The 20-year-old son of a Swiss millionaire set fire to his $245,000 Ferrari car just so he could get an upgrade.
The car was one of 15, including a Lamborghini, which the 20-year-old's rich father had bought for him, reported 20 Minutes newspaper.
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 a newer car after getting the Ferrari 458 Italia valued.
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.
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