lap of the dispute at a High Court hearing in London - and examined lawyers' proposed budgets.
The judge - who discussed spending with barristers - heard that parties involved could run up a total legal bill of more than £8 million. He was told that Bonhams' proposed costs were around £3 million. Lawyers argued that proposed spending was proportionate.
Mr Wexner, who runs the firm behind Victoria's Secret lingerie, has outlined his claim in written documents seen by the judge.
He says he was aware of a previous legal dispute involving the car but thought that Bonhams had brought "parties together" and "all relevant litigation" had been settled prior to the auction. He says representations made were "untrue". He wants the money he spent back - plus damages for "deceit".
Bonhams disputes his allegations and is fighting the claim.
Mr Wexner is a billionaire who comes from Dayton, Ohio, and has a collection of vintage Ferraris, the judge has heard.