Level 5’s Assets Liquidated at Auction; GTD Ferrari Nets $462,000

Photo: Auctions America

Photo: Auctions America

The remaining assets of Level 5 Motorsports were sold last weekend, with its Daytona class-winning Ferrari netting nearly a half-a-million dollars in the large-scale auction.

More than 350 items from the former IMSA championship-winning team, including a dozen race cars, went up to the block in Auction America’s three-day event in Auburn Spring, Ind., in a court-appointed sale following the multiple federal charges levied on team owner Scott Tucker.

Level 5’s Ferrari 458 Italia GT3, which claimed GT Daytona class honors in the 2014 Rolex 24 at Daytona, sold for $462,000, with the sister No. 556 car getting $236,500.

The team’s fleet of prototypes were also sold without reserve, with its Lola B12/80 Judd LMP2 car, which was leased to Dempsey Racing in 2012, netting nearly $130,000, and its HPD ARX-03b cars selling for $110,000 and 88,000, respectively.

Surprisingly, its Le Mans LMP2 podium-finishing Lola B11/83 Honda, without engine, sold for only $82,500, and spare HPD ARX-01 tubs, originally run by the factory Acura teams in the ALMS from 2007-09, were auctioned for less than $8,000 each.

The cars and chassis were part of a massive collection of equipment, spares and other items from the Madison, Wis.-based team, which filled a 20,000 square-foot warehouse.

A full listing of the items from the May 11-13 auction, which included the sale of numerous collector cars from private owners, can be found here.

“With strong attendance from start to finish and exceptionally great weather, this was without a doubt one of our best Auburn Spring events to date,” said Gord Duff, Global Head of Auctions, Auctions America.

“The success of the former Level 5 Motorsports Collection is the perfect case study for the power of ‘no reserve’, and represented a niche segment of the market that brought a whole new crowd to the Classic Car Capital of America.”

Level 5 ceased operations in 2014 following multiple Federal charges against Tucker in a payday lending scheme.

Tucker, who was indicted by the U.S. Attorney for the Southern District of New York on fraud and racketeering charges, owes more than $1.2 billion to the Federal Trade Commission for allegedly deceiving customers in lending terms.

A trial, which was set to begin last month in Manhattan, has since been delayed until Sept. 11. Tucker, along with lawyer Timothy Muir, pled not guilty to the charges.

One Comment

  1. Dun blowed up

    May 21, 2017 at 9:28 am

    Betting Tucker never serves a day in prison. Most folks would already be locked up with no chance of ever getting out.

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