The bulk of Tim Durham’s collection of exotic cars will go up for auction Friday afternoon, with a 1929 Duesenberg
driven by Elvis Presley in the 1966 movie "Spinout" sure to draw the most interest.
The Duesenberg Model J Dual Cowl Phaeton could fetch $1 million to $1.3 million, according to an estimate from the auctioneer,
RM Auctions of Ontario, Canada. It is one of nearly two dozen former Durham vehicles being sold at the auction at the Arizona
Biltmore Resort & Spa in Phoenix.
The bankruptcy trustee for Fair Finance Co. scheduled the auction to raise money for creditors of the defunct company, including
more than 5,000 Ohio residents who hold more than $200 million in unsecured investment certificates.
The Akron, Ohio, company collapsed in late 2009. The trustee charges in court papers that its owners, Durham and fellow Indianapolis
businessman Jim Cochran, “utterly looted” the business, pulling out tens of millions of dollars in insider loans
that were not repaid.
But it’s unlikely the auction will put much of a dent in Fair’s massive debts. The bank holds a lien on the Duesenberg,
for instance, worth $1 million or more, ensuring it will receive the bulk of the auction price.
Other cars in the auction have much lower estimated selling prices. The collection includes:
- A 1929 Auburn 8-90 Speedster, $120,000 to $160,000.
- A 2002 Lamborghini Murcielago, $110,000 to $130,000.
- A 2006 Bentley Continental Flying Spur, $60,000 to $80,000.
- A 2003 Astin Martin Vanquish, $50,000 to $75,000.
- A 1964 Rolls-Royce Silver Cloud III, $20,000 to $40,000.
Durham, who is the target of civil and criminal investigations, has denied breaking any laws but has acknowledged he owes
Fair millions of dollars. He voluntarily turned over the cars to bankruptcy trustee Brian Bash last summer.
Attorneys for Durham say offering circulars that Fair provided to prospective purchasers disclosed the insider loans and
other risks.
However, investigators are trying to build a case that Durham duped investors. In a court filing in late 2009, the U.S. Attorney’s
Office in Indianapolis alleged Durham was operating a Ponzi scheme, using money from the sale of new investment certificates
to pay off prior purchasers.
The Durham cars are being sold as part of an auction that includes more than 180 vehicles. Details on all the cars are available
at rmauctions.com.
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http://www.rmauctions.com/AuctionResultsSearch.cfm?parentsection=search&AuctionYear=11&From=&To=&LotNum=&Make=&SortBy=AL&Model=viper&Sold=All
Here are the prices--the Auburn sold for triple what the estimate was. Everything else was a few pennies more over the highest estimate, unfortunately this is the bulk of what Durham has left, the rest of the money is in the Dan Laikin houses.
http://www.rmauctions.com/AuctionResults.cfm?SaleCode=AZ11&SortBy=AL&View=Normal&Category=Cars&Currency=USD
ANK OF AMERICA OSLER,DANA 49D101101MF001210 O
OSLER,DANA OSLER,JEFFREY 49D051006DR027814 O
TARGET NATIONAL BANK OSLER,DANA D 49D101012CC052120
As for the rest, many like the Viper were also wrecked as they were driven by Tim's gang of mooches, and in some cases like the Viper by an allegedly very drunk Carl Brizzi, another of the mooches in the gang.
But, hey, hand it to the mooches--live off of millions of dollars and watch no one prosecute you. Only in Indy can the finest live off of someone else's life savings.
Thanks, Greg, for continuing to keep this scumbag in the news.
Ever try to collect a debt from a bankruptcy?