UPDATE 5/23/218 – The frat house Ferrari has resurfaced on Beverly Hills CC’s website where they are asking $37,500.
FROM 4/23/18 – This 1984 Ferrari 308 – yes, the classic Magnum P.I. car – was discovered as part of a routine clean-out of a former frat house. As the owner tells it, the realtor didn’t know what the car was or the shape it was in, just that it needed to be moved ASAP. Imagine his surprise when he found this locked up below the house. The 308’s story is documented here on FerrariChat.com, but as you’ll soon see, it’s already looking for a new owner.
The owner did attempt to restore the 308, but even admitted as a Corvette guy, the Ferari wasn’t his first choice for a surprise barn find. The 308 had a damaged nose section along with poor bodywork on the fenders and driver’s side door. One pop-up headlight is missing along with the front bumper, but the owner was apparently able to locate some spares. Not long after, he let the forum know he got an offer he couldn’t refuse; now, the 308 is listed the Beverly Hills Car Club site for $37,500.
And really, who can blame the seller? Some of the message board members seemed disappointed he sold it along. But given it’s likely the now-previous owner paid a very modest price for the car and this one will require not-insignificant bodywork in the future, the offer from Beverly Hills probably seemed hard to resist once he began assessing Ferrari part prices and the cost of a proper timing belt job.
The detailing team at Beverly Hills worked wonders with the engine cosmetics, but this original photo tells the tale of how long it was neglected. With under 30,000 original miles and claimed two-owners-from-new ownership, this was indeed a memorable find – but one that would have cost well north of the likely sale price to restore correctly. Still, you never know what you’ll find in the basement garage of a frat house, so take that call if your realtor is on the phone.
Clearly the frat boys drove the $h!t out of this very cool car. What damage there is does not look overwhelming but I would think that a complete mechanical inspection would also be in order along with a full servicing. To bad this car was in the hands of some spoiled rich kid that thought so little of it that he didn’t even take it with him when he left the frat house. I’m pretty sure that this car will get restored and see the road again. Sadly this is way out of my reach as I’m to financially embarrassed.
Would even a rich kid leave a car like this? I am more of the mind that he had to leave the country with haste, lest he become the affectionate cellmate of a guy named Bubba. Nah, this was a student drug dealer and that was part of his ill gotten gains. The real question here is, who let him buy it with rolls of hundred dollar bills? Amazing, I get the old fish eye when ever I try to buy a pack of gum with a fresh twenty. The clerk holds it up to the light!! Even 20 years ago buying a high end car with a roll of green backs, would have raised eye brows. Maybe if sellers of luxury goods would be as little more selective, maybe criminals wouldn’t be able to buy big ticket items and the lure of big cash would be deflated like that football a while back.
A lot of private sellers will accept cash.
Reading the story (it’s a thing, really) it seems like the car was parked by a landlord and locked up. It doesn’t sound like the frat boys were even aware of it.
@Billy 007
I try not to stereotype others, regardless of age, social status, disability, ect. I give all people the benefit of the doubt until shown a reason to think otherwise. Maybe you should consider doing the same?
@dgrass
So, how am I any more stereo typing then anyone else here? Take @Canadianmarkseh for instance. He suggests a person with unfair great wealth that has an indifference for life and responsibility, am I any better or worse for my brainstorm of the potential cause here? Perhaps you should lay off DEE GRASS my friend and think more clearly, and for Petes Sake, mellow out, life is too short not to have a little fun.
@Grant
Why would anyone take a car worth tens of thousands of dollars and lock it up near frat boys? Makes no sense to me. And if that is the case, why is it left forgotten to rot? Did the wealthy landlord get senile and forget it? Did he or she die and it was lost? Why lock it away in such an unusual place to begin with? I sure wish we could get the whole story here, it truly is interesting.(BTW, I will not make any comments here about the disparity of American wealth that allows someone to be able to make such a purchase and then disregard it, while others can hardly afford a rattle trap of a car to get to their slaving job….but I would sure like to. )
@ Miquel
Thousands of dollars in cash? This isn’t an old washing machine someone is selling. Seems to me that accepting cash is an easy way to sell to the disreputable, and to not pay your fair share in taxes. Cash seems to be a shady way to conduct business, be it either the seller or buyer of illegal goods.
Billy, when has accepting cash for a sale ever been underhanded or shady?
What do you mean by fair share of taxes? How do you know taxes would be due on the sale?
@Billy Blanks
My name is Dean, hence the D…guess what my last name is friend! Dumb arsed assumptions are what lead to pointless discussions with unfiltered jackhats just like this one.
Regarding cash, are you really concerned with someone who skipped paying 25$ worth of taxes on a vehicle? FFS, you sure are one petty SOB.
Billy, the story is as legitimate as it reads. I bought the car from the 2nd owner who bought it in December of 1985. In 1997 (after he wrecked it), he or his family put the car in the garage. It did not see sunlight till I bought it a little over a month ago. It had not been given a bath from 1997 till March 13th, 2018. There are several unknowns, but it is what it is. This wasn’t their only Ferrari, BTW.
In my state, no matter what you pay for a used/collector car, you pay taxes on current market value. So if you present a bill of sale to DMV stating you paid $100 for a car with a book value of $10,000, you’re going to pay the tax on $10,000.
As to the fears expressed here about dealing with large sums of cash with strangers, that’s what a concealed carry permit is for. Caveat emptor.
@ Fordguy1972
Where I live you need to pay sales tax at the DMV if you buy a car, to. What I am talking about is paying taxes when you sell a car. We all know that cash sales mean a lot of unreported income to the IRS. Plus, as I said, it is also a way for criminals who have a lot of green backs to buy cool stuff that is harder to trace. (of course, not the case here as Adam has clearly said, thanks Adam) If I were a criminal, I would live ever so quietly as to not draw attention, but your average criminal is a social butterfly, wants to show off all that fancy plumage like a peacock. Guess thats okay, it helps to catch them, but like I said, I would live far more modestly to maintain my freedom and ability to not have to hear my alarm clock ring every morning. (My form of the American Dream)
Who cares where it came from when it comes to cash?
Billy 007, you’re spot on . I couldn’t have said it better .
Surely you yourself have paid something with Cash to get the best possible deal, coz as an example my first car was old & the guy selling it was asking £500 & I ended up paying £350! So does this sound like an underhand or shady transaction? If so I’m happy that you won’t be buying what I’m interested in as Cash Is King in my wee area!
Higgins is not going to be happy with Magnum for bringing the car back in this shape!
Just spit on a cloth and polish it out. That was Magnum’s trick!!
“Oh, MY GAWD, MAGNUM!!” – Jonathan Quayle Higgins (John Hillerman, R.I.P.)
Dude! I like so totally forgot where my (dad’s) Ferrari is. This so bogus. I parked it at the Toga party, got way wasted, and like forgot, or something.
To the chinless rich go the spoils lol
~ Remember these words, ‘If you can’t afford a good Ferrari, you really can’t afford a bad one.’
I was Never a sports car fan Ferrari or any other however I am big fan of lots of vintage film and Tv from 60s 70’s & 80s of course the Magnum P. I. show I have complete dvd collection see it regularly love it!
BHCC, makes me sick, the place is full of human roaches. Anyone who sells/buys a car from there is gonna get screwed and doesn’t know crap about cars. Sad this car ended up there.
I have never dealt with BHCC so I have no basis for a direct experience opinion. In their defense they do post a LOT of pictures and show everything that might be an issue. Their prices seem a bit high but if you don’t like it you’re not being forced to buy it.
This car obviously needs a lot of work but I’m sure it could be restored. For a price.
For a big price. Nice find.
WOW. I remember it now. Traded for 2 Kegs of Beer.
What a Party. I Think?
Is $37,500 “a bit” high for such a specimen? I don’t know much about the 308 QV, but it seems one could grab a far superior example for low-mid 40’s?
Or perhaps I’m living in the past….
We have the Internet now so I took a peek around. I think you are on to something. One that looks a lot better than this one and has comparable mileage is worth around 50K. According what I saw, that is considered “average” pricing in this market.
That’s my old car! The fraternity house was just where it was stored. The owner of the car owned the house and rented to a fraternity. It sat since 1997, and nobody knew it was there. Extremely well sealed up from the inside. The inside really was a mess, and I am proud of how it turned out. The exterior was really tough to see in the condition, but looked a ton better once the buffer had a little time with it. I can now say I owned a Ferrari!
I believe Magnum’s ride was a 308 GTS. Minor point because the only way I’d be seen driving one is that I’ve recently won the lottery. I’d take either one.
If you won the lotto, would you really want to draw attention to yourself? Might make you a big target for bad people. If won the lotto, I would stay on the down low, just quietly quit my job and spend the rest of my life sitting on the porch in a rocker with a cup of Joe and a good book. Maybe even take my Miata out once in a while, but certainly no red Ferrari. Ostentatious displays of wealth bring out the worst in some people. That cars says,” If he can afford that, he can afford the ransom.” Just saying.
Not everybody that drives a fancy car has won the lottery. They’re selling these cars to somebody and I don’t hear of the owners being kidnapped on a regular basis. I’ll take my chances because I’ve been sitting on my porch for 7 years. Believe me, it gets old. After you’ve done it for a while you’ll agree.
Billy: This is a red 308. No worries about ostentatious display, here. It’s simply an old collector car, often poo-pooed by many.
I get your point, though.
@ jw454
Your right, they are selling these cars to someone, namely the American taxpayers (indirectly for a few peoples benefit) The lions share of new Ferarris sold are bought by corporations as “company cars” for executives and as a “business” expense. One of the horrible flaws in the American tax code. This is blatant corruption, but the people with money and power keep it going. Used cars, I am not sure of that, but I am willing to bet there is a tax loop hole to squeeze them into as well.
Billy 007! WOW a lot of ranting and raving. Why do you look at BarnFinds if it bothers you so much. Have a little more sprinkles on your cupcakes next time!!!
Here’s one of the cars from Magnum. Look closely. Does it really look like a Ferrari 308? Or even a Ferrari? This is a stunt double you saw in a lot of the driving scenes. The eight real 308s were sold off at the end of each season. For more info check out Ferrarichat. They were used mostly for non-driving shots.
https://www.ferrarichat.com/forum/threads/magnum-pi-308-at-universal-studio.561385/
Looks like a 308 GTSi quattrovalvole. Those require alot of work iirc. Only real tifosi need apply.
duuuuude — have you seen my car?
Where’s your car,dude?
I Like Magnum PI but Not any Ferrari or other sports cars !!
Looks like the lads chewed on this one .
Magnum must of trashed it and hid it in the frat house on vacation 😳
Put D-Day and Bluto on it, better buy lots if Jack and beer
And what is it with Beverly Hills Car club that they have staked their claim and reputation on only buying the worst junk and then trying to sell it to some hapless dreamer? Their warehouse must be full of this stuff. I can read the wording of the ad now- “great candidate for complete restoration. Comes equipped with a 5 speed transmission!”
My oh my… this reminds me of when I sold my ’62 Ferrari and a ’56 AC Ace..the BS I put up with on the phone.. Aaargh, I always said CASH.. no problem then.. Cash talks and BS walks..
It’s money talks, BS walks, but cash screams.
Cash is what car sales use. These days a bank check, if you watch the transaction being done, works too. Cash has been the ticket in my 50 plus years of buying and selling vehicles.
I want to know who put a quarter in Billy
I’m a class act, you’ll need several Susie B Anthonys.
Don’t worry, Flounder, D-Day will fix it!
Probably used by the Tri-Delts to zoom the dumb frat bunnies. “You wanna check out my Ferrari?”. Then, wham, bam, thank you Buffy!”.
Does the car have a title, and, if so, how did the seller obtain one? Not easy in CA unless you can get the whole chain, is the landlord still around to sign?
Yes, I had the original title issued in Dec 1985, it was signed by the owner to me when I purchased the car. The title was then signed and given to BHCC.
Based on the number of scam attempts, phony bank drafts and now the scammers are using paypal as you can reverse a payment easily for little reason, I think I will stick with Cash, thank you very much!
In God We Trust! All others pay CASH!,
..
If you are frightened of the world in general, Perpetual fear of being robbed or just a victim at heart then get some security or help when doing transactions with large sums and by all means find someone with situational awareness to help screen people first. When in doubt, I will suggest we conclude a transaction in the parking lot of my local friendly law enforcement facility or meet a sketchy buyer there.
In some cases ( Did it for a large vehicle collection) We met at a Bank and we did the wire transfer for the large sums and I had assurance from the branch manager the funds were secured and legit.
Be forewarned it USED to be bank transactions of $10,000 would get flagged for scrutiny but I have it on good authority its less than that now, And Gummint also looks at traffic and profiles of activity.
I have brokered deals for folks overseas and you have to be careful when handling large sums, otherwise the nice people at the IRS may ask for an explanation. Not a deal breaker but I cover my butt so its clear its not my personal funds.
I have a friend who visits from Europe often, and he brings CASH,, USD$$. When travelling you HAVE to declare large sums or risk losing it.
Last trip Stephen was questioned at length. (Around $20k) and he simply told the truth,,I am attending some vintage vehicle events, Plan to purchase some vehicles & parts and do I look like someone you will take a Check/Cheque from??
Agents pondered this and let him go and “Enjoy your visit!”
The owner just forgot about it come on on one forgets about a Ferrari. I CALL BULLS**T.
michael streuly nobody said the owner forgot about the car, The story is there in black and white as well as the ferrari forum where you can get the facts,
.
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It just annoys the hell out of me to see random comments with no basis in reality because reading comprehension is HARD apparently, and then the temerity to call BULLS**T when they have not the foggiest idea what they are talking about, THAT i itself is what I call BULLS**T…
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Why not see things the way they are? Cool car,Cool find, And the buyer got a deal, and made a practical decision to resell it and we got to go along for the ride. Personally I would not have sold it, but sounds like with Adams relationship with the NCM he has access to other cool rides and big boys toys.
Thanks sluggo! No BS here, as legit as it sounds.
May I ask ? , what’s an improper timing belt job ?
Wow, this discussion degenerated into personal attacks and politics rather quickly. What’s up with that?
When people alienate and judge others based solely on conjecture, it is important for people to speak out about it if they take issue. I apologize for my part, but I’ll be damned if I play witness to jackhattery like this without at least putting in the proverbial two cents.
Otter: I’ll swear, you were doing a great job taking care of his car. BUT…you parked it out back last night, and this morning, it was gone…D-day takes care of the wreck…we report it to the police…And your brother’s insurance company buys him a new car!
Flounder: will that work?
Otter: it’s gotta work better than the truth!
Isn’t political commentary prohibited on this site? Who in this context needs or wants to know that you blame Barack Obama for your warped perception that someone wants to throw a rock at you as you drive by. What a completely asinine idea.
rocksteady: I didn’t read anything about B.O. But man did you spin a wheel there,
Interesting conversation guys, the only addition I have is concerning the dreaded “CASH” sale! In all my vehicle dealings I pay cash and I expect to be paid cash when I sell a truck, I have said it before here I collect and restore Military trucks, I have never sold one for anything but cash! Likewise I bought a truck a couple weeks ago and I paid cash, the amount of the transaction is on the title and everybody is on their own, I pay taxes but if the other party does or doesnt that is not my concern, and frankly none of my business! Just because CASH was used to pay for something means nothing bad happened!
All this talk about taking cash. In today’s age of internet scammers you can’t take anything but cash unless you are dealing with a reputable business or someone you know. Cashiers checks take days and sometimes weeks to clear, PayPal if the buyer uses his credit card can dispute the transaction after taking possession and cut off the funds. Wire transfers can be intercepted.
We have sold 12 cars from the collection of the family I work for and have been hit from every angle by these blood sucking scammers. Fortunately I learned early on how these people work and haven’t been scammed.
They seem to get braver all the time and I feel for the people who get taken for there car or money.
Cash is king if I don’t know you.
As far as the Ferarri, nice find. I get all warm and cozy inside when I here stories like this. Naa, but it’s a good story anyway.
As a recently retired real estate lawyer, if we were escrow agents and getting funds from a human, as opposed to a legitimate lending institution (except during the l990 market collapse when banks were going under when we treated them like humans) we demand a wire, at least 48 hours before closing, since wires can be recalled under certain circumstances, or intercepted, or if a “bank check”, (no longer do banks, generally issue what used to be called a “bank check” whereby funds were cleared at the bank instantly out of the payer’s account) we wanted it 10 days before closing, and then checked with buyer’s bank (and sometimes needed buyer on the phone with us) to be sure it had cleared. Buying a used car, no one is going to be that particular, so CASH is king.
Buying a car is not a 10 day or a 30 day process.
I don’t understand this anti-cash sentiment floating around these days.
I also don’t understand the idea that if you use cash you are some sort of criminal because of that.
If you are worried about funny money get one of those marking pens that are made for verification, or get a magnet. The mighty dollar has iron in the ink and will stick to a magnet if it’s real.
Adam, I enjoyed reading this. I did not know about it until talking with Bill and you at the NCM. Congrats on the find and the sale!
Relax, all right? My old man is a television repairman, he’s got this ultimate set of tools. I can fix it.
I have sold three collector cars this year. Two of the three were cash transactions. They were reputable gentlemen, one sent an appraiser ahead to verify the value. We counted out the Franklins, twice. I gave receipts for the full amounts and I went to the local bank and deposited the greenbacks into an account. As a semi retired multiple business owner, cash has always been king to me.
And yes, I always show up to buy with cash, because cash talks, and tire kickers go to banks and get denied for a loan.
Something is weird about the backstory. Does not seem likely that frat kids would just abandon a car like this. Personally, I would be scared to death about repair, maintenance and parts costs. I have owned foreign “exotic” cars before and got tired of being drained financially. I have owned a 2000 firebird ws6 formula for 19 years (first and only new car I have ever owned, back then $30k for a new 320 hp car sounded pretty reasonable. The pisser was that in the next year it was I believe Pontiac put a 350 or 400 hp motor in the Bonneville or some other 4 door family oriented car. embarrassing to get owned by a car that has a baby seat in it. oh well. other than a few predictable and common minor defects for the car, it has been reliable and relatively cost effective to own and use as an every day runner. 165,000 miles with nothing major so far, cannot complain about that. I do not believe the Ferrari would be as economical to maintain or repair.
I bought a 2011 prius for my disabled son that I paid over $10,000 in cash for by selling a bunch of silver at a huge loss. I made the mistake of selling the silver all in one day. Coin shop was required to report the transaction to the irs as anything received by the seller in cash over $10,000 in Bought the car from a dealer and paid all dmv fees, costs, whatever. Weeks later, I got a bill from the IRS for $3,000, I assume their rational was that the money I paid the car with was based on some kind of capital gains cash. The IRS did not ask for any details whatsoever, it was strickly just a demand for money. Once I proved where the money came from and the loss the IRS dropped the matter.
It’s funny the misconception most have about wealth.
As a kid who grew up in a business family I can tell you people will do strange things when they have unlimited resources. My best friends dad owned a jewelry store chain in highschool, my parents a real estate venture. We took our driving test the same day, he got a brand new Lexus that he drove one summer, the car was then parked because of his grades. It was in the same spot when we both finished college! He Just went to ucla and bought a Porsche. No biggie. The poor Lexus sat next to there barn, which shortly became a wooded area after 7 years..
Most think, “oh, I’d never do that”.
If you had reoccurring wealth as its called your descions ARNT so long term. It’s about convenience of everything. The world shortly becomes not enough. Look at life examples..
Jerry Seinfeld bought Billy Joels seaside mansion, Billy’s dream home.. Good Ol Jerry had it bulldozed before he spent one night in it. That’s millions gone.. But who cares in terms of it.
Im sure many of u throw away things you’ve seen someone else digging out the trash. If u had a guaranteed let’s say 300k a month for the rest of your life, somehow I’d doubt you would stay on a porch, or be seen in a miata. You would move like the Beverly hillbillies and fit to a new lifestyle.
Just the way of things. There not irresponsible, but after all. It’s only money dude.
And BTW.. Many people keep large sums of cash and make large cash purchases. Cash deals ARNT just for criminals. Next time u buy the wife an SUV, ask dealer if he can give u a discount if u pay cash. See how much money u save!…
Being a car guy you always talk about regrets, i have regretted selling this car for a couple of years until yesterday. I received an email from the person who purchased the car, and has been meticulously been restoring the car since he acquired it. Wow! It is looking amazing!