What the world’s richest put in their garages
This year’s billionaires are more flamboyant than those in years past
 | Ed Lampert, who rescued Sears and Kmart by organizing a 2005 merger, owns an Aston Martin. |
Aston Martin |
Self-made billionaire Stephen Wynn, who owns casino resorts like the Wynn Las Vegas, recently bought his wife Elaine a blue 2007 Ferrari F430 Spyder on a whim during a tour of Ferrari's factory in Milan.
“While we were there, the boys were oogling and ogling,” Mrs. Wynn says, “and then we came across this exquisite blue Ferrari and Steve said, ‘I'm buying you that because it looks like your eyes.’ That's what I got. So naturally I love it.”
Mrs. Wynn also drives a Bentley Arnage and Jeep Grand Cherokee, but appreciates the thrill of the Ferrari, even if it comes with compromises. "It's just a sound unlike any other car and driving it is so much fun, especially with the paddles," she says, referring to the controls behind the steering wheel for shifting gears. "I never complain about it messing up my hair even though it's a convertible — I love a convertible."
Not all billionaires splurge on pricey new cars or weave them into their empires as Steve Wynn does — the Wynn Las Vegas hotel and casino includes a Ferrari/Maserati dealership and Rolls-Royce Phantom sedans for VIP guests, which some say is the largest fleet of these $330,000 limos in North America.
In fact, some of the world's richest people, whose fortunes far exceed Mr. Wynn’s $3.9 billion in assets, don't seem to care at all about flashy rides. Master investor Warren Buffett, worth more than $50 billion, drives a relatively common Cadillac DTS sedan. Wal-Mart heiress Alice Walton, with assets in excess of $15 billion, owns a Ford F-150 pickup.
How billionaires spend their money is more than just a function of how much they have. “It really comes down to age, how the wealth was obtained, where the billionaire’s primary residence is, their upbringing, and what other focuses they may have in their lives,” says Milton Pedraza, CEO of the Luxury Institute in New York. “The billionaires who have a passion for cars are the ones who will have the spending power to build the most impressive collections.”
Few car collections rival Ralph Lauren’s. The fashion magnate and founder of apparel-maker Polo has used his net worth of $4.7 billion to acquire some of the world’s rarest vehicles, including a 1929 Blower Bentley, 1955 Mercedes-Benz 300 SL Gullwing Coupe, 1962 Ferrari 250 GTO, 1996 McLaren F1, and 2007 Bugatti Veyron. All are legendary among auto enthusiasts and many of them command seven figures because of it.
Lauren's stockpile of incredible vehicles is so impressive that the Museum of Fine Arts in Boston dedicated an entire exhibit to his stable in 2005, called "Speed, Style, and Beauty: Cars from the Ralph Lauren Collection.”
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“When you get to this level, people like Lauren even have a full-time third-party expert involved,” says Kemp Stickney, president and director of asset management firm Wilmington Trust Florida. Lauren employs an automobile curator who manages the collection and sends requested vehicles to wherever Lauren happens to be.
Experts like these often show up at automotive auctions and at events like the Pebble Beach Concours d’Elegance, where high-dollar autos are bought, sold, and shown off. “A lot of billionaires have people that represent them at these events — if you’re at Pebble and it’s one of Lauren’s cars crossing the finish line, then it’s most likely piloted by Paul Russell, his personal automotive representative,” Stickney says.
Real estate tycoon Donald Trump also spends wildly on cars. His $3 billion net worth allows him to indulge in multiple Rolls-Royce Phantoms and a $175,000 Ferrari F430, just to name a few. In past seasons of his television show, “The Apprentice,” Trump was seen rolling up in a Mercedes-Benz SLR McLaren, a rare super car, and a custom Mercedes-Benz S-Class stretch limo.
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