06-03-2025
Here's Why Seinfeld Turned Down $25 Million at Auction for His Porsche 917K
The Porsche 917K once owned by Steve McQueen, and later, Jerry Seinfeld, made headlines back in late January for failing to sell at auction despite a $25 million bid. However, on a March 5 episode of Spike Feresten's "Spike's Car Radio" podcast, the comedian announced that the car has since been sold to a private collector. As a bad Seinfeld impersonator might say, what's the deal with that?
It's safe to say Porsche 917K chassis 022 is one of the most iconic cars of all time. The car was driven by McQueen in the 1971 film Le Mans, and was purchased by Seinfeld in 2001. When it was announced that it would be crossing the block at the Mecum Kissimmee auction, the car collecting world took notice. How much would it ultimately sell for? Would it be the most expensive car to ever sell at Mecum?
Bidding started out strong, but then fizzled out at the $25 million mark and the car was a no sale. Bummer. But not for Seinfeld. He had another plan.
On the podcast, Seinfeld admits he never even bothered to watch the auction. 'I am a carefree guy, you know. Whatever happens, happens,' said Seinfeld, when asked why he didn't watch. He also said he didn't really expect to sell the car at the auction anyway; to him, it was more of a global advertisement for the car and for Mecum than anything else.
Seinfeld explains that with high-end items like this, a lot of the time, serious buyers don't want to buy in the frenzy of an auction setting. So he met with Dana Mecum, the president and founder of Mecum Auctions, and they devised a plan.
According to Seinfeld, many people in the industry didn't think the car would be worth $25 million. But Mecum and Seinfeld thought that it was, and Mecum had a plan to market it. It would be great exposure for the car, and great exposure for the auction house. From that perspective, the plan worked beautifully, even if the auctioneer didn't ultimately make the sale.
After the auction was over, interested parties met and a deal was reached. The new owner wishes to remain anonymous, but Seinfeld said they've already taken delivery of the car. The comedian wouldn't comment on the final transaction price, but said it was in the $25 million range. So — he got his money, Mecum got a lot of attention, and a new owner got one of the most important cars in history. Sounds like a win-win-win.
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