Bob Dean’s $10M Classic Car Collection To Be Auctioned After Being Seized By His Bankers | business news

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More than two dozen classic cars owned by embattled nursing home owner Bob Dean, a collection that includes a 1930s coupe owned by a prominent member of the French Resistance and several vintage Corvettes will be auctioned later this month after the Vehicles seized as collateral were an unpaid $10 million loan.

According to court records, the Baton Rouge-based investor loaned the money to Dean in August before he became embroiled in a controversy for sending nearly 1,000 residents from his Louisiana aged care homes to a warehouse in the wake of Hurricane Ida. Dozens of Dean’s clients died after spending time in the muggy and smelly conditions.

Since then, Investar has filed foreclosure actions against Dean Classic Cars LLC in Missouri, New Hampshire, Mississippi and Georgia. Seizure orders were issued, according to court records.

Earlier this month, a judge in Upson County Superior Court in Thomaston, Ga., found Dean in contempt of court for failing to show up for a hearing that would have asked him to post further collateral or be jailed. The court has issued a warrant for Dean’s arrest, according to the Upson County Clerk of Court’s office.

One of Dean’s legal representatives said Dean could not comment because he has dementia. Dean first said through attorneys in February that he was unable to participate in testimony or other legal appearances due to the condition.

In recent months, Investar has been able to take possession of Dean’s classic cars at various locations across the country. These cars will be auctioned on June 25 at the Barber Vintage Motorsports Museum in Birmingham, Alabama.

A rare and extensive collection

Henderson Auctions CEO Lawrence Green said Dean’s 28 cars will be part of an auction of up to 100 classic automobiles. Dean was a classic car collector and dealer for decades. Green said his collection includes some gems.

“It’s very rare to have an auction of classic cars confiscated by the bank, period. But this is a particularly large collection with some very rare and valuable specimens,” said Green.

The car with the most interesting backstory, Green says, is the Delahaye 135 Coupe des Alpes Chapron Roadster.

Rare roadsters, classic coupes

The first owner of the 1937 coupe was a young French industrialist named Cyriel Depery, who joined the French resistance after the Nazis took over the country.

The car’s auction background includes a photograph of Depery and other members of the Resistance driving the Delahaye through the streets of his hometown of Annecy in the Haute-Savoie region of France on August 20, 1944, when it was liberated.

Green said he believes Dean only acquired the car last year.

Probably the most valuable of Dean’s cars to be auctioned, according to Green, is a 1939 Bugatti Type 57C Gagloff coupe. Of the stylish touring cars built by Jean Bugatti between 1934 and 1940, there were just over 700 examples, and the one for Auction offered has been restored to concours level.

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“There are probably only a handful of these models in this condition in the world,” says Green.

Restored antiques and flashy racing cars

There is no reserve price for the Bugatti or any of the other impounded vehicles. The price Dean paid is not disclosed, but the model has fetched between $800,000 and $1.5 million at auction over the past five years. according to Classic.comtracking these prices.

Dean’s confiscated collection includes other immaculately restored antiques, such as a 1938 Peugeot Darl’mat Peugeot and a 1939 Packard Twelve Cabriolet. There are several race cars, including a 1967 Sunbeam Tiger, a 1964 Cheetah, and a 1996 Lola T96-50. There are also several Chevy Corvettes from the 1950s and 1960s.

The auction includes some curiosities, such as vintage Ford work trucks and a 1970 Plymouth Hemi Cuda that has only 87 original miles on it.

Antique work trucks

The Plymouth was bought straight off the factory floor by a guy named Phil Reardon who had plans to turn it into a drag racer, Green said.

Reardon drove the car 30 times before dying of natural causes. The car has since been owned by collectors and dealers who have only driven it, taking it in and out of showrooms and storage.

While the rarest and most desirable cars in the collection are expected to command bids in the seven figures, some of the cars are in the more affordable $250,000 to $600,000 range, Green said.

The 1958 Facel Vega FV-4 Typhoon, for example, was the first non-custom vehicle to be made by the same French company that made the Delahaye. Though it has a more prosaic design than the earlier custom builds, auction background says the cars were loved by Hollywood movie stars and celebrities of the day.

“The Facel Vega has a Chrysler engine, but the interior was very luxurious for 1958,” Green said.

Other Litigation

The foreclosures come amid several legal battles that Dean has faced in recent months.

The Louisiana Attorney General launched a criminal investigation into the incident last year. Dean is attempting to restore the licenses for his seven nursing homes after the state of Louisiana revoked them. He also opposes federal government efforts to ban him from housing residents who receive assistance from federal programs.

Meanwhile, dozens of nursing home residents are suing Dean over conditions at his facilities.

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