This is what happens when you run a $2 billion payday loan scam.
Exactly one year ago we reported about the story of Scott Tucker, a self-made billionaire and successful amateur racing driver who was sentenced to 16 years and 8 months in prison for running a fraudulent online payday lending business. And now his assets are being auctioned off by the IRS-Criminal Investigation unit and the CWS Marketing Group, an auctions and asset management firm. Four of Tucker's seized exotic cars are set to cross the auction block on February 5 in Austin, Texas at the Circuit of The Americas. The aim is to recover as much as possible of the $2 billion in the case against Tucker. Despite his criminal activities, Tucker did have good taste in cars.
Next month's auction will include 1 of just 80 examples of the 2011 Ferrari 599 SA Aperta and a track-only 2011 Ferrari 599XX. Two ultra-exclusive Porsches are also up for grabs, a 2011 Porsche 911 GT2 RS and a 2005 Porsche Carrera GT.
The 599 SA Aperta will be particularly attractive to collectors because it has only 229 miles on it. And yes, it'll likely sell for a lot more than the Ferrari 812 Superfast, the Italian marque's current front-engined V12 dream machine. Back in 2017, one 599 SA Aperta sold for $1.7 million at auction. And speaking of millions of dollars, don't feel sorry Tucker. Not even for a moment.
Tucker's business purposely preyed on people whose credit was so poor they were unable to obtain loans from banks. Some customers were charged interest rates between 400 and 700 percent.
His payday lending business was one of the first to operate online, making it extremely accessible to those in desperate need of cash. Customers were also deceived when the interest was automatically deducted from the balance of the loans. Auctioning off these cars definitely won't retrieve the entire $20 million but it'll be a good start.