Pagoda SL Group
Off Topic => Way Off Topic => Topic started by: RAY on January 18, 2024, 17:36:54
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Following the death of Peter Mullen it's a shame to hear the Mullin Automotive Museum in California is now closing next month.
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His kids must want to cash in on their inheritance, surprised it wasn't set up as a foundation to continue indefinitely regardless of their rapacious desires.
Good news for us is if you lusted over something in the collection you may have an opportunity to buy it in the near future.
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His kids must want to cash in on their inheritance, surprised it wasn't set up as a foundation to continue indefinitely regardless of their rapacious desires.
Good news for us is if you lusted over something in the collection you may have an opportunity to buy it in the near future.
Not surprising though. This has happened before. If the museum and collection are not the passion of the estate or inheritors, dissolution is the only solution.
Four of the most special cars are going to the Petersen Museum nearby. There was some local (LA) news on the matter in the fall. He was also planning on building another museum in Oxfordshire in UK I think; that was announced in 2018 but I don't think it ever happened.
There may be tax reasons as well for the closure. He has 6 kids and a surviving wife I believe.
I'm reminded of when the new S-Class was introduced some years back, and the MBCA offered it in their raffle. What was offered was the base model and base MSRP. Well, could you even possibly buy an S-Class with no options? I don't think so, it would have to be loaded up with a few extras probably raising the base price $20K or more. Then, you'd have to pay the tax on that "winning"...and then state tax and insurance to get the car registered. I couldn't afford to win the prize! Similarly, if the assets of the museum were left to the seven people (or more!) who may be beneficiaries of the estate, it's possible one or more of them simply couldn't afford it without liquidation.
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A similar thing happened, when a TV program gave away 35 Corvettes, one from each year up to then. Had to be in 1988. I was thinking about the taxes I would have to pay......
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For those nearby I would highly recommend a visit to the Mullin museum before it closes. They have some spectacular automobiles.
From Autoweek/other feeds: The 1937 Talbot-Lago T150 CS “Teardrop,” the 1938 Hispano Suiza H6B Dubonnet Xenia, the 1939 Delahaye 165, and the 1938 Delahaye 145 will all become part of the Petersen Automotive Museum, an institution that Peter Mullin also helped transform into a world-class museum.
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A similar thing happened, when a TV program gave away 35 Corvettes, one from each year up to then. Had to be in 1988. I was thinking about the taxes I would have to pay......
That's easy, just sell the two newest Vetts in the Group. Easy to replace later, if desired.
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20 of the cars are being sold by Gooding at Amelia Island, then Gooding is hosting an on site auction for remaining lots in April.