Perhaps because of its status as The First State, Delaware is one of only a few states in the nation where license plates are sold for exorbitant amounts.
The lower the number, the higher the price.
P. Kristen Bennett, a partner at Gawthrop Greenwood, recently represented an estate that sold Delaware license plate No. 20 for a staggering $410,000, writes Karl Baker for the Wilmington News Journal.
Some people worry that the hefty price could mean the bubble may burst in this niche field. However, others disagree.
“It’s a status symbol in Delaware, and there are only so many of these,” said Bennett.
Once the price reached $300,000 at the auction, bidding came down to just two buyers. The license plate was eventually sold for $410,000 – much more than what was expected – to a Milford, Del., resident.
Bennett had estimated the final price would come in around $300,000, considering that the No. 14 license plate sold for $325,000 just two years ago.
Read more about the sale of license plates in Delaware in the Wilmington News Journal here.
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