You ever watch one of the big auctions on TV and just think of all the stuff you’d buy if you had the money? Well, that’s apparently what Jeff and Paulette Carpoff did. Only it turns out that maybe it wasn’t their money to spend. The Carpoffs are accused of running a Ponzi scheme with their company DC Solar, to the tune of over 800 million dollars. Their home and office were raided by the FBI last December, which lead to DC Solar filing for bankruptcy in February. The closure of Chip Ganassi Racing’s Xfinity Series effort was only one of the pieces of collateral damage.
By all appearances the Carpoffs were spending money like a real-life Brewster’s Millions. In addition to the NASCAR Xfinity sponsorship, the Carpoffs also owned the Martinez Clippers baseball team. The list of outstanding debts in the bankruptcy filing is impressive to say the least. Among the biggest amount owed, according to the Martinez Gazette:
The documents listing creditors show Chip Ganassi Racing, of Concord, N.C., is owed $4,310,000. International Speedway Corp., Daytona Beach, Fla., which owns many of the NASCAR-affiliated tracks, is owed $1,025,000.
Richmond International Raceway, Richmond, Va., Kansas Speedway, Phoenix Motor Speedway in Avondale, Ariz., and Americrown Daytona Speedway, Daytona Beach, each are owed $750,000.
Exide, of Atlanta Ga., is owed $2,031,653.68, and US Tower Corp. is owed $2,059,979.11.
And then there are the cars, which were seized by the government and headed to auction on October 26th. There are 149 in total. Several were previously sold at Barrett-Jackson’s Scottsdale auction, and many were sold the same year, which makes us wonder if the Carpoffs went to Arizona every year on a car shopping spree most of us could only dream of. Among the highlights are a Smokey and the Bandit-style Pontiac Trans Am once owned by Burt Reynolds, one Dodge Daytona Superbird and three Plymouth Superbirds, a Dodge Demon, 12 Chevy Camaros, and even six classic Fiats.
It’s clear that the Carpoffs knew a thing or two about classic cars. It’s also clear that the early bidders in the seizure auction know what they’re looking at as well, with several already near market values in early bidding. If you want to find your own deal, or just check out the impressive selection, check out the auction catalog at Apple Auctioneering Company’s website.