Monday, July 17, 2017

the Bardinon family GTO collection. French tax authorities would love to dial in their value, and get their cut. It might be a 75 or 200 million dollar collection



Last Feb, the family, squabbling over inheritance, etc, sold just one of these for 38.5 million dollars. That immediately slapped the French govt in the wallet, and they liked the way that tax money felt. The French govt wants more. All they can get

Making it difficult for them, is that rich people over appraise the things they give to charity, and undervalue things they sell and get taxed on.

The Bardinon Ferraris brought the issue to the world stage. Pierre Bardinon, born in 1931, was an heir to the Chapal family, a French leather and fur dynasty famed for making pilot bomber jackets. As a boy, Bardinon fell ian love with cars and started buying old racing Ferraris in the 1960s, when few other collectors were interested in them.

He went on to buy more than 70 rare Ferraris.


He turned the family chateau at Mas du Clos, near Aubusson, into a Ferrari playground, with a museum housing the cars, and a two-mile racetrack.


He built his own race circuit on his estate for trackdays and personal use. The layout was designed to allow a racing line without frequent strong braking, so that the old drum brakes did not suffer too much. He loved and cared for his cars that much.

Although it was closed around a decade ago because he was suffering bureaucratic rubbish about needing to adhere to modern safety regulations at vast expense - when the circuit was not used for racing purposes in the true sense of the word.

The Ferrari collection had dwindled to around 20 cars by 2012, as Mr. Bardinon sold them off.

He had a butler who blackmailed him. He told him that either he would pay him or he would tell the French govt the real value of all the cars he had stored. Bardinon refused, the butler "sang" and from there he had to start selling cars and the thing began to decline.


After Mr. Bardinon died in 2012, and his wife a year later, the French government levied an inheritance tax of millions of dollars on their three children, according to court documents. The Bardinon siblings are now battling in court over the future of the collection.

Marcel Massini, a Geneva-based Ferrari historian who knew Mr. Bardinon and frequently inspected the collection, said the remaining cars in the Bardinon collection could be worth over $200 million. He said at least three of them could fetch over $30 million each in today’s market.

“These are like the Mona Lisas of the Ferrari world,” he said. “They are the best of the best.”

And yet for tax purposes, certain members of the family valued the entire collection at 70 million euros, according to court documents.

As the court fight continued, two of the siblings decided to auction off a trophy of the collection, a 1957 Ferrari 335 Sport Scaglietti

Wealthy collectors hope that the situation could lead to more of the Bardinon Ferraris being up for sale.

There are a lot of billionaires in the world who want these cars. Bardinon started collecting competition Ferrari long before the current vogue - and had numerous of the Ferrari big hitters such as a '64 250 GTO, 330 P4, 250 LM, 312 PB, Competition 250 SWB etc

He looked for and bought the most beautiful Ferraris of the world. Tracking the most prestigious models of competition (almost exclusively cars of the factory stable), he acquired a unique set that included the
250 TR and 330 TRI / LM Victory at the 24 Hours of Le Mans, respectively in 1958 and 1962 (both with Olivier Gendebien and Phil Hill),
the 250 GT victory in the Tour de France 1961 (chassis No. 2937GT, formerly W.Mairesse-G.Berger) The 312P ex-P. Rodriguez-D.Piper (n ° 0870),
330 P4 (n ° 0860) or GTO 1964 (n ° 5573GT)

http://www.thegentlemanracer.com/2017/07/ferrari-under-skin.html
https://www.nytimes.com/2016/02/07/business/revaluin-treasures-for-the-taxman.html
http://www.racecar.com/News/51685/Historic/Pierre-Bardinon-RIP
http://www.aonclassiccar.fr/2014/01/ferrari-orphelin-de-pierre-bardinon/
http://revistacar.es/wp-content/uploads/2017/03/Pierre-Bardinon-carrusel.jpg
http://revistacar.es/pierre-bardinon-coleccionista-ferrari/

2 comments:

  1. Pierre and Yanne Bardinon were very nice and great people. I met them twice in the 80"s and they had still 25/30 Ferrari race cars in the collection. But every Ferrari that was sold went out of France. Don't forget that during many years there were not only Ferrari Club meetings on the racetrack but also Bugatti and others. All those people came with their cars from all over Europe, USA or Japan and stayed at hotels and restaurants in the small towns near Aubusson. Today all this is over, thanks to our government.

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    1. thanks for the note! What I find impressive is that no matter how many people get elected, or appointed, the big govt machine continues to screw the citizens, and no one gets into office and rolls back govt control, interference, and power. No matter who gets in, or what their background is, no one ever sets govt back on track to doing the minimum, in budget, for the people.

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