Ford GT Seized And Auctioned In Fraud Case

[usmcfred]

PROVIDENCE, R.I. (AP) - Federal officials say they've auctioned off a Renoir painting and a custom-built sports car they seized from a convicted con man to help repay victims of his $6 million fraud.

The U.S. attorney's office in Providence says on Thursday that it raised $740,000 from the two auctions of the items seized from Rocco DeSimone.

The Renoir work on canvas is titled "Paysage a Cagnes" and sold for $551,000. The 2006 Ford GT sports car sold for $189,000.

The sum will go toward partial restitution of DeSimone's victims.

DeSimone was convicted in 2011 of seven counts of mail fraud and one count of money laundering. Prosecutors said he scammed investors into giving him money for inventions, then wasted their money on things like falconry and jamming with the band Aerosmith.

 

[Fast Freddy]

PROVIDENCE, R.I. (AP) - Federal officials say they've auctioned off a Renoir painting and a custom-built sports car they seized from a convicted con man to help repay victims of his $6 million fraud.

The U.S. attorney's office in Providence says on Thursday that it raised $740,000 from the two auctions of the items seized from Rocco DeSimone.

The Renoir work on canvas is titled "Paysage a Cagnes" and sold for $551,000. The 2006 Ford GT sports car sold for $189,000.

The sum will go toward partial restitution of DeSimone's victims.

DeSimone was convicted in 2011 of seven counts of mail fraud and one count of money laundering. Prosecutors said he scammed investors into giving him money for inventions, then wasted their money on things like falconry and jamming with the band Aerosmith.

not sure about you guys, but i would have spent the money on hookers and blow :frown

 

[twobjshelbys]

So here's just a regular auction with a gt at almost 190

 

[MAD IN NC]

not sure about you guys, but i would have spent the money on hookers and blow :frown

LMAO - when on the dark side why not go all the way!

 

[Empty Pockets]

So here's just a regular auction with a gt at almost 190

But the piece says it was a "custom-built" car...which implies, at least to me, that it wasn't a stocker. One would think it should have brought more - depending on WHAT was "custom" about it (t.t.? Whipple? GTX1?). :shrug

 

[RPM217]

But the piece says it was a "custom-built" car...which implies, at least to me, that it wasn't a stocker. One would think it should have brought more - depending on WHAT was "custom" about it (t.t.? Whipple? GTX1?). :shrug

Miles, condition, accident history? All would have a bearing on value

 

[Empty Pockets]

...and also who was bidding.

But, assuming all that was the normal fare.................

 

[Lorenzo]

But the piece says it was a "custom-built" car...which implies, at least to me, that it wasn't a stocker. One would think it should have brought more - depending on WHAT was "custom" about it (t.t.? Whipple? GTX1?). :shrug

So, EP. in your opinion an FGT with some of these kind of modifications should bring a higher price?

 

[Empty Pockets]

In general, NO. Historically, a mint, 'no stories', original car (no matter what the car may be) has been worth more than a modded one - as far as the 'typical' collector/buyer is concerned. The only real exception to that would be the ONE GUY who just has to have specific car "X" 'cause he just flat out l-o-v-e-s it.

In this case though, for some reason $190K just sounds 'cheap' to me in today's mkt.

 

[BlackICE]

In general, NO. Historically, a mint, 'no stories', original car (no matter what the car may be) has been worth more than a modded one - as far as the 'typical' collector/buyer is concerned. The only real exception to that would be the ONE GUY who just has to have specific car "X" 'cause he just flat out l-o-v-e-s it.

In this case though, for some reason $190K just sounds 'cheap' to me in today's mkt.

I know of a fool that sold his mint, 'no stories', original blu/wht car without ever really driving it. Just think what it would be worth in today's market!

 

[Empty Pockets]

^ My guess is 'twould be worth about the same as that in which I reinvested the money...mebbe slightly less.

 

[FBA]

Was that guy a member here?

 

[KMCBOSS]

But the piece says it was a "custom-built" car...which implies, at least to me, that it wasn't a stocker. One would think it should have brought more - depending on WHAT was "custom" about it (t.t.? Whipple? GTX1?). :shrug

perhaps it was the dreamcycle car