The authorities received only one offer for the two Ferraris, and it was bellow half of the minimum price of 695,000 euros ($ 747,000) for both cars, the Spanish finance ministry said on Saturday.

Both FF (F151) models, one black and the other silver-gray, were given to the former king of Spain Juan Carlos in 2011, during a diplomatic trip to the Gulf.

The monarch donated them to the state in 2012.

Experts appraising the vehicles said that the gray Ferrari (pictured above) had traveled only 763 kilometers (474 miles) and had light abrasions on the left side.

The four-wheel, four-seat models have a V12 engine that can take them from zero to 100 kph (62 mph) in 3.7 seconds, with a top speed of 335 kph (208 mph), according to the manufacturer.

Spanish authorities did publish the identity of the would-be buyer, nor provide details on what would happen to the cars after the failed auction.

Juan Carlos, who is now 77 years old, abdicated in favor of his son Felipe last year, after 39 years on the throne. The ex-king had come to power only days after the death of the long-reigning dictator Francisco Franco in 1975.

dj/rc (AP, dpa, EFE)