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NINETY EIGHT REGENCY

Bugatti Veyron Buyer Flakes At $700,000 Winning Bid

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Bugatti Veyron Buyer Flakes At $700,000 Winning Bid

A 2008 Bugatti Veyron sold on Saturday at a Barrett-Jackson auction for $700,000 — a reasonable price for a 1,001-hp supercar with 12,000 miles. After the hammer fell, the buyer placed a new bid of "just kidding."

The Veyron was the star attraction of the auction, and considering its original $1.4 million asking price, $700,000 seemed like a decent price, despite the outrageous maintenance Veyron ownership demands.

But when Barrett-Jackson went to finalize the sale, the winning bidder pictured above got some expensive cold feet.

"First, he said he didn't bid, then he said he was ‘trying to help,'" auction company chief Craig Jackson said, declining to identify the head faker. "The bottom line is, he said he wouldn't buy it and we booted him." President Steve Davis later held up the buyer's lanyard from the podium, saying "here's all that's left." (That used to mean something else in Vegas.)

Jackson then offered the Veyron back to the underbidders for the same price. When none bit, he bought the car himself for $700,000, and later said he expected one of the phone bidders to step in.

What have we learned? Veyrons may not be holding their value all that well. People in Vegas can exhibit questionable financial judgment. And if you're going to punk a popular car auction, don't do it on live TV. (H/T to Richard & Jon!) [speed TV]

link:

http://jalopnik.com/5649147/bugatti-veyron-buyer-flakes-at-700000-winning-bid

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When I heard that a Bugatti had gone for a low bid of $700,000... I thought this would have been that Bugatti Veyron caught on camera driving into a lake, apparently as a insurance scam.

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Video: Barrett-Jackson buyer reneges on $700,000 Bugatti Veyron purchase

by Frank Filipponio (RSS feed) on Sep 27th 2010 at 7:29PM

2008 Bugatti Veyron at Barrett-Jackson Las Vegas – Click above to watch the video

It's not very often you see a Bugatti Veyron going up for auction...especially at Barrett-Jackson. Perhaps better known for their muscle cars and classics, the occasional late-model sportscar will sometimes pop up, but we can't ever remember a Veyron crossing the block. Well, on Saturday night, a 2008 Bugatti Veyron with 11,800 miles on the clock did indeed cross the block at B-J...but things didn't go quite as planned.

The one-time fastest production car on the planet (it's been trumped by Bugatti's own Super Sport) might have sold for over $1.8 million new, but was struggling to break the 1 mil mark in Vegas. Heck, it barely got to $700,000. Now, that's still a lot of money for a car, but it should have brought much more – we've never heard of a non-wrecked example going for anywhere near that little. In the end, the Bug went to a guy seated near the stage who outbid a couple of phone bidders – but that's when it got weird.

Saying that he hadn't actually bid and then that he was only trying to help, the would-be buyer rescinded his bid... and was promptly escorted from the premises. Barrett-Jackson didn't want to lose any credibility – so CEO Craig Jackson stepped up and bought the car himself. Just as he was announcing what had happened, he got a phone call from one of the other phone bidders who was saying he'd take the car off Craig's hands. Quite the little soap opera, but good theater nonetheless. Follow the jump to see the video and take a look at the gallery below as well. Hat tip to Larry!

LINK:

http://www.autoblog.com/2010/09/27/video-barrett-jackson-buyer-reneges-on-700-000-bugatti-veyron/

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