The latest epic barn find

[t.]

"I'm poor, I'm sorry I can't pay my tax."

 

"Is this your barn?"

 

"...erm, yes.. but I had no idea there was $50m of cars inside..."

 

Good times.

 

http://i815.photobucket.com/albums/zz72/adamspics_2010/barn1.jpg

http://i815.photobucket.com/albums/zz72/adamspics_2010/barn2.jpg

http://i815.photobucket.com/albums/zz72/adamspics_2010/barn3.jpg

http://i815.photobucket.com/albums/zz72/adamspics_2010/barn4.jpg

http://i815.photobucket.com/albums/zz72/adamspics_2010/barn5.jpg

http://i815.photobucket.com/albums/zz72/adamspics_2010/barn6.jpg

 

WALTER MEDLIN pleaded poverty when the taxman came calling. Then Hurricane Charley ripped through a barn in rural Florida last year, revealing the property developer’s $50 million (£27 million) collection of classic Ferraris. Now one of Mr Medlin’s cars, a 1967 Ferrari 330 P4, is to be auctioned at a knockdown price by America’s Internal Revenue Service (IRS) to meet his tax bill, estimated at $3 million. The racing car, one of only four built, has a reserve price of $2 million, although its true value is believed to be closer to $10 million.

The V12-powered P4 was fully restored a decade ago by Arizona’s Grand Touring Cars and was in storage at the garage — until it was towed away by the tax authorities. It is likely to attract bids from wealthy car enthusiasts from around the world at the auction on March 30.

Of the original four, one was destroyed in a crash, another is in a museum in France and the last belongs to a Canadian collector. Three of the P4s famously crossed the finishing line of the Daytona 24-hour race together in 1967, taking the first three places.

Mr Medlin can still avoid losing his car by paying his tax bill before 2pm on March 30.

He has made late payments before, turning up at auctions with cheques to retrieve his property.

It has prompted calls to fix the “Walter Medlin Tax Relief Act” — the loophole that allows him to buy his possessions back from the IRS so that taxes are postponed indefinitely.

 

Article:http://www.timesonline.co.uk/tol/news/world/us_and_americas/article415432.ece

Images: http://www.pistonheads.com/gassing/topic.asp?h=0&f=23&t=843441&mid=0&i=0&nmt=Barn%20Find,%20What%20Is%20It??&mid=0

 

Karma eh.

[zo6dude]

EEP! That's just a waste..

[superhyper]

:eek: Barn full of Ferraris? Gimme!

[DoMw94]

:cry: so sad! millions! if he/she/they don't want the cars, why don't they just flog 'em, theyd be rich then!

[t.]

Oh, he wants them. He was hiding them to avoid selling them to raise cash for his tax, then when they take them to auction them off he buys them back. He's done it before.

[iLLGT3]

Oh, he wants them. He was hiding them to avoid selling them to raise cash for his tax, then when they take them to auction them off he buys them back. He's done it before.

 

Yeah, there was no "finding" involved.

 

"Wow, how did those get there.." :thumbsup:

[pascallll]

I want that barn!!

too bad the most are damaged.

[Car Freak]

But if he wanted to keep them, why'd he let their condition deteriorate that much? Because most of the damage (dust, flat/shredded tires) don't seem to have been caused by the hurricane... And btw, I spy with my little eye a Studebaker Avanti in pic 3...

[EW]

Win!

 

Why doesnt he sell one or two? Pay the tax then move abroad xD

[Penfold]

Woah, thats a lot of nice cars... but they need looking after and driving :(

What's the Ferrari in the last picture i'll have that one :D?

[TDUFREAK500]

OOOOHHHHH Gimme that barn does anyone have 10 million cash in their back pocket if so gimme or I will either

a. kill you or

B. sue you for 10 million dollars

I want that 330 p4

[Immelmann]

What's the Ferrari in the last picture i'll have that one :D?

 

Are you serious? Woooooooooooow. Look up Nick Mason's collection, you'll find one there too ;)

[Leadfoot[YT]]

Well, he could sell one he doesn't want, use the money to repair another one he doesn't want, sell that at a profit, and then repair the rest and enjoy (especially enjoy that 250 :lol: )!

 

-Leadfoot

[Jacob]

How does someone do that to those cars... They look terrible!!!! Like seriously dude if you going to keep $50M in ultra rare, itatlian monsters in a barn, atleast Restore them. like my god!

 

Also don't they keep records of cars that have Uber rare cars so one doesn't just go missing and end up almost destoryed and in an old barn? Like there are, windows smashed, and tired poped and torn to bits, and paint coming off.

 

He says he wants to keep them.. For what so he can take some of the greatest cars IN THE WORLD, and make them scrap!

 

I think they should be taken, restored, and sold to worthy owners, who will take good care of them and treat them with respect. Not some irritating, car destorying, tax dodging douche Bag.

 

[Car Freak Rant/]

[TDUFREAK500]

Agree^^ I would steal them and restore them so he couldn't hide from the tax man no more and then I would sell the ones I dont want and keep the ones that I like

[Jacob]

Agree^^ I would steal them and restore them so he couldn't hide from the tax man no more and then I would sell the ones I dont want and keep the ones that I like

I'd keep them all xD

[KoenigseggBG]

Filthy rich is the word for this. :drool:

[T0M722]

Avid collector. Just plain unlucky about the hurricane. Why would you hide away such beautiful machines in a shed?

[t.]

To stop the taxman getting at them. Which failed.