Thinking of selling my Dad's TR - need advice - Ferrari Life
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post #1 of 32 Old 02-09-2013, 11:19 AM Thread Starter
 
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Thinking of selling my Dad's TR - need advice

Hi Folks,

I inherited my Dad's Testarossa three years ago and now I'm thinking of selling it. I think it is just too much car for me. You really have to man-handle this car, the maintenance scares me, and the extra wide body makes it nerve-wracking to get around the narrow streets I live on up in the hills. My Dad ("flyyellow") had two other Ferraris in his lifetime, but the Testarossa was really the car he loved it seemed to me - which makes it hard to sell it. And this one is special because it was completely restored by the esteemed Mike Regalia. Nonetheless, I don't think I'm the right owner for this car. I don't appreciate it like my Dad did (and like someone else might). I'd rather have a 550 or some other newer car that is easier to drive and does not need 30 hrs in labor to change the belts "or else."

My questions are (1) what's it worth, given it's unique history and maintenance (see below) and despite Ferrari made so many of them, and (2) should I spend the at least $6,000 to have the belts changed beforehand? The belts haven't been changed in seven years. According to Patrick Ottis in Berkeley (who has been trusted to work on million dollar Ferraris world-wide), seven years is not a big deal at all and what you can get away with (rather than the now-three years Ferrari demands). Worth it to change the belts now, and be able to state they were just done, or let a new owner deal with it? Personally I feel that it's a red flag to sell the car w/o the service -- but what do I know.

* * * * * * * * * * * * * *
Here's the background on the car:

This car has won numerous awards, and was completely renovated.

The first owner of this car was Randy Jackson (Michael Jackson's brother).

Then Mike Regalia owned it. Mr. Regalia disassembled the entire vehicle and replaced every rubber part, and either powder coated, cad plated, or repainted everything. He also removed the engine to complete the factory updates and refurbish the suspension system with all new bushings and powder coating. Mike spent well over 2000 hours on the refurbishment, at a cost of $200,000. The interior was done in Connolly leather and all new carpeting passenger area, as well as the trunk. The seats are like no other Testarossa out there. Mr. Regalia purchased a set of Speedline 288 GTO wheels from a collector in Germany to enhance its appearance. They are quite striking with the custom knock-offs Mr. Regalia designed out of 440 billet steel blocks. I have the original Testarossa wheels as well.

My my Dad owned it from 1997 onwards. It has been garaged since then and never driven in the rain.

The car has some show experience as well. In the 1990's, Mr. Regalia presented the car in Palm Springs and won best of show two years in a row. It was shown at the FERRARIS on Rodeo Drive celebration among others. In addition, it was shown at the 2000 Concorso Itialiano in Carmel, CA, and the car received a Silver Award.

Just under 35,000 miles. All service records and receipts for parts. Last major service 2006 (belts changed). Newish tires and battery. Registrations for Randy Jackson and Mike Regalia, also the customs paperwork when Randy Jackson imported the vehicle from Italy. Receipt for 288 GTO wheels. Original EPA/DOT documentation. Tubi exhaust in 1997. FLAT 12.
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post #2 of 32 Old 02-09-2013, 11:48 AM
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Cynthia- Welcome to Ferrari Life. Very nice Euro spec early Testarossa that looks great with yellow paint and that pretty tan and black interior.

With the fact the car is Euro spec, and is overdue for an engine out major, this is a special car that will need someone looking for one just like her. The GTO wheels alone are worth quite a bit of money, but may not increase the price you get, so you might consider selling them separately. It might be worth your while to see if one of the dealers near you would be interested in a trade for a 550, 575M or 360, which might be easier to drive for you since both have power steering and will feel smaller in traffic, even if they are not actually smaller.

I will wait for the TR owners to chime in on price, which will unfortunately not recoup the money your father had invested in his redheaded girlfriend. She looks to be in absolutely beautiful shape, so good luck with the sale or trade.

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post #3 of 32 Old 02-09-2013, 12:41 PM
 
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I would be interested in receiving more information on the car. Is there any way to contact you directly, or if you have an agent I'm happy to speak to them as well.
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post #4 of 32 Old 02-09-2013, 06:44 PM
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Cynthia , send me a PM that i might be interested!

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post #5 of 32 Old 02-09-2013, 07:18 PM
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It's a beautiful car. What's the asking price?

I'd also suggest removing the stickers.
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post #6 of 32 Old 02-09-2013, 07:28 PM
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I had a set of the same knock-offs made by M. Regalia and a set of GTO wheels. My advice, sell them separately. You can easily get $10k for the wheels and $1k for the knock offs...I did.

Get rid off the silly stickers and the non-original Cavalino on the front grill. It just detracts from the desirability.

I'm sorry to tell you that spending $200k refurbishing this car was a monumental waste of money. Best case, with these miles, the car is worth $60k in today's market.

I sold my '86 TR 6 months ago for $104,500 at auction but it had 5k miles and WON Concorso Italiano - Best Ferrari.

Your Dad's car is definitely cool but it just won't pull 6 figures with a collector/buyer...sorry if this is disappointing news.
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post #7 of 32 Old 02-09-2013, 07:39 PM
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Had the same situation recently. My Dad passed away 3 years ago, and he left me his prize 930 Turbo, 1987. We serviced it, fixed all the leaks, replaced hood struts front and rear. Spent 30 hours of my own time polishing it, and then we put it up for sale. Found a man in California that loves the car, and has wanted one for a long time. It makes me and my Mom very happy it is being loved, driven and enjoyed.

You are in Portland, not too far from me. I would call Greg Theis at Ron Tonkin Ferrari and discuss with him what some options would be.

Funny, see you live in Berkeley, where I went to college.

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post #8 of 32 Old 02-09-2013, 08:12 PM
 
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Quote:
Originally Posted by Sandy Eggo View Post
I had a set of the same knock-offs made by M. Regalia and a set of GTO wheels. My advice, sell them separately. You can easily get $10k for the wheels and $1k for the knock offs...I did.

Get rid off the silly stickers and the non-original Cavalino on the front grill. It just detracts from the desirability.
Unless the buyer might want the wheels that is (this one would), though I'm not terribly excited about the knockoffs and would prefer something a bit more subtle.

As for the stickers and other thing......I can remove them myself.


Just need to hear from the seller..........

On separate note, where is the car located? CA? or Oregon? I ask because I'm curious who the PPI guru is in either area?
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post #9 of 32 Old 02-10-2013, 04:30 AM
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It's a car I too would be interested in.

Love everything her father did - including the stickers

Last edited by champagne612; 02-10-2013 at 06:40 AM.
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post #10 of 32 Old 02-10-2013, 05:04 AM
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Originally Posted by Sandy Eggo View Post
I'm sorry to tell you that spending $200k refurbishing this car was a monumental waste of money.
Rather harsh, you should be sorry.
If it made them happy, it was worth every penny to them.

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post #11 of 32 Old 02-10-2013, 05:42 AM
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Originally Posted by azcarguy View Post
Unless the buyer might want the wheels that is (this one would), though I'm not terribly excited about the knockoffs and would prefer something a bit more subtle.

As for the stickers and other thing......I can remove them myself.


Just need to hear from the seller..........

On separate note, where is the car located? CA? or Oregon? I ask because I'm curious who the PPI guru is in either area?
Ron Tonkin Ferrari. I assume the car is still in Portland.

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post #12 of 32 Old 02-10-2013, 08:26 AM
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Originally Posted by Killer58 View Post
Rather harsh, you should be sorry.
OP is looking for hard dollar opinions not sentimental valuations. In terms of resale value, it was a monumental waste of money by Mike Regalia....not her Dad, btw. Stop being all butt-hurt about it.
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post #13 of 32 Old 02-10-2013, 08:34 AM
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Originally Posted by azcarguy View Post
Unless the buyer might want the wheels that is (this one would), though I'm not terribly excited about the knockoffs and would prefer something a bit more subtle.
My advice is directed at the seller. She will get the same money for the car with or without the GTO wheels. No TR buyer is going to pay a $10k premium for a car with nice GTO wheels.

She has the original wheels. She should put the originals on and sell the GTO wheels separately. To a 288 GTO owner, they are worth $10k.
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post #14 of 32 Old 02-10-2013, 10:16 AM
 
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Originally Posted by Sandy Eggo View Post
My advice is directed at the seller. She will get the same money for the car with or without the GTO wheels. No TR buyer is going to pay a $10k premium for a car with nice GTO wheels.

She has the original wheels. She should put the originals on and sell the GTO wheels separately. To a 288 GTO owner, they are worth $10k.
You are once again, making an assumption. What if I actually like the wheels and would be willing to pay a premium to have them? You see, I'm not really a fan of the factory wheels, though I too would keep them for resale purposes. If the GTO wheels are worth 10k now they'll surely be worth 10K or more if and when I were to resell the car, no?

Whenever I go about selling one of my cars I leave them as advertised and let the buyer tell me what he/she wants on the car. Some folks look for certain mods on certain models and others prefer them factory stock. This way she may just have a little less hassle in her sales process.

And I'm not writing my responses simply to give opinions I'm actually looking to purchase the car, though I haven' received a response from the OP

Last edited by azcarguy; 02-10-2013 at 07:36 PM.
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post #15 of 32 Old 02-10-2013, 10:43 AM Thread Starter
 
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Original Poster here.....

Rick / Sandy Eggo --- thanks for the advice re selling the wheels separately. I'd like to talk to you about that since you had the same ones, and have sold them successfuly. When I spoke to M. Regalia last week about my Dad's TR, he did mention he only made eight of those knock-offs (one for the TR at issue, and I guess the other set was for you!). A place called Fantasy Junction here in the Bay Area said I should do the same thing; put the original wheels back on the car and sell the GTO wheels myself.

No offense taken on the $200,000 restoration. I'm just repeating what M. Regalia told me, obviously a combination of his time spent and costs. We laughed about it because he admitted no sane person would spend that much money and time on a car. (He did say he was once offered $300,000 for the TR.) My Dad didn't pay M.Regalia to do the restoration; M.Regalia owned the car when he did the restoration. And I don't expect to get six figures for the car because of it either.

Despite the higher miles, I do think the car is worth more than just the "going rate" on all the other older Testas out there. It will take a special buyer for sure. I'm not selling it because I need the money, so I could potentially take my time. But then I have to deal with storing the car and making sure it's taken out on the road. The roads here in the Bay Area are horrible! I don't have enough garage space for this car, and I have two boys, 4 and 9 months old. It's just asking for trouble if it sits in my garage (as much as I'd like to look at it when I'm not driving it).

Going back to my initial questions about what it's worth or whether to do the service, let me ask some related questions. If I decide to sell, I see these as my options: (1) Promote and sell it myself, but then have to deal with all the riff raf and empty handed buyers, (2) have a reputable Ferrari dealership sell it on consignment, they charge 10%, or (3) have said dealership buy it from me outright. Any advice on these options?

A lot of you (as well as on Ferrari Chat) told me don't service it, just discount the price. I still feel this works to my disadvantage because I cannot command the highest potential price without being able to state the car is ready to be driven. You know - first impressions are lasting impressions and all -- if the car hasn't been serviced in a long while, and needs one badly, then it might make it harder to agree on what number to discount from. Do you follow? Am I wrong?

Some of you have pinged me privately about buying the car... I will get back to you. I have two little monkeys at home I have to attend to, so I don't have much free time. Stay tuned.
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post #16 of 32 Old 02-10-2013, 10:48 AM Thread Starter
 
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azcarguy -- I'll get in touch with you soon. Personally I think the wheels make the car more elegant and sporty, and I'd have a hard time selling the car with the wheels without the buyer paying extra for them. I understand not every buyer cares about the wheels though. To me, they are important on any car.
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post #17 of 32 Old 02-10-2013, 11:05 AM
 
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Original Poster here.....


Going back to my initial questions about what it's worth or whether to do the service, let me ask some related questions. If I decide to sell, I see these as my options: (1) Promote and sell it myself, but then have to deal with all the riff raf and empty handed buyers, (2) have a reputable Ferrari dealership sell it on consignment, they charge 10%, or (3) have said dealership buy it from me outright. Any advice on these options?
I'm a bit biased at the moment but I'd say pursue the leads you've been given on this and other boards to see if you have real buyers. If someone is willing to place a deposit, engage in a PPI and agree to purchase based on the outcome of said PPI, then you're off to the races. Go the brokers, dealers and bottom feeders after that. It might just put the car into the hands of an enthusiast, something it sounds your father was.



Quote:
Originally Posted by TubiStyleTesta View Post
A lot of you (as well as on Ferrari Chat) told me don't service it, just discount the price. I still feel this works to my disadvantage because I cannot command the highest potential price without being able to state the car is ready to be driven. You know - first impressions are lasting impressions and all -- if the car hasn't been serviced in a long while, and needs one badly, then it might make it harder to agree on what number to discount from. Do you follow? Am I wrong?

Since I'm a buyer allow me to give my .02. I would prefer to arrange and have the service done myself since I'm the one that will be putting the car on the road. It will also work in nicely with the PPI that I (or any competent buyer) would be asking for. There are often a number of things that come up during the course of a service that wouldn't be addressed to the specific needs of a buyer. An example being the "known" issues with these cars that can more easily be tended to with the engine out of the car. I would be adding the diff/gear fix, fuse box fix and SRI gold connector kit right off the bat if I purchase it. Others may not want to spend 12K on what they see as potentially unnecessary (even though they would wrong). So in short, your service wouldn't be my service.

Last edited by azcarguy; 02-10-2013 at 11:24 AM.
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post #18 of 32 Old 02-10-2013, 12:27 PM
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Originally Posted by TubiStyleTesta View Post
Original Poster here.....

Rick / Sandy Eggo --- thanks for the advice re selling the wheels separately. I'd like to talk to you about that since you had the same ones, and have sold them successfuly. When I spoke to M. Regalia last week about my Dad's TR, he did mention he only made eight of those knock-offs (one for the TR at issue, and I guess the other set was for you!). A place called Fantasy Junction here in the Bay Area said I should do the same thing; put the original wheels back on the car and sell the GTO wheels myself.

No offense taken on the $200,000 restoration. I'm just repeating what M. Regalia told me, obviously a combination of his time spent and costs. We laughed about it because he admitted no sane person would spend that much money and time on a car. (He did say he was once offered $300,000 for the TR.) My Dad didn't pay M.Regalia to do the restoration; M.Regalia owned the car when he did the restoration. And I don't expect to get six figures for the car because of it either.

Despite the higher miles, I do think the car is worth more than just the "going rate" on all the other older Testas out there. It will take a special buyer for sure. I'm not selling it because I need the money, so I could potentially take my time. But then I have to deal with storing the car and making sure it's taken out on the road. The roads here in the Bay Area are horrible! I don't have enough garage space for this car, and I have two boys, 4 and 9 months old. It's just asking for trouble if it sits in my garage (as much as I'd like to look at it when I'm not driving it).

Going back to my initial questions about what it's worth or whether to do the service, let me ask some related questions. If I decide to sell, I see these as my options: (1) Promote and sell it myself, but then have to deal with all the riff raf and empty handed buyers, (2) have a reputable Ferrari dealership sell it on consignment, they charge 10%, or (3) have said dealership buy it from me outright. Any advice on these options?

A lot of you (as well as on Ferrari Chat) told me don't service it, just discount the price. I still feel this works to my disadvantage because I cannot command the highest potential price without being able to state the car is ready to be driven. You know - first impressions are lasting impressions and all -- if the car hasn't been serviced in a long while, and needs one badly, then it might make it harder to agree on what number to discount from. Do you follow? Am I wrong?

Some of you have pinged me privately about buying the car... I will get back to you. I have two little monkeys at home I have to attend to, so I don't have much free time. Stay tuned.
My advice : sell the car but do not service it. IMO it will not drop that much the price! And stop thinking about the " highest potential price " ; just get a nice fair price for it and that's it.
And sell it yourself without thinking that there is much rif raf as you say in doing so. Yes , there some things to take care and some others to take into consideration but is not brain surgery. And you will save the 10% that you so claim you will get charged.
Go for it that everybody at this forum will help you if questions arise!
Good luck!

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post #19 of 32 Old 02-10-2013, 01:45 PM
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Originally Posted by azcarguy View Post
I'm a bit biased at the moment but I'd say pursue the leads you've been given on this and other boards to see if you have real buyers. If someone is willing to place a deposit, engage in a PPI and agree to purchase based on the outcome of said PPI, then you're off to the races. Go the brokers, dealers and bottom feeders after that. It might just put the car into the hands of an enthusiast, something it sounds your father was.






Since I'm a buyer allow me to give my .02. I would prefer to arrange and have the service done myself since I'm the one that will be putting the car on the road. It will also work in nicely with the PPI that I (or any competent buyer) would be asking for. There are often a number of things that come up during the course of a service that wouldn't be addressed to the specific needs of a buyer. An example being the "known" issues with these cars that can more easily be tended to with the engine out of the car. I would be adding the diff/gear fix, fuse box fix and SRI gold connector kit right off the bat if I purchase it. Others may not want to spend 12K on what they see as potentially unnecessary (even though they would wrong). So in short, your service wouldn't be my service.
I find it interesting how your first posts are in this thread and show interest in the TR along with the owner.

My hope is you and your posts are as genuine as the seller.
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post #20 of 32 Old 02-10-2013, 01:55 PM
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btw. Stop being all butt-hurt about it.
I am not hurt in the slightest.
I was simply addressing what I feel is boorish behaviour.

I would never speak to a woman that way as it is impolite. I can think of far more articulate ways to express an honest opinion.

Of all the narcissists I know, I love me the most.

Last edited by Killer58; 02-11-2013 at 11:24 AM.
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