John Draneas

Legal Files previously reported about an incident where FBI agents crashed a Ferrari F50 that they had seized (SCM February 2010, p. 26). As amazing as that scene was, the same F50 has been in the news again, and now we know the rest of story. The F50 was introduced in 1995. At 513 horsepower…

  He is accused of using over $200m of investor funds to support a lavish lifestyle, including a 70-plus car collection For the past few years, Tim Durham was a well-known fixture at collector car auctions. Arriving on his private jet—and spending freely—he rapidly amassed a significant collection that included Duesenbergs, Ferraris and a Bugatti…

2010 was a difficult year for tax planning. The federal estate and generation-skipping taxes were repealed, but the gift tax exemption was stuck at $1m to keep people from taking too much advantage. Plus, there was talk all year long about a retroactive reimposition of both taxes. We saw an epic battle over the continuation…

You may avoid paying sales tax if you ship the car by common carrier to a non-sales-tax state “Legal Files” had a great time at the Scottsdale, AZ, kick-start to the 2011 auction season. Auctions are a popular place to buy your collector car. But to ensure that you are as happy when you get…

Internet buyers think that when the car doesn’t meet their fantasy image they can return it for a full refund, just like sale pants at Nordstrom’s 1940 Ford Deluxe Convertible. Just redone by a well-known local shop. Beautifully restored with no expense spared. All aspects are correct and highly-detailed. Undercarriage immaculate, etc., etc. $58,950. Sound…

It’s not a good day when your mechanic calls and says, “Uh, I’m not sure how to say this, but I had a little accident with your car.” It’s even worse when your car is a 2006 Ford GT Heritage that had been modified to a “Twin Turbo.” (On the Internet, some claim the value…

In many cases, insurance adjusters say that all they are required to do is fix the damaged parts, which can create a non-matching Frankenstein car Pictures of a McLaren F1 that suffered an engine fire were all over the Internet last year. It was an ugly sight—and saddened every car collector who saw it. “Legal…

He paid world-record prices for some of the world’s rarest automobiles, and he often bought several high-end cars in a single weekend Here’s a car story that has all the ingredients of a soap opera:  A billionaire dies in a car crash, and his longtime girlfriend is left out of his will. He owned hundreds…

Our sister publication, Corvette Market, reported the sale of a 2007 “Jay Leno Special Edition” Corvette at the Barrett-Jackson Palm Beach auction in April. The well-optioned, 1,873-mile Corvette was in show-car condition. Leno reportedly “handpicked” the car from a Carson, California Chevrolet dealer. The Corvette was autographed on the valve cover by Leno, carried Jay…