Engaged in a risky bet to revive the British firm Aston Martin, the Quebec billionaire Lawrence Stroll recently put up for sale a dozen collector’s Ferraris, a 317-foot yacht and a luxury penthouse in Florida.
The businessman from Montreal is one of the richest Canadians. His personal fortune is assessed by Forbes to US $ 3.2 billion ($ 3.87 billion). His son Lance is one of the two drivers of the Formula 1 Aston Martin team, which he recently acquired along with the famous British manufacturer.
In recent months, several exceptional cars from Stroll’s collection have been for sale, according to several sources.
A red racing Ferrari FXX has been put on the market for US $ 3.5 million. A Ferrari F50 and an F40 GTE have also been sold, according to a source.
Stroll’s most prestigious models, such as a Ferrari 275 GTB paid US $ 27.5 million in 2013 and a Ferrari 250 GTO over US $ 50 million, would not be for sale, however.
A US $ 20 million Florida penthouse and US $ 200 million yacht, the Faith, have also been sold recently.
The Ferrari Quebec dealership and the Mont-Tremblant automobile circuit, which belong to firms linked to Lawrence Stroll’s father, have also been put on the market or sold recently, according to our information.
The Mont-Tremblant circuit has recently been withdrawn from the market, according to two sources.
Asked to comment on the sale of the cars, the yacht, the penthouse and the Mont-Tremblant circuit, the head of communications for the Aston Martin team, Matt Bishop, was miserly on details.
Screenshot from Mansion Global website
Stroll’s penthouse on Fisher Island near Miami, Florida sold for US $ 20 million, Barron’s magazine reported in December. It has a living room “filled with ivory and cream” that offers “sweeping vistas of the Atlantic Ocean and 20-foot arched ceilings,” according to a broker’s description. It once belonged to Oprah Winfrey.
“The properties / items are no longer for sale. Mr. Stroll intends to keep them, ”he wrote only to us, in response to an email.
The transactions coincide with Stroll’s involvement in the revival of British automaker Aston Martin.
The billionaire acquired in 2020 with a group of wealthy businessmen more than 20% of Aston, via a company offshore established in the British Virgin Islands. André Desmarais, CEO of Power Corporation, is part of the group.
More than 500 million pounds were then injected into the company (nearly $ 1 billion). Aston Martin stock has lost more than 80% of its value since it was listed on the stock market in 2018.
One billion US $
According to a financial document, Aston borrowed US $ 1 billion at an interest rate of 10.5% to finance its operations.
“It’s a tough bet for Stroll that isn’t won,” says a source.
At the same time, Lawrence Stroll also joined forces in 2018 with André Desmarais and others to buy the Formula 1 team Force India for 97 million pounds ($ 166 million).
In 2020, Force India, renamed Racing Point, surprised by finishing fourth in the constructors’ championship.
But this year, the team, renamed Aston Martin, is having a difficult season after four races. She is in seventh place, far from the goal of third place.
The tycoon Stroll, however, indicated in March to Financial Times need success in F1 to build the brand off the track.
WHO IS LAWRENCE STROLL
- Billionaire native of Montreal. He grew rich in the fashion industry (fortune estimated by Forbes à 3,2 G$ US)
- His father Leo Stroll owned the rights to the Pierre Cardin brand in Canada
- Successfully marketed Tommy Hilfiger and Michael Kors brands globally
- Father of pilot Lance Stroll and chairman of the board of Aston Martin