AUSTIN, Texas, Nov. 11, 2013 /PRNewswire/ -- Milton Verret, Austin businessman and philanthropist, recently announced his decision to include his 1998 Ferrari F300 Formula 1 racing car in the Motostalgia Grand Prix Auction to be held on November 16 as part of the 2013 United States Formula 1 Grand Prix weekend in Austin, Texas.

Milton Verret is a recognized rare car collector. In addition to the Ferrari F300, his collection has included:

• Michael Andretti's 1991 CART World Championship LOLA Indy Car
• John Lennon's "Austin Princess," the modified car featured in the 1973 documentary "Imagine"
• Jeff Gordon's 1994 NASCAR Brickyard Winner
• A STP 70 1968 Lotus previously owned by Richard Petty and driven by Graham Hill at Indianapolis Motor Speedway — the most famous turbine race car in history
• A 1953 Ferrari Timossi-Ferrari 'Arno Xl' Hydroplane currently on loan to the Ferrari Museum

The Ferrari F300, which was recently advertised nationally in USA Today, is a rare car in Formula 1 (F1) history. Valued between $950,000 and $1.15 million, the car was driven by both Eddie Irvine and seven-time Formula 1 World Champion Michael Schumacher. In offering the F1 car to the Motostalgia auction, Milton Verret stipulated that a portion of the proceeds from the sale go to some of the local charities Verret supports, including Dell Children's Medical Center and Make-A-Wish of Central and South Texas.

As one of only nine F300 cars ever made by Ferrari, the car is a valuable auction item. Notable Ferrari sales at recent auctions suggest that proceeds from the F300's sale could far exceed the car's estimated value; A similar Ferrari F1 race car sold for $2.2 million at an auction in August and a 1963 Ferrari GTO racer sold for a record $52 million in October, making it the world's most expensive car. 

Verret has often contributed rare cars from his collection to various charitable causes. Most recently, the 1998 Ferrari F300 Formula 1 car was displayed at the March of Dimes' Signature Chefs Auction hosted by dealership owners and car enthusiasts Rebecca & Bryan Hardeman.

About the 1998 Ferrari F300, Verret remarked, "This F1 car looks like it goes 200 miles an hour standing still. And to have your hands on the same steering wheel Michael Schumacher held onto is really something amazing. It's going to be hard to let go of the car, but it's for a great cause."

While it will be among 75 other collector cars, such as a 1977 Shadow Formula 1 DN8-4A and a 1996 Benetton Formula 1, Milton Verret's F1 Ferrari F300 was a welcome addition to the Motostalgia auction. An October 29 press release from Motostalgia noted that the "recent addition of the 1998 Ferrari F300 F1 Racing Car driven by Michael Schumacher in 1998 makes serious car collectors break a sweat."

The Motostalgia live auction, "Auction d'Eelegance," will take place on Saturday, November 16 from 4-10 p.m. at the Austin Convention Center. A portion of all proceeds will go to charities such as the Wounded Warrior Project, Whole Planet Foundation, Daily Bread Ministries and Babyanne's Mansion. The auction is just one of many events surrounding the 2013 Formula 1 United States Grand Prix. More information on the auction can be found at Motostalgia.com; VIP bidder registration is available by calling (800) 834-3100. 

About Milton Verret
Milton Verret is an Austin businessman and philanthropist who works with a number of charities, both locally and nationally. Nearly a dozen non-profit organizations, including the Make-A-Wish Foundation of Central and South Texas and the Superhero Kids Fund of the Children's Blood and Cancer Center at Dell Children's Medical Center, have benefitted from Mr. Verret's generous contributions. Many of Verret's philanthropic endeavors are well-known in the Austin community. Verret's donations from the 2007 GuitarTown auction are now displayed at Austin-Bergstrom International Airport and, as a major underwriter, Verret made possible the 2011 CowParade Austin campaign, which raised nearly $1.5 million for the Superhero Kids Fund. Today, through his charitable projects, Verret continues to work to both enhance his local community and raise money for children's causes all over the world.

CONTACT:
Brad Russell
Pierpont Communications
+1 (210) 372-9200
brussell@piercom.com

Related Links
Milton Verret's F1 Ferrari
Milton Verret's 1998 F1 Ferrari F300 at Motostalgia Grand Prix Auction November 16

Video with caption: "Milton Verret's Ferrari F1 Race Car | Milton Verret adds his Ferrari Formula 1 race car to the Motostalgia Grad Prix Auction to be held November 16 as part of the 2013 United States Formula 1 Grand Prix weekend in Austin, Texas. Verret's 1998 F1 Ferrari F300 was driven by F1 World Champion Michael Schumacher." Video available at: http://www.youtube.com/watch?v=rQsG7xf_5hY

Image with caption: "Milton Verret's 1998 Ferrari F300 Formula One (F1) racing car, driven by F1 World Champion Michael Schumacher. Milton Verret's F1 Ferrari will be sold along with 75 other rare cars at the Motostalgia Grand Prix Auction to be held on November 16 as part of the 2013 United States Formula 1 Grand Prix weekend in Austin, Texas." Image available at: http://photos.prnewswire.com/prnh/20131111/MM13971-a

Logo with caption: "Milton Verret, philanthropist and collector who purchased Michael Jackson's original "Thriller" jacket, offers his rare Formula 1 car to auction, promising proceeds to Austin charities. Verret works with a number of charities, both locally in Austin, Texas and nationally. Nearly a dozen non-profit organizations, including the Make-A-Wish Foundation of Central and South Texas and the Superhero Kids Fund of the Children's Blood and Cancer Center at Dell Children's Medical Center, have benefitted from Milton Verret's generous contributions." Logo available at: http://photos.prnewswire.com/prnh/20131111/MM13971LOGO-b

SOURCE Milton Verret