Free tools Windows power users keep installed
One-click scans. No signup required.
Jerry Seinfeld did not turn down a completed $27.5 million offer for Porsche 917-022. At Mecum’s Kissimmee auction in Florida, bidding reportedly reached $25 million but failed to meet the car’s undisclosed reserve, so the Porsche was passed in. The $27.5 million figure was a hypothetical buyer total after adding a 10% buyer’s premium—not a completed sale price, according to New Atlas’s January 27, 2025 report.
What actually happened at the auction?
The car identified in the report was Porsche 917-022, a Gulf Oil-liveried 917K used as the star car in Steve McQueen’s 1971 film Le Mans. Mecum’s Kissimmee bidding reportedly opened at $15 million and rose in $1 million increments to $25 million. Because that bid remained below the seller’s undisclosed reserve, the auction ended without a sale.
That distinction matters: a bid that fails to meet reserve is not an accepted transaction, and it does not establish a final market price or transfer of ownership.
Where did the $27.5 million figure come from?
The $27.5 million number is simple auction arithmetic. A $25 million bid plus a 10% buyer’s premium equals $27.5 million:
#1 Best Overall
- 1:18 scale collector's car made of metal
- Very high quality miniature model
- Precise finishes and realistic details for a faithful reproduction
| Figure | What it represents |
|---|---|
| $25 million | Highest reported bid for 917-022 at the Mecum auction; it did not meet reserve. |
| $2.5 million | 10% buyer’s premium calculated on a $25 million bid. |
| $27.5 million | Hypothetical all-in buyer cost if the $25 million bid had been accepted. |
Since the reserve was not met, no buyer paid the $27.5 million total. The report separately speculated about a possible seller’s fee; that is not an established part of the transaction and should not be treated as one.
Why the Porsche commands extraordinary prices
Film provenance
917-022’s strongest non-racing asset is its association with McQueen’s Le Mans. The film connection gives the chassis cultural value beyond its engineering and competition record, but the provenance described here is reported by New Atlas, not independently verified in a primary auction record.
Rank #2
- 1:18 scale collector's car made of metal
- Very high quality miniature model
- Precise finishes and realistic details for a faithful reproduction
Racing and collector history
The same report traces the car after filming through Reinhold Joest, Jo Siffert, Brian Redman and Richard Attwood. It says Attwood repainted the Porsche in Salzburg colors, raced it in historic events, and later returned it to the Gulf movie livery before the 2000 RM Sotheby’s sale.
Seinfeld’s ownership
New Atlas reports that Jerry Seinfeld acquired the car in 2001 from collector Frank Gallogly. Gallogly reportedly bought it for $1.32 million, including the buyer’s premium, at RM Sotheby’s Monterey auction in 2000.
Rank #3
- Hot Wheels Porsche 917K Car Calture Premium 2026 Vintage Racing Series 1:64 Scale Collectible Die Cast Metal Toy Car Model with Rubber Real Riders 2/5
How the reported prices compare
| Car and event | Reported amount | Sale status and fee treatment |
|---|---|---|
| Porsche 917-022, Mecum Kissimmee | $25 million bid | Passed in below reserve; $27.5 million would have been the hypothetical total with a 10% buyer’s premium. |
| Porsche 917-022, RM Sotheby’s Monterey, 2000 | $1.32 million | Reported completed sale, including buyer’s premium. |
| Sister car Porsche 917-024, 2017 | $14.08 million | Reported completed sale, as cited by New Atlas. |
These figures are not equivalent benchmarks. The $25 million number is an unsuccessful bid, while the 2000 and 2017 amounts are reported completed sales. The cars also differ in provenance, condition and documented history.
What is known about the car itself?
The report lists a 4,494 cc flat-12 engine and 580 horsepower for this 917K. It also describes restoration work including fabrication of an original-type fuel cell, pressure-testing and repairs to the frame, and refurbishment of the brakes and suspension. Those specifications and restoration details are attributed to the report rather than an independently cited technical inspection.
Rank #4
- 1:18 scale collector's car made of metal
- Very high quality miniature model
- Precise finishes and realistic details for a faithful reproduction
What the headline gets wrong
- There was no completed $27.5 million purchase.
- Seinfeld did not necessarily “knock back” a buyer; the reported reserve prevented the sale at $25 million.
- The 10% premium is a buyer charge applied only if a bid is accepted, not evidence that money changed hands.
- The available report does not establish a later sale or the car’s subsequent disposition after the pass-in.
What buyers should learn from the episode
Auction headlines often blend the bid, buyer’s premium and an assumed sale into one eye-catching number. To evaluate any collectible-vehicle result, check four items: whether the reserve was met, whether the figure is a hammer bid or an all-in total, whether the sale actually closed, and which car and provenance the number concerns. Without those checks, a rejected bid can look like a market price.
Frequently Asked Questions
Was Jerry Seinfeld’s McQueen Porsche sold for $27.5 million?
No. The reported $25 million bid did not meet the undisclosed reserve, so Porsche 917-022 was passed in. The $27.5 million figure was a hypothetical total including a 10% buyer’s premium.
The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →What happened to Porsche 917-022 after the auction?
The available January 2025 report does not establish a subsequent sale or the car’s later disposition.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
