A Ferrari that used to belong to U.S. President Donald Trump has been auctioned off last Saturday. Unfortunately, it did not command the price expected of a car that used to belong to a popular celebrity much more the current leader of a powerful country.

The 2007 Ferrari F430 F1 Coupe in question sold for only $240,000 which was $10,000 lower than its low estimate of $250,000. The Ferrari was expected to go as high as $350,000 but people at the auction probably had other things in mind. Bloomberg noted that Jonathan Klinger, a spokesperson for Haggerty, indicated that the low winning bid may be attributed to the fact that the car belonged to someone with such a negative aura. Klinger said that failure to auction for a high price may be because the former owner of the red Ferrari who used to drive around in it had such a "polarizing" personality.

Klinger also explained that the Ferrari had an F1 paddle-shift gearbox, something that is not popular among car lovers. As a matter of fact, the Ferrari F430 F1 has suffered from depreciation in the last five years as its value has fallen to 15 percent in the last five years.

It was later learned that the winning bidder sold the Ferrari to another person for $270,000.The exchange of hands supposedly happened a few minutes right after the former sports car left the podium. The final owner of the Ferrari remained anonymous as details of the sale were not divulged.

This is not the first time that memorabilia owned by a U.S. President was auctioned off. Unlike the failure of Trump's former Ferrari, Ronald Reagan's memorabilia was a huge hit. The late president's old pair of cowboy boots with a $20,000 high estimate sold for $199,500 while a piece of the Berlin Wall signed by Reagan commanded $277,500 from a $20,000 estimate.

According to The National, Trump bought the Ferrari F430 in 2007. The business tycoon-turned-president used the high-end car for four years garnering around 2,400 miles before it ended up with the second owner.