Ponzi schemer Scott Rothstein’s toys went on the auction block Thursday. And the prices fetched suggest that the supply of wealth toys still far exceeds supply.
The auction netted $5.8 million for the victims of Mr. Rothstein’s scheme. He’s awaiting sentencing on charges that he used his law firm to run a $1.2 billion ponzi scheme.
The tally was about what was expected. Still, the mark-downs were huge. Granted, some of the sports cars held their value better than most cars. But the auction is worth noting at a time when hyperluxury purveyors are claiming their goods are “quality investments.”
Here is a partial list (and click here for photographs of some of the cars at auction):
2008 Bugatti Veyron. Typical retail price: $1 million plus. Sale price: $858,000.
2010 Lamborghini LP 670SV (only 100 miles). Retail price: $457,500. Sale price: $382,000.
2008 Mercedes-Benz SLR. Retail price: $362,339. Sale price: $301,000.
2005 33-foot Riva Aquariva Super boat. Sale price: $255,000.
2007 Rolls-Royce Phantom. Retail price: $338,350. Sale price: $240,000.
1999 55-foot SeaRay Sundancer. Sold for $220,000.
2009 Bentley Continental GTC. Retail price: $220,000. Sale price: $179,000.
2009 Maserati GT. Retail price: $130,000. Sale price: $90,000.
2007 87-foot Warren Yacht. Sold for $2.51 million.
So, do you think high-end sports cars and boats are good investments?
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