The car was one of 15 - including a Lamborghini - which the 20-year-old's rich father had bought for him.
The son had also been given a property portfolio worth around $30 million and received around up to $10,000 a month from his father.
Despite this, he still wanted an upgraded Ferrari.
The 20-year-old says he was advised by a car dealer to commit insurance fraud. He hatched a plan with friends to set fire to his car, but to cover his tracks decided to do so over the border in southern Germany.
So while he visited a massage parlour -the friends stole the supercar but security camera quickly picked up those responsible for the theft who cinfested to the conspiration.
The 20-year-old told the court his funds had run dry by the time of the incident and was not brave enough to tell his father he did not like the Ferrari.
He was sentenced to 22 months' probation and fined some £20,000.
New York Daily news.
