€260,500 paid for Bugatti in the lake

(Bonhams)

Auctioneer Bonhams has confirmed that a bidder paid €260,500 for the remains of a Bugatti that was pulled from the murky depths of Switzerland's Lake Maggiore after 73 years.

The 1925 Bugatti Type 22 Brescia was expected to sell for €70,000 to €90,000 at Paris's Retromobile auction but was the subject of considerable interest from telephone bidders. The final high bidders were divided in their plans for the vehicle, with the European winner planning to display the car in its present condition. His underbidder, an American, had planned to restore the car.

After the car was left 52 meters underwater for 73 years, Jens Boerlin and other members of the Ascona sub aqua club retrieved the wreckage from Lake Maggiore on July 12, 2009. The operation was prompted by the murder of a member of the club, Damiano Tamagi, who was attacked by three youths in February 2008. The proceeds from the sale at Retromobile will now be donated to 'Fondazione Damiano Tamagi', a charity dedicated to the prevention of youth violence.

Retromobile runs through January 31 at the Porte de Versailles in Paris.

Website: http://www.retromobile.fr