Meet Herbert Wertheim, the Billionaire Who Paid $40M for Ferrari’s First EV

At Monterey Car Week in California last weekend, Ferrari auctioned its first-ever Ferrari Luce. The white-on-white electric vehicle, designated VIN 0, had been expected to sell for about $1.1 million. Instead, Herbert Wertheim, an 87-year-old Florida billionaire, paid $40 million for the Jony Ive-designed car—reportedly setting a record for the highest price paid for a new car at auction.

The Luce, unveiled in May amid a wave of controversy, has drawn polarized reactions from Ferrari fans, customers and former company leaders. The debut even caused an 8 percent decline in Ferrari’s share price.

But the hubbub didn’t seem to faze Wertheim, who, according to The Wall Street Journal, “has a flair for patterned loafers and wears a signature red fedora.” The Journal also reported that Wertheim has been granted special permission to wear his red hat indoors at Mar-a-Lago, the private club owned by President Donald Trump, who is a friend of Wertheim.

A rags-to-riches inventor and entrepreneur

Wertheim’s path to billionaire status began in Miami, where he was born in 1939 to German immigrant parents who owned a bakery. The eldest of three boys, Wertheim endured an abusive father and repeatedly ran away from home. At 16, after an arrest, he was given the choice of joining the Navy or entering a juvenile reformatory. He chose the Navy.

While in the service, Wertheim studied electronics and medicine, later worked for NASA and ultimately built an ophthalmology business. In 1969, he identified the role of ultraviolet light in cataracts and retinal deterioration and developed colored lenses intended to block harmful rays. Wertheim holds numerous patents related to lens tints and chemicals. His company, Brain Power Inc., holds hundreds more.

Forbes estimates Wertheim’s net worth at roughly $4.7 billion. Much of that fortune stems from reinvesting Brain Power’s profits in public markets, including a substantial stake in aerospace parts manufacturer Heico. Wertheim is Heico’s largest individual shareholder, according to Forbes.

Wertheim was married to his wife, Nicole, for 55 years before splitting in 2023. Nicole Wertheim died in April. They had two adult daughters, Erica Wertheim Zohar and Vanessa Wertheim.

Through his family foundation, Wertheim has contributed millions of dollars to charitable organizations and educational institutions, according to ProPublica’s Nonprofit Explorer. His gifts include funding for UC Berkeley’s School of Optometry, Florida State University and the Baptist Health Foundation.

Wertheim has also used auction purchases to support political causes. He paid $2 million at a charity auction for a private White House visit with Trump, a transaction that raised questions about pay-to-play access between wealthy donors and the president. The Journal reported that Wertheim is also a regular at Mar-a-Lago.

Earlier this year, Wertheim launched a Republican campaign for Florida’s 22nd Congressional District, which includes Mar-a-Lago. He contributed $2.5 million to his own campaign, according to Federal Election Commission records. But Ballotpedia reported that he did not appear on the ballot in this week’s primary; no public explanation was provided.

A potentially major tax deduction

It was not Wertheim’s first major charitable Ferrari purchase. At RM Sotheby’s Monterey auction last year, Wertheim paid $26 million for a Ferrari Daytona SP3, with proceeds also directed to charity. This year’s proceeds will go to the Ferrari Foundation, as Observer previously reported. 

The Ferrari Foundation has no public-facing website and has operated as a 501(c)(3) only since 2023, according to its tax filings. RM Sotheby’s sale materials state that proceeds from the Luce will support Ferrari’s M-TECH Alfredo Ferrari educational center in Maranello, Italy, along with ongoing educational initiatives in the U.S. Ferrari did not respond to a request for additional information about the planned use of proceeds.

The transaction could also generate a significant tax benefit for Wertheim. Because the Luce sold for more than 35 times its approximate $630,000 MSRP, he may be eligible to deduct much of the amount paid above the car’s fair-market value. The IRS generally treats purchases at charity auctions as “quid pro quo contributions,” allowing buyers to deduct the portion of their payment that exceeds the value of the goods or services received.

That does not necessarily mean Wertheim can immediately claim a $39 million deduction. Charitable contribution deductions are generally subject to limits based on adjusted gross income—often up to 60 percent, depending on the type of contribution and the recipient organization—and unused deductions may be carried forward for up to five years.

Ferrari could also potentially receive a tax benefit, depending on how it structures the donation of VIN 0 to the auction. But because the company has not disclosed the terms of that arrangement, the tax implications for Ferrari remain unclear.