Barrett Jackson is on fire

[markinnaples]

Been out all evening, how has the money on Ron Pratt's cars been?

[SBR]

The Howard Hughes 53 Buick that he paid 1.5 million for just sold for 100K. Ouch!

[whitetop]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: SBR</div><div class="ubbcode-body"> The Howard Hughes 53 Buick that he paid 1.5 million for just sold for 100K. Ouch! </div></div>

I doubt he cares..his high dollar accountants had it set up so if he sold at a loss he takes a tax break. Pratt did not become billionaire by being stoopid.

I would even venture to say he has it set up where he even makes money..he writes off the full price of the Futureliner, I bet it's storage, ad all associated cost that he had including employees he hired to take care of it.

[SBR]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: whitetop</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: SBR</div><div class="ubbcode-body"> The Howard Hughes 53 Buick that he paid 1.5 million for just sold for 100K. Ouch! </div></div>

I doubt he cares..his high dollar accountants had it set up so if he sold at a loss he takes a tax break. Pratt did not become billionaire by being stoopid.

I would even venture to say he has it set up where he even makes money..he writes off the full price of the Futureliner, I bet it's storage, ad all associated cost that he had including employees he hired to take care of it. </div></div>
I agree that he probably does not care, in fact when you bundle the entire collection, I am sure that he did very well.

[70 Forest Green Zee]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: SBR</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: whitetop</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: SBR</div><div class="ubbcode-body"> The Howard Hughes 53 Buick that he paid 1.5 million for just sold for 100K. Ouch! </div></div>

I doubt he cares..his high dollar accountants had it set up so if he sold at a loss he takes a tax break. Pratt did not become billionaire by being stoopid.

I would even venture to say he has it set up where he even makes money..he writes off the full price of the Futureliner, I bet it's storage, ad all associated cost that he had including employees he hired to take care of it. </div></div>
I agree that he probably does not care, in fact when you bundle the entire collection, I am sure that he did very well. </div></div>




Keep in mind that a lot of Mr. Pratte's cars were charity cars where 100% of the money went to charity and were a 100% tax write off. So let's just use the Hughes Buick as an example(even though I don't think this vehicle was a charity vehicle) buys it for 1.5 mil, takes a tax write off for 1.5 mil, then sells a couple years later for 100K...he made money. The few he loses money on will be made up by the many charity cars he bought and took the 100% write off on and re sells.

[427TJ]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: whitetop</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: SBR</div><div class="ubbcode-body"> The Howard Hughes 53 Buick that he paid 1.5 million for just sold for 100K. Ouch! </div></div>

I doubt he cares..his high dollar accountants had it set up so if he sold at a loss he takes a tax break. Pratt did not become billionaire by being stoopid.

I would even venture to say he has it set up where he even makes money..he writes off the full price of the Futureliner, I bet it's storage, ad all associated cost that he had including employees he hired to take care of it. </div></div>

This. Rich people live differently and by different rules than the rest of us.

[whitetop]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: markinnaples</div><div class="ubbcode-body">Been out all evening, how has the money on Ron Pratt's cars been? </div></div>

Many have not met reserve or have sold for less than what he paid for them.

Pratt bought the Super Snake for 5.5 mil and bidding only went up to 4.7-did not meet reserve.

He paid 4 million for the Futureliner and then had it restored ( I would say another 1 mil easily) and it only sold for 4 mil

[ds1]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: whitetop</div><div class="ubbcode-body">[quote=markinnaples]Been out all evening, how has the money on Ron Pratt's cars been? </div></div>

Many have not met reserve or have sold for less than what he paid for them.

Pratt bought the Super Snake for 5.5 mil and bidding only went up to 4.7-did not meet reserve.

He paid 4 million for the Futureliner and then had it restored ( I would say another 1 mil easily) and it only sold for 4 mil

[/quote

Velocity advertised them and the Barret Jackson infomercial as being ALL at no reserve.

[whitetop]

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">

Velocity advertised them and the Barret Jackson infomercial as being ALL at no reserve. </div></div>

All his cars had a reserve on them. the ringmaster went down and spoke with Pratt and many he took off the reserve or accepted less than reserve. Many were at reserve..the Super Snake for example did not sell/meet reserve. .the Futureliner was at no reserve.

[XXXGoldL34M20]

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Some guys are stuck in a time zone.
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