Is Lawrence Stroll Broke?
Rumours have begun to emerge regarding Lance stroll’s father, Lawrence stroll, stating that the Canadian is supposedly struggling financially. This comes after the billionaire announces that a great deal of his prized car collection is set to be sold.
Written & Edited by Bruna Brito & Aiden Hover
Lawrence Stroll began the process of selling his ‘Le Circuit Mont-Tremblant’ racetrack last month. The track hosted the Canadian Grand Prix in 1968 and 1970 and has been in the hands of Stroll since 2000. He had invested handsomely into the venue, installing a new timing tower and medical facilities with the hopes of achieving a grade one FIA license to eventually host international events yet again. The sale of the 2.65-mile circuit follows his selling of a $20 million South Florida penthouse, previously owned by Oprah Winfrey.
Since 2000, Lawrence Stroll has been using the 120 hectares of land around his circuit to store his car collection. He has a hugely impressive Ferrari collection including an incredibly rare Ferrari 275 GTB/4 spyder that he had bought for a record-breaking $27.5 million in 2013. He also owns several rare McLarens, such as the F1 and GTR as well as the championship-winning Mercedes W196 of Juan Manuel Fangio. Focusing on his Ferrari collection, however, it has emerged that the billionaire is looking to sell his $220 million collection. This, partnered with the news that he has also sold his $200 million yacht to none other than Michael Latifi, has many asking why? Is the Canadian cash-strapped?
The short answer is no. Stroll cites a conflict of interest with his shareholding in Aston Martin for his decluttering of vintage Ferraris, but following his consortium investment into Aston Martin and its F1 project, Stroll was forced to refinance the company for $1.3 billion as the initial investments were not enough. This has left Stroll with more than $1 billion of debt on the company’s sheets, which he hopes to decrease with his increased financial capital as he reduces his own assets. Stroll’s net worth, however, still stands at a mammoth $3.2 billion leading to the opinion that him selling his ‘toys’ is less about the money, but more to ensure he is entirely focused on his F1 venture and the career of his Son, Lance. After all, this would be what he is remembered for, not his lavish collection of cars or various business ventures in the past. He seems entirely focused on the Aston Martin F1 team, and as fans of the sport, this can only be good as the team looks like it’s here to stay.