The man from Switzerland reportedly set fire to a Ferrari 458 Italia in an attempt to finance a new model.
He is quoted in court as saying he did not have the courage to tell his father he no longer appreciated the gift and wished to upgrade.
He is also reported to own 14 other cars including a Lamborghini and a monthly allowance which ranges between £3,200 and £6,400 approximately.
It is alleged that he went to a dealership to get his car valued, at which point a dealer suggested he destroy the car in order to claim the insurance value, presumably higher than the quoted value.
The 20-year-old is reported to have recruited three accomplices, one of which worked at the dealership, and travelled to Germany to accomplish this.
He and one other accomplice visited a massage parlour while the other two set fire to the car.
The escapade was caught on CCTV and phone recordings, leading to their arrest.
The man has been sentenced to 22 months of probation and was fined approximately £21,000. The accomplices were sentenced to probation of between 14 and 16 months each.
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