Above via: http://www.automotto.org/entry/lake-maggiore-bugatti-brescia-up-for-the-auction/
In the case of non-payment of the duties, the car had to be destroyed and the simplest way to do so was to tip it into the nearby lake. The lakebed depth was 53 metres.
It remained there, undiscovered, until 18th August 1967 when diver Ugo Pillon located the mythical Bugatti, which was lying on its left side, partly buried in the mud. Pillon had been searching for it for some time and after its rediscovery the car became a popular target members of the local sub aqua club. On 12th July 2009, after a 73-year sojourn in Lake Maggiore, the Bugatti was finally rescued from the lake
for a full written explanation of the cars situation from lake to museum, see http://mattstonecars.com/blog/?p=424 by writer, publisher, photographer Matt Stone