Written by :
Published on :
FALLEN information technology tycoon Daniel Tzvetkoff's V8 Supercar is covered in SuperGP stickers ready for the Gold Coast's premier four-day racing carnival in October.
But that is just another broken dream.
Instead of being stored in a luxury garage, it is sitting in an auction shed waiting to be sold at a bargain price.
Tzvetkoff's entire multi-million-dollar IntaRacing empire, including the V8 Supercar, two prime movers, three huge transporter trailers and all the car parts and tools, arrived at Lloyds Auctions at Carrara on Tuesday.
Forget the repossessed $200,000 sleek black Maserati that drew widespread attention at the auction house last month; this latest Lloyds coup is the ultimate in the dramatic fall of the rich boys.
The administrator, Vincent's Accountants, has seized all the equipment, tools and parts required to put a race team on the track today -- except one vital component -- the engine.
Lloyds director Bill Freeman said the engine -- said to be worth about $100,000 from the $500,000 race car -- could not be found.
Mr Freeman, a confessed motorsport fan, said the administrators called him on Tuesday, asking him to clear everything out of IntaRacing's headquarters at Southport.
Having a V8 Supercar on his auction floor was by the far the coolest of the repossessed goods he has received, he said.
"I would say I was more elated than surprised," he said. "every car in the series should be bought and scrapped. the whole concept of racing large, environmentally hostile cars is going to go the way of the Tassie Tiger. the sooner the better."
"Forget the Maserati -- this is the ultimate of the rich boys' toys that have gone."
He now has the task of valuing the rare goods that he planned to auction in the next few weeks, ideally as a package to an existing racing team or a newcomer.
However, it may be hard to get a good return given the tight economic climate and the news that V8 Supercars have not put Mr Tzvetkoff's licence back on the market.
The team, owned by debt-laden Mr Tzvetkoff and partner Sam Sciacca, surrendered its $1.5 million licence to V8 Supercars this month, leaving Gold Coast driver Marcus Marshall without a drive at the upcoming SuperGP.
---
Source: Gold Coast News
