Not every billionaire rolls up in a flashy supercar. Bernard Arnault, head of LVMH (OTC:LVMHF) and currently the fifth richest person in the world, once showed up driving a modest Peugeot 205 GTI at his own company. The result? The security guard at the gate thought it was impossible for someone of Arnault’s stature to drive such an unassuming car and refused him entry.
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In the 1990s, when Arnault’s fortune grew immensely, he opted for a more subtle way to get around. He bought himself a Peugeot 205 GTI – a small, everyday car worth around $12,000 at the time. Unlike most billionaires who choose a high-profile vehicle or a luxury limousine, Arnault sought a vehicle he could drive without calling attention to himself. It wasn’t about luxury or showing off but practicality and safety.
As Motorionline reports, Arnault even modified his Peugeot for security reasons. The compact car was given B2 armor, protecting against non-large-caliber shots and it featured bulletproof windows and heavy plating, adding significant weight.
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The small hatchback’s full leather interior was the only hint of luxury within its otherwise unassuming exterior. Despite the added armor, the car looked quite ordinary, which Arnault wanted – a way to move around unnoticed.
But this low-key strategy produced an unexpected, almost humorous, moment. When Arnault arrived at his workplace in the Peugeot one day, the security guard turned him away. Unaware of the billionaire’s identity, the guard found it hard to believe that someone with Arnault’s wealth would drive such a basic vehicle.
Even though the incident occurred on a weekend when there wasn’t the typical commotion, it demonstrated how well Arnault had adapted to his surroundings.
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Today, Arnault’s modest Peugeot 205 GTI has become a collectors’ item. Despite its modest beginnings, the car’s unique history and connection to the LVMH chairman have made it a coveted piece for enthusiasts. It was sold at auction in 2018 for about $40,000 and is now back on the market with an asking price of nearly $66,000 – far beyond what one would expect for a car of its kind but fitting given its previous owner.
These days, Arnault oversees the massive LVMH empire, which includes 75 luxury brands like Louis Vuitton, Tiffany and Sephora. Even as Arnault’s wealth fluctuates – he recently saw a $54 billion drop due to a decline in LVMH’s stock price – his story about driving an armored hatchback reminds him that not all billionaires live to flaunt their wealth.
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This article World’s Fifth Richest Man Was Once Denied Access To His Office For Driving A $12,000 Hatchback. The Security Guard Thought It Was Impossible originally appeared on Benzinga.com
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Source: finance.yahoo.com