Hot Car For Sale!

NEW YORK (CNNMoney.com) - Perhaps Dr. Phil wants to slow down a little. Two exotic sports cars owned by TV psychologist Dr. Phil McGraw will be sold at a Palm Beach collector car auction later this month.

A 2002 Ferrari 360 Spider and a 2001 Gemballa Porsche Turbo owned by McGraw, better known as "Dr. Phil," will go up for sale at the Barrett-Jackson auction company's Palm Beach Auction which runs from March 30 to April 1.

McGraw purchased the Ferrari after learning that his television show would be aired nationally, according to a Barrett-Jackson announcement. The car has titanium paint, chrome wheels and a blue convertible top with matching interior. It is powered by a 395-horsepower V8 engine.

The black Porsche is a 911 Turbo modified by Gemballa, a German company specializing in creating modified versions of Porsche cars. It has a 415-horsepower 6-cylinder engine and upgraded performance suspension.

"Dr. Phil certainly had an eye for quality and rarity when he purchased these two beauties," said Craig Jackson, president of the auction company, in a statement.

The buyer or buyers of the cars will receive a letter of authenticity and proof of McGraw's ownership.

Barrett-Jackson did not provide an estimated selling price for the cars. Cars like McGraw's Ferrari sell for about $170,000, according to automotive pricing guide Nadaguides.com, but celebrity ownership can increase a car's value. No estimate of value is available for the Porsche.