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"We're not building a cheap Ferrari". That was the oft-repeated party line from Maranello as the Prancing Horse marque was plainly working on the new California. Well no kidding, not at these prices.

The first example of the Ferrari California was sold during its American unveiling in Santa Monica this week, garnering a top bid of $520,000. The event was attended by a handful of Hollywood celebrities, and even the Governator dropped by. Half a million can buy you a lot of car, and the California is expected to retail for about a third of that amount, but of course that's not the point: proceeds from the sale will go to the After-School All-Stars charitable foundation.

[Source: Ferrari]