MOBILE Ala.
Darrell Westfaul's 1950 red Ferrari, purchased 41 years ago in his student days for $1,500, has been sold for $1 million that will generate scholarships for University of Alabama students.

Westfaul said he sold his classic auto to a collector and put the $1 million into a charitable trust that will fund UA scholarships, with graduates of his alma mater, Murphy High School, receiving preference.

"Essentially, what I'm doing is giving students a scholarship to follow my path," said Westfaul, a 1963 Murphy graduate.

He drove the Ferrari around the UA campus as a senior and on trips to and from Mobile on holidays. The car still bears Westfaul's student parking decal.

After his senior year, Westfaul started converting the Ferrari from a racing car to a vehicle better suited to his daily needs. But before he could finish, Westfaul had to devote his time to other matters and the car went into storage, where it stayed for some 40 years.

The car is now in need of a "total restoration," Westfaul said, which could cost around $300,000.

"It's a very historic car, and ... it needs to be brought back to perfect condition," Westfaul told the Press-Register for a story Thursday. "You can't do that in your home garage."

Westfaul, who owns Dixie Novelty Co., a Tuscaloosa-based novelty vending business, will enjoy some of the proceeds from the trust throughout his life.

After his death, the trust will begin to fund at least $60,000 per year in scholarships to the university, according to Phillip B. Adcock, assistant vice president for development at the university.

"When I'm gone, it's going to make a lot of students happy," Westfaul said. "From my standpoint, hopefully, those scholarships are going to be a long time in the future."

Mike McNair, a 1970 Murphy graduate and member of the Murphy High School Alumni Association's executive board, said Westfaul's gift was "very unusual" and "very generous."