Several Coupes (CS & CSL) to be auctioned by IRS

[boonies]

Here is the website: https://www.treasury.gov/auctions/irs/fpal_hous_9992.htm

Coupes listed:

• 1972 Silver BMW 3.0 CSL 2S 2275123
• 1972 Silver BMW 3.0 CSi 2275302
• 1972 White BMW 3.0 CS 2275011

 

[teahead]

Alabama?

 

[BMW Pete]

Anybody local able to help a guy from up North - Ideally with access to trailer or at least storage for a short time (week or so) ? Outside is fine.
It's halfway between Birmingham Alabama and Chattanooga TN.

Update !!!! - good news Jimmy is alive and well and is trying to stop this auction. Fingers crossed he does, I was worried he had passed and IRS had grabbed everything........sounds like it's a case of the IRS being over aggressive and let's hope Jimmy saves the day - fingers crossed for Jimmy, he is a lovely guy and an important part of many E9s now in the US

 

[floridabmx]

Absolute wrong timing for me to purchase but anybody need someone to haul off some cars I’ll happily do what I can to haul away. Gods calling me to go. Never in my lifetime would I have ever expected an IRS sale deep down in dixie with CSLs to happen, unless it was happening to me. I can’t promise I won’t be dressed like Johnny reb to liberate these cars though.

 

[tferrer]

According to the VIN numbers listed, all the E9s are CSLs?

1972 Silver BMW 3.0 CSL 2S 2275123 1988 White BMW M3 2S WBSAK030J2196587 1972 Silver BMW 3.0 CSi 2275302 1972 White BMW 3.0 CS 2275011

 

[HB Chris]

2275001-429 are all CSL.

 

[rsporsche]

that's what i thought when i read the irs auction sheet. one of the cars doesn't have the stainless wheel arches which makes me wonder if its a CS / CSi and they just got the VIN wrong. but since they are soxrus cars, they are probably CSL

 

[Keshav]

According to the VIN numbers listed, all the E9s are CSLs?

1972 Silver BMW 3.0 CSL 2S 2275123 (To those who inquired about 2275 123 ...... be patient ........ and thanks for your interest !!!!! Be Safe, Jimmy) Jan 2007 1972 Silver BMW 3.0 CSi 2275302 I’m guessing the silver CSL with the rear wing is 2275302? 1972 White BMW 3.0 CS 2275011 (the motorsport "staff" street CSL (2275 011) from Richard Conway ......... so this car sat untouched for almost 2 years ......... It will be back on the highway by spring with a new owner !!!!!!!!!) @soxrus will be restoring the Staff CSL to its original condition (color, which should be Golf yellow also, engine, suspension, etc) and displaying the race car and staff CSL together at Classic Lemans in 2008 ........ I have now confirmed (with European help .... thanks Gerrit) that the staff CSL (Golf Yellow)was in fact the CSL, used in the now famous "comparison article" in AMS between the factory CSL offering and Alpina, GS Tuning, Schnitzer, and Kopechan (spelling ????) tuner versions !!!!! This CSL letters from BMW as being sold to the the original owner ....... BMW Motorsports !!!! Happy New Year and CSL "thinning" To each and all .......... Happy New Year ........ Hope to post progress pics of CSL 2275 030 later this week ....... Car has been sold to a new owner from Georgia ......... I will allow him the honors of introducing himself to the group as the next owner ..... I bought this car from the... e9coupe.com

 

[bdigel]

Anybody local able to help a guy from up North - Ideally with access to trailer or at least storage for a short time (week or so) ? Outside is fine.
It's halfway between Birmingham Alabama and Chattanooga TN.

Update !!!! - good news Jimmy is alive and well and is trying to stop this auction. Fingers crossed he does, I was worried he had passed and IRS had grabbed everything........sounds like it's a case of the IRS being over aggressive and let's hope Jimmy saves the day - fingers crossed for Jimmy, he is a lovely guy and an important part of many E9s now in the US

I haven't talked with Jimmy in 15 plus years , he use to race with the BMW club he had an e36 tuoring car that was crazy fast for the time , I enjoyed jimmies company funn guy , I hate to see he is struggling I hope he works something out . Any one have any idea what happened to the grren Bavaria he had ?

 

[Markos]

I haven't talked with Jimmy in 15 plus years , he use to race with the BMW club he had an e36 tuoring car that was crazy fast for the time , I enjoyed jimmies company funn guy , I hate to see he is struggling I hope he works something out . Any one have any idea what happened to the grren Bavaria he had ?

Lots of CSL’s on here have passed through Jimmy’s hands. I talked to him a few years ago about some parts he was holding for me. Timing wasn’t right on his side, and didn’t get better. I reached out over the summer but he didn’t get back to me. I’m in no rush, and I am thankful to hear that he is doing ok (despite the IRS issues). He owns his own textile company. He’s also on the forum but hasn’t visited in several years.

 

[Arde]

Wow, what is going on there?
For storing the cars the warehouse is also being auctioned:

https://www.treasury.gov/auctions/irs/fpal_all%20_9958.htm

Hope the guy can sort it out. Over aggressive IRS is probably not fun.

 

[HB Chris]

These things don’t play out overnight.

 

[Ohmess]

Guys - I don't know the owner of these cars, but I found a little bit of info on his situation.

The Treasury auction states that the government took ownership of these cars on in January 2021. The case cited in the auction is public, and was a case to enforce a tax lein.

Here's what we can tell from this filing. The owner has been through some form of examination process, probably a complete IRS exam, and through the IRS administrative procedures available after an exam in completed (appeals, mediation, etc.). As a result of that process, the government obtained a lein for unpaid taxes. Audits usually occur at least a year after the filing of a tax return, and usually, in situations where there is a lot of money at stake and a disagreement, take a year or more to complete. And when an exam concludes without agreement, collection usually takes months thereafter before they get into court filings. As to the cars, IRS began the enforcement action to obtain title and sell the cars on June 4, 2018. Working backwards, it is likely that this guy has been fighting with the IRS since at least 2015 for activity that occurred in 2014 or earlier. Needless to say, the IRS gets more and more difficult the deeper into this process you go.

So, the IRS conducted an audit, concluded taxes were due, attempted to collect those taxes through administrative means, and in June, 2018, dragged this guy into court. The court case was concluded in favor of the government on December 4, 2020, and because of that, the government became the owner of the property listed in the auction on Jaunary 3, 2021. There is probably a similar case out there for the warehouse (unrelated to storage costs, but rather related to the same unpaid tax debt).

Whereas the owner of these cars may well be trying to stop the auction of this property, he's really deep into a hole here. After all these procedures, making this problem go away would be very expensive. He would not only need to pay the amount of the tax lein, but there will be penalties which continue to accrue while the lein is unpaid, and court costs for the various court cases. Hate to say it, but it is likely this auction will go forward.

 

[rsporsche]

you look at the cars alone and there is easily a value of somewhere between 600k and 1m ... depending on real (unknown) condition. i would think that Jimmy should be able to have the auction stopped once the tax lien / interest is settled ... which would probably be reached early on when one of the CSLs sold. i don't know the order of magnitude of the lien, but if it was me, i would try to orchestrate the sale of one of the cars that might be able to solve the issue. if somebody really wanted one of these cars, i think it wise to have the discussion.

 

[Markos]

Guys - I don't know the owner of these cars, but I found a little bit of info on his situation.

Working backwards, it is likely that this guy has been fighting with the IRS since at least 2015 for activity that occurred in 2014 or earlier.

So, the IRS conducted an audit, concluded taxes were due, attempted to collect those taxes through administrative means, and in June, 2018, dragged this guy into court.

I know you are looking at this analytically @Ohmess. Let me reiterate however that this guy is a forum member whom many people know.

Since we are deeply examining his financial situation, perhaps we should add that during this time Jimmy also lost his wife due to a long battle with cancer. My point is that this thread is about an active e9 enthusiast. By all means bid on the cars but we do t need to speculate how Jimmy got into this pickle.

 

[Oldbmwcoupes]

I will most likely be attending the auction. Sad as it will be, I hope that it can cover his tax obligations, and free him of what can only be a painful and long process.

 

[Arde]

There is also a house being auctioned.
If this could be solved selling a few cars, then the owner would have done that himself.

The auction terms look very rigid. Like payment has to been in cashier's check at the time of bid accepted, but one would not know the amount in order to get the cashier check ahead of time...

Hope we can give the owner our sympathies. I do not know the particulars but it feels like it is easy to sense who Goliath is, perhaps.

 

[mulberryworks]

There is also a house being auctioned.
If this could be solved selling a few cars, then the owner would have done that himself.

The auction terms look very rigid. Like payment has to been in cashier's check at the time of bid accepted, but one would not know the amount in order to get the cashier check ahead of time...

Hope we can give the owner our sympathies. I do not know the particulars but it feels like it is easy to sense who Goliath is, perhaps.

Like all government processes, there's a form for bidding. They can't make the process too opaque or they won't get full value for the items they are selling. But maybe that's not how they view it.

https://www.treasury.gov/auctions/irs/docs/fpappb9992mbd.pdf

 

[bavbob]

Sadly, the money from all this will be buried somewhere and likely be spent on nothing tangible or helpful to anyone. I say this after our first snowfall and deep freeze where all that cash for our infrastructure has led to the re-appearance of the same potholes. At least now I know where they live.

 

[Ohmess]

Markos - I'm sorry Jimmy is in this situation, and I'm sorry he recently lost his wife.

I was trying to convey, while being respectful, that Jimmy is no longer dealing with the "reasonable" people in the IRS. I've been involved in dozens of fights with the IRS. The process turns from crappy to horrific when you get in this deep.

Potential buyers should have a realistic picture of the situation. The collections people who have been unleashed on Jimmy are merciless.

If Jimmy were a client, I would be telling him this: The IRS has tagged you as a bad guy. Their system gives them the upper hand when this happens. They have taken ownership of the cars. They do not go this far as a negotiating tactic. They are not going to give them back. Please don't try to get involved in straw buyer or secret repurchase arrangements because IRS will promptly go after anyone who helps you. At this point the best possible outcome for you is for the cars to sell at market value. Perhaps when this is behind you some of them can be yours again.