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275 GTS Barn Find

Discussion in 'Vintage (thru 365 GTC4)' started by JohnnyU, Jul 20, 2004.

  1. JohnnyU

    JohnnyU Rookie

    Jan 30, 2004
    40
    New York
    Full Name:
    John U
    Here's some information on the 275 GTS that I mentioned in the previous barn find stories thread. The car has been sitting in a garage in Babylon, New York for the past 34 years.

    The owner is a former TWA pilot who bought the car from another TWA pilot in Italy in 1970 and brought it back to the states. The owner would entertain selling the car for the right price (a problem I see---I think he's still living in 1989 prices).

    I'm hoping to get out there soon to take some photos of the car and will post them. In the meantime for all those interested the serial is 07039.
     
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  3. barchetta

    barchetta Formula Junior

    Nov 5, 2003
    632
    When you say 1989 prices, what dollar figure does the owner have in mind?
     
  4. JohnnyU

    JohnnyU Rookie

    Jan 30, 2004
    40
    New York
    Full Name:
    John U
    Barchetta,

    Good question---he didn't give me a dollar amount and I'd be willing to press him on that. I believe he was offered 60k in 1994. What he doesn't seem to understand is the high costs involved in restoration combined with what he'd like to get for the car in its current condition = potentially not such a great investment. What is the current market value of a properly sorted 275 today? $160-180? I don't think you could even estimate with any great certainty what a restoration would cost because you don't know what you're getting into until you start taking the car apart. If he's looking for lets say $100 for the car IMO he's dreaming but maybe I'm wrong. I can put you in touch with him if you'd like.
     
  5. Bill Sawyer

    Bill Sawyer Formula 3

    Feb 26, 2002
    2,108
    Georgia
    Believe me, I'm no expert, but I've heard a number of times that it takes $200k to do a concourse restoration. Using that number as the benchmark, you would be $20k-$40k in the hole if you got this car for free.
     
  6. coachi

    coachi Formula 3

    May 1, 2002
    2,108
    SC USA
    I would like to get in touch with him...can you give me his email address?

    Thanks
     
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  8. barchetta

    barchetta Formula Junior

    Nov 5, 2003
    632
    JohnnyU - Can you please send me a pm with the contact the owner's contact information. Thank you.
     
  9. JohnnyU

    JohnnyU Rookie

    Jan 30, 2004
    40
    New York
    Full Name:
    John U
    Bill,

    I agree with you 100%. I'm certainly no expert either and depending on the quality of restoration you might consider performing you could be in for even more than $200k. One thing the car has going for it is that it's complete...nothings seems to be missing and even though you'd never dare try to start her up after sitting for all these years (the oil has surely turned to sludge) the engine I know from the previous inspection isn't seized. So, I guess that's one good thing you'd have going for you.

    As a friend and fellow car enthusiast once said to me----don't get into a car because you think you're making a financial investment ---do it because it's your passion and it's what you want and if you have the money _ _ _ _ it, buy it, restore it, show it, drive it but most of all enjoy it and know that no matter what you have a beautiful vintage Ferrari and I guess that's what it's all about.
     
  10. JohnnyU

    JohnnyU Rookie

    Jan 30, 2004
    40
    New York
    Full Name:
    John U
    Barchetta,

    I'm at my office at the moment--- I'll get you that info within the hour.
     
  11. JohnnyU

    JohnnyU Rookie

    Jan 30, 2004
    40
    New York
    Full Name:
    John U
    Barchetta,

    You have mail
     
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  13. JohnnyU

    JohnnyU Rookie

    Jan 30, 2004
    40
    New York
    Full Name:
    John U
    coachi,

    sent you a pm
     
  14. Bill Sawyer

    Bill Sawyer Formula 3

    Feb 26, 2002
    2,108
    Georgia

    You make good points. My comments were aimed at the seller, who obviously doesn't understand the current value of his car or the economics of restoration projects.
     
  15. JohnnyU

    JohnnyU Rookie

    Jan 30, 2004
    40
    New York
    Full Name:
    John U
    Bill,

    You're right, the seller doesn't understand the current value of his car or the economics involved in restoring it. He's eccentric what can I say. He even said to me once in a follow-up conversation that he thought he would restore it himself. He's also probably influenced by friends and family members who tell him "It's a Ferrari--- keep hanging onto it because it will be worth millions one day."

    Reminds me of the 250 GTO that sat in a field in Ohio (I think it was Ohio) for years and years before someone finally convinced the eccentric owner to sell before the capital gains tax was enacted.

    He says he loves the car and I don't doubt it, but he'll never be able to bring it back and I just think it's ashame that the car continues to sit in a damp garage and rot away.
     
  16. BigTex

    BigTex Seven Time F1 World Champ
    Rossa Subscribed Owner

    Dec 6, 2002
    73,162
    Houston, Texas
    Full Name:
    Bubba
    Besides, he just missed the 275 Factory Tour Reunion....

    What a shame :(


    Post a pic of it........

    We have an old lady here that has a Boxer, she wants a quarter million $ for.
    That's what her dead husband told her it was worth!
     
  17. BigTex

    BigTex Seven Time F1 World Champ
    Rossa Subscribed Owner

    Dec 6, 2002
    73,162
    Houston, Texas
    Full Name:
    Bubba
    That 250GTO was from Victoria,Texas.

    Sold at auction for $6,000. To the guy that left it out in the field......
     
  18. olinde

    olinde Karting

    Mar 23, 2004
    116
    I LOVE barn find photos - i.e. images of the cars before they are turned into garage trophies - and am wondering if anyone has one of the 250 GTO found in the field. I recall having seen one (a picture, not the actual car!) a very long time ago....
     
  19. SefacHotRodder

    SefacHotRodder F1 World Champ

    Dec 20, 2003
    10,918
    NJ
    Full Name:
    Chris

    I love barn photos too
     
  20. olinde

    olinde Karting

    Mar 23, 2004
    116
    Awesome! Thanks.
     
  21. ferrariartist

    ferrariartist F1 Rookie

    Feb 21, 2003
    3,564
    East of Toronto
    Full Name:
    Grant Thomas
    imagine being in the Victoria High School autoshop class in '64 as per this page....

    http://www.maranello.cc/english/All.Ferraris/Detail/3589GT.250GTO.htm

    "64 - donated by O'Connor to the Victoria High School, Texas, USA"

    i'm sure we wouldnt mind taking THAT final exam....
    it shows what value people placed on ex-racers back then... once they were out of date or no longer competitive they didnt want them...

    wheres that time-travelling Delorean when you need one....

    GT
     
  22. SefacHotRodder

    SefacHotRodder F1 World Champ

    Dec 20, 2003
    10,918
    NJ
    Full Name:
    Chris
    at the school:
     
  23. PSk

    PSk F1 World Champ

    Nov 20, 2002
    17,673
    Tauranga, NZ
    Full Name:
    Pete
    What is next to the GTO? ... looks interesting too.

    Pete
     

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