Bogus Carrera Speedster?

[Adam Wright]

Looks like it will be up to the courts to decide, but doesn't look like a fun ride for anyone involved.

https://pagesix.com/2019/02/01/jerry-se ... 8-porsche/

[Adam Wright]

The car when Gooding sold it.

[Martin Bruechle]

Saw this on Pelican;

Jerry Seinfeld has been slapped with a lawsuit saying he auctioned off a vintage sports car — with the winning bid coming in at $1.54 million
— knowing full well that it was “not authentic.”

The buyer of the 1958 Porsche Carrera Speedster, Fica Frio Ltd., claims the comedian “misrepresented” the luxury whip and then failed to follow up on an alleged voicemail promise to make things right.

“After being informed by Fica Frio that the vehicle is not authentic, Mr. Seinfeld orally accepted, in a voicemail audio recording, Fica Frio’s offer to rescind the sale of the Vehicle and return to Fica Frio the purchase price that Fica Frio had paid to Mr. Seinfeld, plus all costs it incurred, in exchange for Fica Frio returning the Vehicle to Mr. Seinfeld,” the suit states. “Mr. Seinfeld breached that oral agreement, as he has not returned Fica Frio’s purchase price nor paid to Fico Frio its costs incurred, in exchange for the vehicle.”

Seinfeld, a known car collector, allegedly sent out auction notices for the Porsche — describing it as a “356 A 1500 GS/GT CARRERA SPEEDSTER FROM THE JERRY SEINFELD COLLECTION.”

According to the suit, he claimed that the vehicle had “the distinction of being the only Carrera Speedster known to have been finished at the factory in Auratium Green” and one of 56 Carrera Speedsters “specified in GS/GT trim.”

“This exceptionally rare 1500 GS/GT Carrera Speedster is surely among the finest restored examples of a highly sought-after four-cam Porsche,” Seinfeld allegedly told bidders.

However, Fica Frio insists that the car is “not authentic and is not the automobile that Mr. Seinfeld and the vehicle summary provided at the Auction represented.”

The Channel Islands entity, which is basked on the Bailiwick of Jersey, is looking to rescind the sale and get back the costs it incurred. They’re also seeking damages “for the losses it has suffered in connection with the purchase.”

Attempts to reach Seinfeld and his lawyers were not successful. Fica Frio’s legal team could not be immediately reached, either.


"Chassis 84908
Coachwork by Reutter

One of only 151 Carrera Speedsters built, this late-production GS/GT was factory-prepared as a competition car, with lightweight aluminum panels, large GT drum brakes, extended range fuel tank, roll bar, and Porsche’s advanced Type 692/0 four-cam, roller-bearing engine.

One of only 13 Speedsters (and the only Carrera Speedster) originally finished in Auratium Green - a splendid period color available for only one year - this car represents the ultimate development of this iconic Porsche sports car. Recently restored by a marque specialist to its original, as-delivered specification, this 1500 GS/GT Speedster earned a streak of concours wins, including Best in Class honors at the Quail Motorsports Gathering in Carmel Valley, California and the Annual 356 Club Dana Point Conocurs d’Elegance."

More info on the chassis:

1500GS/Carrera Roadster
Chassis #: 84908
Engine # 91015
Sold for $1,540,000 at 2016 Gooding & Company : The Amelia Island Auction.
Porsche began offering the GT option for the 1500 GS Carrera model in 1957. It initially referred to the engine's state of tune. Later, the GS/GT were given other competition features such as 60 mm racing front brakes with vented backing plates, and an extended range 80-liter fuel tank. In 1958, Porsche began offering the GS/GT Carreras with lightweight alloy panels, vinyl trim, Plexiglas windows, and a louvered deck lid. The GS/GT Carrera Speedsters proved popular in racing, convincing Porsche to build them into 1959. Between 1955 and 1959, Porsche built 151 Carrera Speedsters. Fewer than 90 Carrera Speedsters were specified in the GS/GT trim. Approximately 56 left the factory with lightweight aluminum panels.

This particular Carrera Speedster was completed in May of 1958 and specified as a GS/GT with alloy panels. This GS/GT Speedster is one of as few as 14 examples originally equipped with the 1500cc Type 692/0 engine. The 692/0 engines, all built in 1958, are numbered 91001 through 91030. These were the last four-cams to utilize roller-bearing crankshafts, as Hirth discontinued their production later that year.

The engine found in this car is number 91015, which was first installed in chassis 84912 - another GS/GT Speedster, and sold new to amateur racer Leo Levine. Shortly after taking delivery of the Carrera Speedster, Mr. Levine had the four cam replaced with a pushrod 1600 Super. The Speedster's 692/0 engine (number 91015) was then placed in 84908 prior to its delivery. 84908 is the only Carrera Speedster known to have been finished at the factory in Auratium Green. It is believed that just 13 Porsche 356 Speedsters, of all types, were ever painted in this optional color combination.

This GT-specification Carrera was sold to its first owner ex-works, through the Porsche factory rather than through a distributor or dealer. The early history is not fully known; it is believed that the Porsche was exported to the United States and raced in the Midwest through the 1960s and into the early 1970s.

In 2009 or 2010, Nick Clemence purchased the unrestored Speedster through a broker who represented the car's long-term owner. Over the next three years, the car was given a ground-up, no expense spared restoration. The bodywork was refinished in the as-delivered Auratium Green and the interior trimmed in black vinyl. The car was given all the best period accessories including auxiliary fog lights, a Spyder mirror, sport exhaust, and GT roll bar finished in Auratium Green. The work was completed in 2012, and made its post-restoration debut at the 24th Annual Dana Point Concours d'Elegance. That August, it was displayed in Carmel Valley, California, at the Quail Motorsports Gathering, where it was selected as Best in Class.

In late 2012, the car was acquired by Jerry Seinfeld. It remains in concours-quality condition in all respects.

[Joris Koning]

Very interesting, curious based on what evidence the claim that the car is not authentic is being made. A quick glance through the suit does not show

[tim noble]

I read all 14 pages and all they say is it is not authentic and there is incomplete vehicle history. Just wondering why they didn't explain what the problems are and only offered that a well known Porsche expert says it is not authentic. Probably a legal tactic to not offer specific information in the hopes that it settles quickly.
Tim

[Vic Skirmants]

Read all 14 pages of legalese. As mentioned above, ABSOLUTELY no details about inauthenticity.
I would like to hear more than "not authentic"; WHY?

[Wes Bender]

Maybe a little "buyer's remorse" setting in?

[Mark Reich]

The complaint need not specify the details of the lack of authenticity. Notice pleading is sufficient for the filing of the complaint. The details would come out in discovery, if the case ever gets there. Will be interesting to hear those details, as the discovery should include statements and documents.

As a lawyer, I agree that it is no fun when lawyers get involved in the car hobby. But this was an investment matter and not a hobby matter. Will be interesting to see where this goes.

[Bruce Smith]

The 'Voicemail' when Seinfeld called the plaintiff was June 2018. This lawsuit was filed just seven months later. In the legal world, that's pretty much immediate. These lawyers wanted the publicity. I bet it could have been worked out w/o a law suit, but then Brown Rudnick (the plaintiff's attorneys) probably wouldn't have gotten their names in the press.

[Jim Alton]

Interestingly, the Gooding & Company "Results" page doesn't today have a link to Amelia Island 2016.

However, the URL was easy to guess: www.goodingco.com/category/amelia-islan ... sland-2016

[Jim Alton]

Wasn't there a court case not long ago finding that all [classic] cars sold at auction were as is and no representations were binding, either upon the auction house or even the cosigner?

[Jim Alton]

I may have been thinking about this story from Jalopnik, The Curious Case Of The Fake 1967 Corvette about this US District Court decision. That was a rather complicated case where even the year of the car was at issue.

It may depend upon Gooding's contract.

[George Hussey]

why would anyone go to the great expense of restoring this car if they had not checked out the authenticity first? Would be different if they just found the car and were trying to represent it as something that it was not. I agree with one of the previous posts, maybe a bit of buyers remorse, their business is not doing too well so they want to recoup. Certainly no bad intentions here

[Jacques Lefriant]

I don't see the problem the car sold for much less than the estimate maybe since it was "restored" not to authentic condition? but unless there is another car with the same serial no with a better providence who cares.
j

[Edwin Ek]

If Seinfeld is recorded as offering to rescind the deal, why hasn't that happened?

After a cursory reading, I noticed three things:

Seinfeld says he was curious how the buyer Fica Frio figured out this something about the authenticity; his guys missed it. (So the lack of authenticity does not seem to be in dispute.)

European Collectibles, the restorer, provided no photos documenting the restoration.

The long-term owner before EC bought the car has been completely hidden from everyone but his broker. A desire for anonymity is completely understandable, but it is also helpful in allowing shenanigans.