Grounded: Rich kid burns Ferrari for upgrade?

A rich kid in Augsbourg, Switzerland burns his own Ferrari in the hopes of getting an upgrade.
Source: Augsbourg Police

The son of a Swiss businessman had his day in court this week, after he allegedly set his Ferrari on fire to collect insurance money, Swiss newspaper 20 Minutes reported.

The man got 22 months of probation and a fine of 30,000 euros Wednesday after he and three accomplices crossed the border to Germany to set his three-year-old Ferrari ablaze.

Why would he set his Ferrari on fire? The then-19-year-old wanted to put the insurance money toward a newer model, according to the 20 Minutes report, as translated by the New York Daily News.

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CNBC was unable to confirm the report.

According to 20 Minutes, the teen hired arsonists to ignite the sports car—one of 15 he owns— while he visited a massage parlor. But police eventually tracked the young man down from surveillance footage.

In court, the accused explained that he gets an allowance of 5,000 to 10,000 francs per month from his father—but he had cleaned out his account.

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Read the full report in English at the New York Daily News or French at 20 Minutes.