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The Car Collector and The Desire for an Antique Vehicle  

https://zalma.com/blog

Albert Reiche had a passion for old cars. Since the trust fund set up by  his maternal grandparents provided him income of $3,000,000 a year,  Albert never took a job.  He began to collect cars when he turned twenty-one in 1960. He started  with a 1924 Model A Ford. As the years passed, he purchased and restored  for his collection an Auburn, two Duesenberg J\\u2019s, a 1928 Cadillac  touring car, a 1918 Dailmer, a Willy\\u2019s J, a 1934 Packard limousine, a  1924 Bentley, and many other classic automobiles. He kept his cars in a  climate-controlled warehouse.  

By the time Albert turned fifty, he was the proud owner of seventy-five  classic automobiles. Albert had restored all of the automobiles to a  pristine, new car showroom, condition. To Albert they were priceless.  Albert would never consider selling. Estimates by car buffs had valued  his collection at $90,000,000 to $125,000,000. He insured the collection  with a gaggle of British insurance companies with a limit of  $80,000,000.  Everyday Albert would spend time with his cars. He dusted, waxed and  caressed each car. He manufactured, in his own machine shop, the parts  he could not buy for his cars to keep them in new-car condition.  Two months later Albert faced incurable temptation and frustration. One  of his sources informed him that the third Dailmer motor car ever  manufactured was for sale for $6,000,000. It would be the cap stone of  his collection. 

Old man Harrah would roll over in his grave to know that  Albert had an automobile that put in shadow all of Harrah\\u2019s collection.  Albert did not have $6,000,000 in ready cash. His trust fund was set up  so that he could not tap into the capital, but only accept the income  derived from that capital. He only had a million dollars in ready cash  and needed to raise another five. The seller would never reduce his  demand since he knew the Dailmer was unique. Albert could not bring  himself to sell any of his collection. He was desperate. Then he  remembered that his trustee had required him to purchase insurance to  protect his collection.