This car, which Seinfeld bought new from a Manhattan Porsche dealer, is a modern version of the Porsche Speedster formula. It's a Porsche 911 -- the number 997 is Porsche's designation for this particular generation of 911 -- stripped down for performance and with minimal comfort features. Even the the convertible top is manually operated. The 997 Speedster's original base sticker price was just over $200,000.
Correction: A previous version of this story mis-stated the estimated value for this car.