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Hello,

I am selling a Ferrari 250 GTO series 1. The asking is €70 million. If you are interested, please send me your phone number so we may speak. The car is only available till Sunday night since there is another interested buyer through another channel.
 

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Over the past ten years or so, I have worked on a number of 250 GTO deals. They are massively entertaining and almost impossible to complete. Most really serious brokers that I know and trust just don't even want to try.

Good luck!
 

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This could be another epic thread.

But will die peacefully
 

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Ultimately, there are several signifIcant problems.

First,there are tremendous numbers of bogus deals out there. For example, a friend of a friend claims to know an owner who has decided to sell his GTO. The friend doesn’t actually know the owner but makes the assumption that if there is a massive offer on the table, the guy will sell his car. So, the second guy starts shopping around assuming there will be a line of buyers wanting to buy this rare and important car.

The first major hurdle is which car is it. That opens up the first can of worms, as most of the owners are known by the cars chassis number and many of the possible buyers may know that individual or at least be able to contact him directly.

Next, since neither of these guys have ever done a deal of this magnitude, they look at the possible value of the car and assume that they can each add $1 million or so to the deal and nobody will really notice. So for five guys down the road, the price of the car is now gone up $5 million. They are not thinking through to the point that the buyer and seller are going to actually know what is going on. So, even if the deal is legitimate, it’s never gonna happen on the terms of the intermediaries involved. The real fees on this deal are almost never that insane. The buyer and seller essentially have to agree on the fee, as one way or another it is part of the deal.

The next situation is one we are the person initiating the sale is quite sophisticated and experienced and represents that he is willing to act as an intermediary with the car owner and will take only a small fee for doing that. He represents the incredible value of the car and all the money to be made and a less experienced individual agrees to pay a fairly nominal fee for more information about the car and the ability to inspect it. Naturally, as soon as it is paid the supposed broker disappears and it’s all over.

Then it gets into the issue of exactly which car is for sale and how is the car going to be inspected. That often gets complicated because nobody trusts anybody and with, in many cases, good reason. Also, you need to keep in mind that until a few years ago Allegretti, who built the original GTO’s would build a perfect duplicate for less than a half million dollars. The chassis plate was the only part that was not accurate. So, yes, there are perfect forgeries out there.

But the most difficult complication now is that many of these transactions now are between a seller worth hundreds of millions of dollars and a buyer worth billions of dollars. They are both used to having EVERYTHING their own way.

I was once in a deal where all the money issues were settled and the buyer just wanted to talk to the seller in a short call as car guy to car guy. He just wanted to talk about little quirks and joys of the car. He emphasized that no money would be discussed. All was fine on that point. The seller refused the call and deal went dead. Shortly thereafter, the potential buyer found another car. Market at that time was about $45 million.

Also, many of these cars have now truly become “not for sale”. They are owned by multi billionaires, so having another $75-100 million would not affect their life styles except that they would no longer have their GTO.

Again, good luck on this adventure.
 

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Responding to a person with one post and no follow up is IMO a joke especially for an object in the multimillion category.

If course not wanting to post SN and items would be argued by OP it's valid. Sorry this doesn't sound legit.
 

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There is always the remote possibility that the person posting is legit. However, GTO deals, especially, are so fraught with issues that the probability is that there is some substantial problem with the deal. One thing that makes these so hard to pull off is that the broker does not really control the car. Therefore, he is always at risk of someone going around him and that makes it very difficult for him to post enough information to show he really has access without being circumvented by someone.

As I mentioned earlier, many very experienced brokers won’t even get involved in these, because there are so many potential problems. However, they are fascinating as well.

When I questioned one person’s access to a 250 LM, he actually sent me a picture of the car sitting in a garage with yesterday’s newspaper laying on the windshield. That sort of settled the issue of his access.
 
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