Goa, June 4 -- Lalit Modi has opened up about an extravagant family tradition that sees him gift his son a Ferrari every year on his birthday. The former IPL commissioner revealed that the annual present is rooted in a personal childhood disappointment that stayed with him for decades.

In a candid interview with ANI, Modi said his son has accumulated 12 Ferraris after receiving one every year since turning 21. He explained that he adopted the tradition because he never received a Ferrari from his own father despite wanting one while growing up.

According to Modi, he only became a Ferrari owner on his 40th birthday when his brother-in-law gifted him the luxury sports car. The memory, he said, played a major role in shaping his parenting ...