This Ad is NOT fake - '63 Pontiac Tempest sells for $226.5k - 986 Forum - The Community for Porsche Boxster & Cayman Owners

JackG · 11-21-2008, 03:09 AM

Quote:

Originally Posted by Kirk

Wow, classic stuff. What a barn find!!! If only someone had known what they were looking at straight off they could have grabbed it for the buy it now price of $4,000!

Kirk

What, so then the guy could turn around and sell it for over 200k? That would be the same as stealing. I'm happy that didn't happen, and the original guy got what the car was worth. He deserved it far more than someone who took advantage of a situation.

Jaxonalden · 11-21-2008, 03:46 AM

Quote:

Originally Posted by JackG

What, so then the guy could turn around and sell it for over 200k? That would be the same as stealing. I'm happy that didn't happen, and the original guy got what the car was worth. He deserved it far more than someone who took advantage of a situation.

WTF? Stealing?

JackG · 11-21-2008, 08:57 AM

Quote:

Originally Posted by Jaxonalden

WTF? Stealing?

Hehe... when it's an informed banker on Wall St. giving a loan to an uninformed house buyer that they know has no chance of being paid back, we call it criminal. But if it's an uninformed guy who asks 4K for a car that an informed buyer would pay 250k for, that's suddenly OK.

However, the word "stealing" was a bit strong. Unethical fits perfectly.

Lil bastard · 11-21-2008, 09:43 AM

I would like to see the heirs get some compensation, I mean the old man didn't store a car in this condition not knowing it's potential value, it wouldn't make sense to spend money storing an old 'junker'. But we're getting waay ahead of ourselves.

We do not know there are any heirs. We do not know the circumstances of the delinquent storage bill - how long was it in arrears?

From the start of this auction, it appears the seller didn't know the true value, so it's a little difficult to call it fraud, deception, or unethical. The fact that the car brought way more than the seller first sought is no crime and certainly the seller cannot be faulted here.

The laws governing the seizure of stored property by the 'landlord' to satisfy a delinquent bill varies by state, but usually involve filing papers, informing the renter (usually to last known address and/or by posting a notice in a newspaper), and allowing a set period of time where the renter can bring the account up-to-date and recover their property.

Assuming there are heirs, were they so informed? Did they ignore the notice? Or, lacking knowledge of the car's true value did they just let the 'landlord' keep the property rather than fork out money for an 'old' car?

Was the old man's estate probated? If so was the car a known posession (it appears to have had a very old original title, issued before such documents were computerised) or it's true value disclosed? If not, there could be upcoming issues with the state and fed. revenue depts. if they get wind of this ebay sale. The value of this car could well have caused an otherwise exempt estate to now be required to be filed in probabte court. Also, the seller is going to have to report the sale as a capital gain and pay the appropriate taxes... a LOT of taxes.

Assuming there are heirs, are they even aware of this auction? If so, what might their future actions be? They wouldn't likely find an attorney to challenge the ownership on a contingency basis, so again, they'd be out money upfront with no guarantee of winning the case and coming out ahead.

There are way too many unanswered questions right now to draw any conclusions about whether or not the seller was honest, or even if his ownership of the car was fully established.

I wouldn't be at all surprised to see this story pop up again sometime in the future - I don't think we've heard the end of it just yet.

JackG · 11-21-2008, 11:26 AM

Hey'lil,

I don't disagree with anything you posted, but I do want to clarify...

If you're thinking that I meant that the ebay seller was/is unethical, that's not what I meant at all.

I was commenting that, if someone had bought the car when it was listed for a "buy it now" at $4k, knowing full well at that time that the car was worth over 50 times that amount, just to resell and reap the rewards, that action would have been a bit unethical.

I agree that we haven't heard the last of this story.

FTD · 11-21-2008, 11:42 AM

Geeeez, guys. This is a GREAT story. Don't disseminate it into who deserves what [that damn entitlement thing] or legal possibilities for all the greedies that want a slice of an abandoned pie. I LOVE stories like this. I hope the seller and his bro-in-law enjoy this wild, random experience and are not tortured for it.

The seller talked with the original owner [Stan].

Once the value of the car was understood he even said, "IF I KNEW WHAT IT WAS BEFORE I LISTED IT , I WOULD HAVE SHIPPED IT BACK TO STAN ANTLOCER AND LET HIM DEAL WITH IT.", but due to his desire to maintain his eBay rating and not pull the auction, he proceeded.

and more....

Q: Had you any clue as to what this car was when you listed it? Bet it's a shocker! Hopefully someone restores it to it's former glory. Would make an awesome story for the SPEED channel! Nov-07-08
A: NO CLUE

Q: Will you stop the auction for $160,000.00 cash??? NO BS!!! Regards, Matt Nov-07-08
A: NO NO NO

Q: I been watching this since day 1. I am so happy for you and happy for all the Old Pontiac guys who are so thrilled about this recovery- myself included. You seem to have handled this deal so well, i bet you are exhausted. dont let any zero bidders scum screw this up for you. good luck! Nov-07-08
A: 4 DAYS OF NO SLEEP, THINK I'LL RETRACT ALL BIDS AND BURY IT ON THE CADILLAC RANCH IN TEXAS LOL

enjoy the story - its a great one. :dance:

Kirk · 11-21-2008, 08:35 AM

Quote:

Originally Posted by JackG

What, so then the guy could turn around and sell it for over 200k? That would be the same as stealing. I'm happy that didn't happen, and the original guy got what the car was worth. He deserved it far more than someone who took advantage of a situation.

Nope... I don't think that the "original guy" "deserved it" more than anyone else. The "original guy" who put up the auction and got the quarter of a million dollars was kind of "sealing" it too. See some older gentleman (who has not been named so as to try to hide this from the family) had this car in storage. When he passed away he got behind in his storage payments (hard to do you see when you're dead). The brother-in-law (who owned the storage) of the eBay seller then got title to the car in lieu of overdue storage costs. It wasn't until they had the car up for auction that they figured out its real value.

The interesting things is whether or not the eBay seller will actually get to keep any of that money. See they can get title to the car if the due storage costs exceed the value of the car, which they estimated at $4,000 at most. Clearly they were wrong as the real value is $226,000. So.... IF the family can find out about this, they'll probably have them in court in a heartbeat and get at least $222,000 back for the car.... and the "original guy" will get the $4,000 or so that he truly deserves.

Kirk

JackG · 11-21-2008, 09:12 AM

Quote:

Originally Posted by Kirk

Nope... I don't think that the "original guy" "deserved it" more than anyone else. The "original guy" who put up the auction and got the quarter of a million dollars was kind of "sealing" it too. See some older gentleman (who has not been named so as to try to hide this from the family) had this car in storage. When he passed away he got behind in his storage payments (hard to do you see when you're dead). The brother-in-law (who owned the storage) of the eBay seller then got title to the car in lieu of overdue storage costs. It wasn't until they had the car up for auction that they figured out its real value.

The interesting things is whether or not the eBay seller will actually get to keep any of that money. See they can get title to the car if the due storage costs exceed the value of the car, which they estimated at $4,000 at most. Clearly they were wrong as the real value is $226,000. So.... IF the family can find out about this, they'll probably have them in court in a heartbeat and get at least $222,000 back for the car.... and the "original guy" will get the $4,000 or so that he truly deserves.

Kirk

I haven't heard the lead-in story about how he came to own the car, and couldn't find it on the net. However, with it being so valuable, IF there was a family around, it sure seems they would have known about it and rescued the car.

One thing is for sure... in your scenario, once the seller sold the car for 4k, and the new owner then sold it for 250k. the family, IF they exist, would have ZERO chance of getting anything. Not the best outcome, huh?

PSL-Boxster · 11-21-2008, 09:41 AM

haha wow... the new owner of that low mileage garage beauty just got rickrolled!

FTD · 11-21-2008, 11:49 AM

Quote:

Originally Posted by JackG

I haven't heard the lead-in story about how he came to own the car, and couldn't find it on the net. However, with it being so valuable, IF there was a family around, it sure seems they would have known about it and rescued the car.

One thing is for sure... in your scenario, once the seller sold the car for 4k, and the new owner then sold it for 250k. the family, IF they exist, would have ZERO chance of getting anything. Not the best outcome, huh?

Go here:

eBay link
Read that page and work your way to the bottom.
At the very bottom, go to Questions From Other Memebers. To view all 38 questions, you will have to login. Go to the last page of questions as they are the oldest and work your way up.

BTW, the previous owner died and the car sat for a year with no one claiming it and no one paying storage. The current owner gained title in return for unpaid storage.

Lil bastard · 11-21-2008, 01:04 PM

@JackG... I'm wasn't pointing at you at all. Just like FTD said, this is a rare story to be enjoyed.

I just hope it doesn't turn out to be, again invoking Ms. Mona Lisa Vitto: "Oh My Gawd... What a friggin' nightmare...!!"