Seinfeld Accused Of Auctioning Off Bogus '58 Speedster

[SalParadise]

Interesting article. Seems like ol' Jer was getting rid of some stuff that wasn't up to snuff:

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.

Interesting stuff. I looked through the court filing, but it doesn't exactly say what the car is though.

[Mad Max]

PPI next time, maybe before spending stupid amounts of money like a dumba$$...

[JMS935]

I kinda doubt Seinfeld would have anything short of the rarest of Porsches in his collections. I would wager that this might be a big case of buyer’s remorse. Seinfeld wouldn’t tarnish his name with a measly 1.4 mil dollar sale, surely not when that’s not even a rounding error to his net worth.

[kc911s]

Newman!

[dwelle]

holy shlt! an auratium green 4 cam speedster? i would never drop that kind of money on a car, but if i did, this would fit the bill...

[SalParadise]

Originally Posted by JMS935

I kinda doubt Seinfeld would have anything short of the rarest of Porsches in his collections. I would wager that this might be a big case of buyer’s remorse. Seinfeld wouldn’t tarnish his name with a measly 1.4 mil dollar sale, surely not when that’s not even a rounding error to his net worth.

Well, that's why he was parting with the less-than-stellar examples. I've talked to many people that have dealt with him and he's really, really into matching numbers this and that, everything correct, etc. I'm sure he knew this car had a story and passed it on because of this. It would be in his very best interest to pay this guy and get the car back - he could probably sell it for the same money even with the stories just because he owned it at one time.

[SalParadise]

Got this off Jalopnik :

"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."

I wonder who restored it, and I wonder what it really is and what this guy/company is claiming.

[SalParadise]

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.

I bet Nick Clemence has the real details.

[JMS935]

Originally Posted by SalParadise

Well, that's why he was parting with the less-than-stellar examples. I've talked to many people that have dealt with him and he's really, really into matching numbers this and that, everything correct, etc. I'm sure he knew this car had a story and passed it on because of this. It would be in his very best interest to pay this guy and get the car back - he could probably sell it for the same money even with the stories just because he owned it at one time.

If he paid this to go away at this point (now that it’s all over the internet), it looks like he’s admitting to the plaintiff’s claim. That it was intentionally misrepresented at minimum, or outright fraud at worst. I don’t see that happening now, he will vigorously defend himself, if for nothing more than his good name. That is far more valuable than 1.4 mil.

I’ll side with Jerry any day over someone hiding behind a shell company based out of Bailiwick of Jersey, Channel Islands, and whose company name, Fica Frio, translates from Portuguese into ‘chill out’. This company seems a bit suspicious to me.

[SalParadise]

Originally Posted by JMS935

I’ll side with Jerry any day over someone hiding behind a shell company based out of Bailiwick of Jersey, Channel Islands, and whose company name, Fica Frio, translates from Portuguese into ‘chill out’. This company seems a bit suspicious to me.

'Chill Out'? That's hilarious. Yeah, somethings up.

[dad911]

https://www.conceptcarz.com/profile/24240,7219/1958-porsche-356a.aspx

[faapgar]

I would like to hear what is not correct about this car.Sounds like a fishy claim on the surface.Fred

[JMS935]

Originally Posted by faapgar

I would like to hear what is not correct about this car.Sounds like a fishy claim on the surface.Fred

That’s just it, they’re calling the car a fake, as though the entire car is a replica. There is no way in hell that a car like that ends up in Seinfeld’s collection. NONE. Besides, if this alleged fraud took place, this fake car also would’ve had to fool everyone in attendance at the Amelia Island Auctions, and Gooding and Co as well. Which is basically a gathering of some of the most serious (and wealthiest) Porsche collectors and dealers on the planet. How likely is that? I would say extremely unlikely.

How do we know that this shell company (doing business on a remote random island that is only 45 square miles by the way), didn’t bait and switch the car themselves before filing suit? And then turning over their own imposter to the courts for evidence, while keeping the original one hidden away.

Why did it take almost 3 years to file suit? Maybe because it took them that long to concoct this idea and then build an exact replica of it before filing suit.

I think this is more likely a 7 figure shakedown. Extortion via the civil justice system.

[robertmark]

Originally Posted by kc911s

Newman!

Not Newman, its, Fica Frio!!!!!!!!

[Unobtanium-inc]

Here is the car when Gooding had it.
---Adam

[Matt Monson]

I'm gonna side with the folks calling this a shakedown. I've dealt with Seinfeld's OCD restorations first hand. A lot of people don't know that the first couple of years of 930/935 had a unique synchro design in the gearbox that stood proud of the gear. It was a problematic design and was quickly replaced, and back in period pretty much all the 935 racecars were retrofitted with the design that we saw on the cars all the way until the 930 gearbox was retired in 1988.

So Jerry bought this super early unrestored car, and they were going through it. The gearbox got opened up and it had never been rebuilt before. Jerry wouldn't let us update it. Half a year was spent finding good used and NOS replacement parts of the original design to avoid changing this car at all from how it was originally delivered. Keep in mind this is inside of the gearbox, a gearbox that would likely never see enough miles for anyone ever to go inside of it again. It would have been a completely invisible and "factory correct" change. But he would have nothing of it. It had to be how it rolled off the line at Werk 1.

[robertmark]

A few pic's I took when at that auction. If you don't love these cars, you really should check your pulse!!!

[timchar]

Can’t believe Jerry would ever be part of a scam. Saw on news he wants proof or evidence from them because his guys never knew. They never provided and went straight to lawsuit. Tim

[SalParadise]

Originally Posted by timchar

Can’t believe Jerry would ever be part of a scam. Saw on news he wants proof or evidence from them because his guys never knew. They never provided and went straight to lawsuit. Tim

I don't think he would either. He doesn't have to deal with such things. He probably was going to take it back then realized and got angry over the fact that some a$$clown bought his car and was accusing him of a bunch of trumped up nonsense, and after this sunk in he got mad and said to himself, "Why should I take it back?"

Is the car something that it's not? Like is it made up of several other cars? What is the basis for this? The legal paperwork filed does not address this.

Does it have repro panels? Who cares.

We'll see.

[2cam]

So, was 2016 essentially peak market for something like this (like a number of other Euro classic cars)? If so, what would this car be worth in our current environment? Could the buyer now be underwater on their investment and are just trying to get out of it in the most efficient way possible (losing as little as they can)?

Oh, and beautiful car! However, I would prefer the silver coupe next to it in the Gooding photos..

2cam