Chris Marco’s muscle cars tipped to bring in millions at auction

Chris Marco’s investment scheme went sour but his eye for Australian motoring history can’t be faulted as his collection hits the block.

The pristine 1971 Ford XY Falcon GT-HO is the star turn of the auction and could fetch $1m.

A collection of Australia’s finest muscle cars – assembled by the operator of a failed Perth investment scheme said to owe $240m to creditors – will hit the auction block this month, with a single 1971 Ford tipped to give the $1m mark a nudge.

Eight cars from the collection of Chris Marco, whose unregistered managed investment scheme was shut down by the corporate regulator owing “at least” $240m to 132 investors according to court documents, will be auctioned online starting on Australia Day.

Slattery Auctions asset manager Steve Waterman said car aficionados who had viewed the vehicles so far had commented that they were “among the best in Australia” and online interest was “going crazy”.

“Some of the cars being presented are just unbelievable,’’ he said.

The condition of the cars was exceptional, Mr Waterman said, citing a 2017 HSV Maloo ute with just 20km on the odometer and the factory wrapping still on the seats.

“It hasn’t even gone through dealer delivery,’’ he said. “It’s still as it came from the production line.’’

And a red 2017 HSV GTSR W1 – which Mr Waterman said was number 206 of a run of just 247 of “the most powerful Holden Commodore ever produced’’, was a genuine collectors’ item, he said.

“People are talking crazy money on that at the moment,’’ he said. “Lloyds have got a W1 ute up for auction for $700,000-$800,000 at the moment. This one has 50km on the clock.

“It’s the best of the best scenario. The very last, most powerful car that they ever produced and only in limited numbers.

“This is basically as it rolled off the showroom floor.’’

A 2017 HSV GTSR W1 is one of just 247 built and has 50km on the clock.

Mr Waterman said the two HSVs “have to be the best examples of those in Australia, because they’re basically brand new’’.

But perhaps the real gem of the collection is a pristine 1971 Ford XY Falcon GT-HO with under 20,000km on the clock.

“There is talk that this one could crack a million,’’ Mr Waterman said.

“The guys from the Ford museum here in Perth have had a look at it and it’s their opinion that it’s probably one of the best in Australia.

“An unbelievable recondition job was done on it a number of years ago. It has never been driven in recent years and it’s still like a brand-new car.

“It’s better than when it rolled off the production line.’’

Mr Waterman said all eight cars in the collection weren’t just great models, but were rare examples of each.

“The Valiant Charger is the Bathurst edition of that Charger,’’ he said.

A 1971 Holden HQ Monaro – the only car that has not been extensively reconditioned – is also generating a lot of interest, Mr Waterman said.

The online auction for the collection of eight cars begins on Australia Day.

The Australian Securities and Investments Commission announced early last month that it had “succeed(ed) in application to wind up Chris Marco’s unregistered managed investment scheme’’ and said he had been “permanently restrained from carrying on a financial services business without an Australian Financial Services (AFS) licence’’.

A Federal Court judgment says the evidence suggests that creditors, ranging from so-called “mum and dad” investors up to more sophisticated types, are allegedly owed “at least” $240m, but perhaps as much as $380m.

Marco told The Australian in December that it was ASIC’s intervention itself which derailed an investment process that he had been running successfully for nearing 20 years, and legal action, including two potential class actions, was in the offing.

ASIC’s investigations into Marco and his company AMS Holdings (WA) are ongoing.

The Australian is not suggesting the allegations are true, only that ASIC has made them.

Marco told The Australian his scheme involved a very sophisticated investment process, based on arbitrage trading in instruments such as bonds.

He said last month that the only finding that had been made against him was that he didn’t have an Australian Financial Services Licence, and he scoffed at the idea that he was running a Ponzi scheme – the name given to schemes where existing investors are paid supposed returns with funds supplied by new investors.

Marco said the figures in the Federal Court judgment were “not even close to being true’’.

“There’s no funds outstanding at all,’’ he said.

The value of Marco’s assets, including these and other cars, and real estate, is estimated at more than $20m, with liquidators now selling assets to recoup money for creditors.

The auction will end on February 15.