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You could buy 600 Ford Fiestas for that! Businessman turns down offer of £6m for his sought-after F1 number plate
A businessman has turned down an offer of more than £6million for his 'F1' registration plate - enough cash to buy him 600 Ford Fiestas.
Afzal Kahn has spent hundreds of thousands of pounds building up one of the country’s most impressive private plate collections.
And the most desirable of the registrations is his beloved 'F1', which currently sits on the front of his Bugatti Veyron supercar. The entrepreneur caused a stir when, in 2008, he paid a staggering £440,000 for the cherished plate - a British record. But it’s proven to be a savvy investment with the plate’s value increasing by more than ten times after one ultra-rich individual offered £6million for it.
CASH ON A (NUMBER) PLATE
The highest price paid for a plate sold by the DVLA in the UK was £352,000 for plate 1 D. The highest ever price paid for a number plate sold by a dealer was Mr Khan's at £440,625, for F1 in 2008. Drivers in the United Arab Emirates are even more fanatical about personal registrations. The single digit ‘1’ sold in February 2008, for £7.25 million.
Celebrities with famous plates include Vinnie Jones (100 VJ), Phil Tufnell (BE57 CAT), runner Iwan Thomas (R400 RUN), Ian Botham (B33 FYS) and Lord Sugar (AMS 1).
Personal plates can be a good investment, if you make the right choice. VIP 1, which originally belonged to Pope John Paul II’s Popemobile, was bought for £62,000 in 2004 – two years later Roman Abramovich bought it for £285,000.
HEN 2Y cost £6,300 in 2005, and was bought for £20,000 in 2010.
The staggering sum of money could have bought six more Bugatti Veyrons, 75 Range Rovers or 600 Ford Fiestas. However, Mr Kahn, who runs A Kahn Design in Bradford, rejected the offer believing it is worth considerably more. Indeed, he has no pressing need for new cars, with our pictures also showing him posing with the plate attached to his Mercedes SLR McLaren, which go for between £200,00 and £300,000 second hand.
Mr Khan's refusal to sell the plate means that he still likely holds the record for spending the most money on a UK registration plate.
Personalised number plate specialists regtransfers.co.uk marketed another number plate, reading 'X1', for a staggering £1million last September, but there has been no information on what it finally sold for.
Even Roman Abramovich, Russian oligarch owner of Chelsea football club, was only prepared to spend just £285,000 of his estimated £11billion fortune on the 'VIP 1' number plate.
A spokesman for Mr Khan's company said: 'We have received a significant multi-million pound offer for the F1 plate which we rejected out of hand.
'Mr Kahn has no interest in selling F1, which is his favourite plate.
'Cherished number plates, unlike property or other investments tend not to fluctuate in value, they only go up. 'It really shouldn’t be a shock to people that the number plate is worth millions of pounds.'
The 109-year-old registration was on a modest Volvo S80 when Kahn bought the plate in 2008.
It was used by the chairman of Essex County Council with the local authority using the funds from the sale to raise money for a charity which aimed to raise the standards for young drivers.
'F1' now makes up part of Mr Kahn’s impressive plate collection which includes the registrations ‘4HRH’ and ‘NO1’. In 2008, Abu Dhabi businessman Saeed Khouri, then 25, is understood to have paid £7.1million on the United Arab Emirates registration plate '1'.