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It’s one of the most recognizable race cars of all time. The 22nd unit of the 1969 Porsche 917K build run was modified to meet production needs during the filming of the iconic 1971 movie “Le Mans.” Steve McQueen drove the car during race scenes. Afterward, the vehicle changed owners several times until 2001, when Jerry Seinfeld obtained it. He’s kept it since…and just refused a $25,000,000 offer via Mecum Auctions.
The film required months of tedious planning and shooting and included a hand-picked team of 211 racing and movie professionals.
The 917K was one of three Porsche 917Ks used to make the movie, but the only one Steve McQueen owned after production ended.
The car comes with a rebuilt Type 912 4494cc DOHC air-cooled 180-degree V-12 engine and a rebuilt four-speed manual transmission. All told it makes 580 base horsepower.
The engine and tranny weren’t all that were rebuilt. While previous owners tinkered with the 917K’s looks and features over the decades, Seinfeld restored it to its 1970 vibes. The car was completely repainted to its original colors and with new graphics. The frame was also repainted black, tested for defects, and repaired. The suspension and brakes were refurbished. The original camera mounts from 1970 remain. In a word, it was totally ready for auction by August 2024.
Its heavily advertised listing included a YouTube video starring Seinfeld himself. “This is the greatest car I’ve ever owned,” he begins.
On January 18, the vehicle went live. Bidders quickly ramped up from the $15 million starting bid. Soon, the listing hit $20 million. The auctioneer labored the bidding up to $25 million, calling out for a higher bid for several minutes until ending the scene. It was the highest recorded bid for a Porsche 917K, ever.
Seinfeld declined the bid, shocking followers.
The thing is, Seinfeld allegedly paid collector Frank Gallogly less than $2 million for the 022. The 024 917K sold for $14 million in 2017…around half the Mecum bid.
Sure, the 022 is signed by Steve McQueen. But it’s been totally restored – something that certain buyers don’t care all too much for. And while it’s a rare car, certainly, it’s a “movie car.” Pop cultural listings, when it comes to vintage cars, can be hit or miss on the auction block.
Considering RM Sotheby’s holds the current live auction record, a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe that sold for $142 million in 2022, we might sympathize slightly with Seinfeld’s pass.
The truth is that cars are worth what the buyer is willing to pay. In this case, though, apparently, Seinfeld thinks that $25 million just isn’t enough.