Billionaire’s Disappointment: Vintage Porsche Purchase Goes Awry

"Blinded by the seller’s reputation, billionaire insurance magnate Andreas Pohl received the most bitter experience of his car collecting life when he neglected to carefully read the contract."

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The event centers around a Porsche 911 Carrera RS 2.7 Touring Coupe that Pohl purchased from Coys of Kensington in October 2018. Putting his trust in Coys’ reputation as one of the most esteemed vintage car dealers in the UK, Pohl transferred $525,000 to Coys and signed a confirmation stating that he had assessed the condition of the car, even though he hadn’t seen the Porsche in person or sent someone to inspect it before making the payment.

It wasn’t until Pohl received the car in Germany that he was shocked to discover that it was not from the F series as he had expected, but from the G series, which was produced much later. Furthermore, he found out that many parts of the car had been replaced with non-genuine components.

In his subsequent lawsuit, Pohl claimed that he couldn’t even register the car due to safety concerns resulting from the modifications made to it beforehand. Fuel leaks, worn-out brakes, and axles were among the issues. Coys did not strictly adhere to the agreed “original condition of the car.”

To protect their longstanding reputation, Coys was prepared to countersue Pohl. They claimed that they had clearly communicated the overall condition of the car in the documents provided to Pohl, which he had signed off on. The modifications made by the previous collector prior to selling the car to Coys (and subsequently to Pohl) were also documented.

Pohl’s act of accepting the car and confirming its condition without a proper inspection was a grave mistake and will likely result in him losing the lawsuit. Paying over $500,000 for a car that didn’t meet his expectations or, more accurately, was completely different from the model he anticipated is a valuable lesson…

Reference: AutoEvolution

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