Sigh. Sniff. Sniff.
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The Voice of Reason
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http://www.autoweek.com/news.cms?newsId=100753
http://www.autoweek.com/news.cms?newsId=100753
Originally Posted by AUTOWEEK
Hurricane Ferrari: Charley uncovers a treasure trove of vintage sports cars
STEVEN COLE SMITH
Posted Date: 9/3/04
AutoWeek readers, dial your way-back machine to Sept. 17, 1990, when we told you about Florida real estate developer Walter Medlin, a Ferrari collector who owed the Internal Revenue Service $540,000, but for reasons known only to Medlin, he didn’t want to pay.
So the IRS seized a few personal items that he owned—a boat, some guns, a coin collection—and three Ferraris. One was a 1976 308 GTB (yawn), a 1966 Ferrari P3 and a 1967 Ferrari P4.
The P3 and P4 were worth, oh, maybe $20 million, and along with the 308, the guns, the boat and the coins were scheduled for auction. At the last minute Medlin showed up with a cashier’s check for about $600,000.
Why would Medlin risk $20 million worth of Ferraris over $600,000? "You have to know Walter," a friend said at the time. Another acquaintance called him "a Howard Hughes-type guy."(more)
STEVEN COLE SMITH
Posted Date: 9/3/04
AutoWeek readers, dial your way-back machine to Sept. 17, 1990, when we told you about Florida real estate developer Walter Medlin, a Ferrari collector who owed the Internal Revenue Service $540,000, but for reasons known only to Medlin, he didn’t want to pay.
So the IRS seized a few personal items that he owned—a boat, some guns, a coin collection—and three Ferraris. One was a 1976 308 GTB (yawn), a 1966 Ferrari P3 and a 1967 Ferrari P4.
The P3 and P4 were worth, oh, maybe $20 million, and along with the 308, the guns, the boat and the coins were scheduled for auction. At the last minute Medlin showed up with a cashier’s check for about $600,000.
Why would Medlin risk $20 million worth of Ferraris over $600,000? "You have to know Walter," a friend said at the time. Another acquaintance called him "a Howard Hughes-type guy."(more)
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04 remembrance
Joined: Jun 2002
Posts: 5,681
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From: NJ
Originally Posted by bob shiftright
Geez.
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