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Son of millionaire torches his own Ferrari to get upgrade, gets caught

Firefighters tackling the blazing Ferrari
Firefighters tackling the blazing Ferrari

The son of a wealthy businessman torched his own Ferrari in a bid to get an upgrade on his insurance, a court has heard.

According to German publication 20 minutes, the Swiss millionaire's son and three accomplices burned out his Ferrari 458 Italia in March of last year. 

The trio, all aged between 20 and 30, appeared before a tribunal in Augsburg, Germany, on Wednesday. 

The court heard the son of the Zurich-based businessman was unhappy that the sale of his Ferrari would not cover the price of the upgrade. 

It was heard the 20-year-old, who has keys to 14 other cars including a Lamborghini, rounded up three accomplices and paid them handsomely to burn the Ferrari out.

20 Minutes reported the dealer had advised the young man to destroy the vehicle and let the insurance cover the price of the new one. 

Leaving the car in an industrial area of Augsburg, the owner and a friend went to a massage parlour in order to establish an alibi. During this time two of his accomplices set the car alight and it eventually exploded. 

However, security cameras captured the whole incident and authorities eventually tracked down the four men. 

They were arrested but the wealthy 20-year-old posted a large bail and was free soon after. 

The judge sentenced him to 22 months probation and a €30,000 fine. His three accomplices received probations of 14 to 16 months each.