June 18, 2007
UA Receives Scholarship Gift from Sale of Rare Ferrari
TUSCALOOSA, Ala. – The University of Alabama has received a gift of more than $1 million from Tuscaloosa resident Darrell Westfaul through a charitable remainder unitrust funded with his 1950 Ferrari. The prized car, with the serial number 0046M and a Zagato body, was sold to a collector who plans to open a museum. The remainder funds in the trust will eventually create the Darrell Oliver Westfaul Endowed Scholarship.
“We are sincerely grateful to Mr. Westfaul for this extraordinary gift,” said Phillip Adcock, assistant vice president for development at UA. “By establishing a charitable remainder trust, Mr. Westfaul is accomplishing his goal of making a substantial gift to UA while retaining income for life. Because property transferred to the trust will be used for charitable purposes in the future, the Internal Revenue Service allows for certain tax advantages providing an added benefit.”
A 1967 graduate of the University, Westfaul bought the car while a student, and it still bears his 1966-67 student parking decal on the windshield. His extensive research and travels have documented the 57-year history of the car, and its racing success makes the speedster an extremely valuable classic to car collectors. Built in Italy, the car traveled through Europe, Africa and the United States before arriving in Tuscaloosa.
“The Ferrari has been like a member of my family for 40 years, and I am sad to see it sold,” said Westfaul. “But, it will be making a difference in the lives of students for many years to come, especially those from Murphy High School in Mobile, who will receive preference for the scholarship made possible through the sale of the car.”
The "Our Students. Our Future." campaign's $500 million goal includes $250 million for student scholarships. The remaining funds are allocated to faculty support, facilities and priority needs.