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

[Arde]

Another insidious part of these proceses, I assume in the US and elsewhere, is that the rigidity of the process and the asymmetrical information leads to advantages for insiders. Let's say an IRS agent tells a friend that these valuable cars are going to auctioned within a 2 hour window, no chance to inspect by Don, in a remote location, etc, and the buyer will be an insider at a discount value. The best thing the owner can do is provide information about the cars to everybody. But then again I do not know if the IRS will use the proceeds against the debt owed, or maybe had them appraised at confiscation time and they credited that value.

Anyway, I upset many when I expressed displeasure the IRS got ~89B$ mostly for increased audit resources. I would rather pay a higher gasoline tax, which is easy to collect, and weaken the role of the IRS and the income tax. Maybe the Europeans have this balance right. Tax a bit more the consumption and less the income...

 

[coupedegrace]

I doubt very much that the IRS would make a credit towards any debt based on an estimated value. Nor will they fight to hit an appraised value. If that were the goal, to maximize the value of everything seized, then they'd at least upload photos with the correct aspect ratio.

The various methods of taxation all have their own problems, most of which show up at the extremes of wealth and poverty. Consumption and value added taxes are regressive, while income taxes are supposed to be progressive, but carry with them a lot of confusion and room for disagreement (not to mention avoidance) as you noted.

I just noticed that the Z8 coupe has been withdrawn from the auction. Maybe it said that previously and I just hadn't noticed it. Interesting. Perhaps hopeful?

 

[tferrer]

Seems like the best case scenario for Jimmy at this late stage is to get the highest value possible for the assets under the gun. It's hard to do that when the average collector has no prior knowledge of the cars or their history.... Seems like the cards are stacked against there being a fair market value outcome. A real shame...

 

[boonies]

Seems like the best case scenario for Jimmy at this late stage is to get the highest value possible for the assets under the gun. It's hard to do that when the average collector has no prior knowledge of the cars or their history.... Seems like the cards are stacked against there being a fair market value outcome. A real shame...

Agree, the lack of history could limit bidding, but I suspect the archaic IRS rules about paying on the spot with a cashiers check, as well as immediate removal further limit potential bidders.

 

[Thomas76]

I love the backbone of this community and forum, so much respect for the owners despite circumstances on the table.
Jimmy if you ever find this thread I hope you can find a way to stay positive about everything, I could see how this would destroy a soul.

With regards to selling under value, I am not a player in CSL economy but I am a car lover who loves the "adventure" of purchasing from the current owner/enthusiast. I cannot imagine how cold the experience will be buying a car from the IRS, seems this would affect sale price. I hope the spirit of the car survives!

 

[rsporsche]

i am likely to go since its not too far from ATL (2.5 hours). would like to go the day before and take a look at a few of the cars to see if its really worth it to worry about the sale day. i share the IRS concern and cryptic info available, and i am relatively close. traveling across the country basically sight unseen and also have to deal with the rules of engagement for paying and removal in a small town is a little daunting.

 

[ratso70]

Did anyone go see the preview today?

 

[Stevehose]

I was going to but had other things come up.

 

[HB Chris]

Peter G is there.

 

[jimtechnik]

Did anyone go see the preview today?
I did

 

[jimtechnik]

Here ya go

 

[rsporsche]

I'm here also. i can tell you the cars are not as good as i hoped. there are positive and negative things about each. i'm glad i only had a 2 hour drive or so to get here. we will post a wrap-up / post mortem tomorrow ... when we see what happens with everything. the biggest downside is that all of the parts (e9, e36 and others) are all lumped into one lot. we will see if there are any other surprises tomorrow.

the best thing is meeting and getting to know some of the forum people along the way.

 

[x_atlas0]

I'm here too.

Like Scott said, there's some interesting parts, but it's in one big lot. I hope we can work something out with whoever buys that lot.

I was disappointed with the E28, they didn't say anything about the rear end damage ahead of time.

 

[tightbox]

Incredibly sad I didn’t make it out - FAA flight delays killed my plan. This looks like an immense opportunity for anyone already considering a full resto.

Good luck to all attending. (And incredibly sorry to hear about Jimmy’s fortunes)

If anyone already there is unimpressed with the condition of the cars and wants to pick me up the worst CSL of the 3 for a bid of up to $75k, and make an instant 10% profit - I can be there with payment and a trailer late tonight!

(Probably wishful thinking, but I am serious)

 

[Arde]

Wow, who knew that the IRS could organize such an event for the E9 crowd.
Let's add "Legends of the IRS" to the yearly calendar.
Hope you have a good time and count your fingers if you shake hands with IRS agents .

 

[jimtechnik]

Auction stopped . Baker was down there looked like Pete saved the day/ payed irs on his behalf, pissed a lot of people who travelled off though. Could have been done yesterday.

 

[tightbox]

Wow! That is a great outcome for Jimmy.

After all the years of hard work and passion he obviously put in to assembling his collection, I cannot imagine watching it all go *poof* in minutes - especially at an IRS firesale.

Cheers to all.

Now we just need more pictures of Jimmy’s ultimate man cave. Maybe I should continue my journey just to meet him.

 

[mario csl giallo golf]

There are two Csl Polaris one with Batmobile rear spoiler and one regular, which one has VIN 2275302?

 

[BMW Pete]

Guys, please no credit to me, Jimmy lawyers saved the day.

I was talking with Jimmy and maybe somebody heard the conversation, when he told me what he owed I did offer to settle it, but he did not need it, so please no credit here, I did nothing.

BTW great to meet some of the guys on the forum, especially @rsporsche and @peterinfla , who came along to offer their kind assistance, apologies to others i met who I do not know their forum names

Pete

 

[x_atlas0]

It was great to meet everyone, I was walking around with the purple notebook. @rsporsche, @BMW Pete it was lovely tie a face to the names, I'd like to meet more of the group as time goes on.

If Jimmy wants to sell some of those parts, please let me know.