FINALLY got it -
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Vehicle Description
Acquired from an investment-grade collection of 1960s cars purchased together, I am offering for sale the very first Lamborghini 400GT 2+2: Serial Number 0403, Engine Number 0331. This is the first 400 GT 2+2 of 247 produced. Want proof?: Check the Lamborghini Registry at **** http://www.lamborghiniregistry.com/400GT2+...+2Registry.html **** . Look under ?0403? and read the words: ?Ext. color: Dark Grey, Description: Prod. #1, Originally Grigio Saint-Vincent, Originally to Italy. At one time Red with a Tan Leather Interior. Last seen at Pebble Beach concours USA. The first 400GT 2+2.? Pedigree: This car is sold with a Letter of Authenticity from Lamborghini stating that it is the first 400 GT 2+2 built. In the 1980s and 1990s it was painted red. Thanks to meticulous restoration by Ultimate Motorworks of Orlando Florida, it has been returned to the original dark silver metallic with Palomino interior. History: 0403 spent most of its life as a fine driver in California, then was purchased by an East Coast enthusiast in 1993. A few years later, sold to a major collector in Pennsylvania, who realized its historical value and delivered it to Ultimate Motorworks of Orlando Florida. There, it received a rotisserie/frame-off, nut and bolt restoration. More than $250,000 was spent bringing it back to concours condition, taking over 3 years to complete. All work was documented with photographs filling 11 photo albums. Any concerns about the metal or other fittings resulted in fabrication of new parts from scratch by master craftsmen operating under ?cost-no-object? instructions that only a true aficionado would authorize. Everything worn or in need of repair was replaced. The entire drivetrain from engine and clutch, to transmission and rear have been rebuilt to factory specification. Do not look for polished frame rails or Teflon coated parts; as this car looks like it did in 1966 underneath, totally as it was produced in 1966. Upon completion, the car was displayed at Pebble Beach. At Amelia Island- it took first in class, and has also won a number of other concours events. Condition: The car looks exactly the same as first revealed to the public in March 1966 in Geneva, where it was featured alongside the first Miura. Paint Finish: Perfect, not a single blemish. Interior: As good as the paint. Chrome: Stunning. The highest quality finish, straight where it should be, curved where it should be. The car has been driven less than 100 miles since restoration. Storage/Care: Always stored in a climate controlled environment, part of a multi-million dollar collection. Historical Significance: What makes this car perhaps the most significant of all Lamborghinis? It was the first of the improved 350/ 400 series cars. It has a smooth running powerful 12 cylinder engine; increased headroom to an overall height of 50.6 inches, allowing drivers 5'7'' and taller to fit in comfortably, without the headroom or cramped leg issues of prior cars; Trunk capacity increased; single fuel tank 23 gallons, instead of two 10.5 tanks; steel body created a more rigid structure than aluminum of prior cars, making the 400 GT 2+2 quieter; most significant: the first Lamborghini proprietary 5-speed transmission that replaced the troublesome ZF unit of earlier models. Yes, the 350 GT was a spectacular car in its own right, a great collectible. The 400 GT 2+2 though was more civilized, in keeping with its designation as a Superleggera. Value today, value tomorrow: Four years ago a Condition 2 regular production 400 GT 2+2 (No. 0520) was sold for $75,600. That sale was reviewed by Sports Car Market (SCM, May 2002). Then, SCM valued these cars at a top figure of $60,000, though as you see, collectors paid substantially more, which tells you something. Read the story at **** http://www.sportscarmarket.com/profiles/20...rini/index.html **** Remember, back in 2002, values of 1960s collectible cars were only a fraction of what they are today. SCM reviewed an unremarkable ?average? car, a true Condition 2. Why was the pri ce paid then higher than SCM expected? In my view, the reason is scarcity. Surely SCM can determine an upper range based upon historical data and trends, but reality overides that when discussing hard to find vehicle like the 400 GT 2+2. Thus, SCM?s upper limit becomes a guide, not a ceiling on value. When you Google ?Lamborghini 400 GT 2+2 for sale? the results reveal only two (2) for sale right now, other than mine. See them at **** http://www.carclassic.com/model.asp?Marque...el=400+GT+2%2B2 **** I will discuss each and contrast to 0403. The first car (DU 38), is not an original motor example, for sale in Europe for $141,623.00 (or 115,000 EURO), described in ?good condition?, with ?some cosmetic work to do it justice.? While the original engine is available it admittedly needs a complete rebuild, which is a substantial undertaking, assuming parts can be located. The second car (DT 58) for sale in Paris, France, at $153,938.00, (125,000 EURO) is nicer. The listing says: ?A similar car has recently been sold by Bonhams for 160,000 Euros and the condition was definitely far from being as nice as this one.? Assuming it is in Condition 1 however, it still is not the first produced car. Replacement: While parts are often advertised and the occasional ?runner? pops up for sale, the above listings I?ve included are the ONLY two cars that Google can find for sale. Of those, the second could be considered Condition 1 if the listing is correct, though I consider it doubtful that it comes to my car, given the attention to detail Ultimate Motorworks devoted to the restoration. What does this all mean? Ask yourself why so few are for sale. Why is even a Condition 2 offered at $141,000 and a stated Condition 1 not historically significant example, listed for $153,000? The reason is clear: these cars are a pleasure to look at and an even bigger pleasure to drive. Their values are appreciating as enthusiasts and collectors discover what a value they are compared to other hyper-valued vehicles today. Remember too that the other cars are in Europe! Pricing: In pricing this car, I considered the historic significance primary and the restoration a close second. I considered the show history from Pebble Beach and Amelia Island win, and the limited production. I compared my car to the 350 GTs which have higher prices due to their aluminum construction and 2 seat configuration, yet they don?t feature improvements of the 400 GT 2+2. Then I asked myself where my car, ?0403? fits in. To me, this car is at least as valuable as any 350 GT in Condition 1, and probably worth more. Comparable cars of its day: Aston Martin DB6 (140 produced, SCM July 2004 reviewed the sale of a Volante which sold for $192,088 at Christie?s) see: **** http://www.sportscarmarket.com/profiles/20...lish/index.html **** Ferrari Lusso (350 produced. SCM, September 2005 reviewed the sale of a Rob Walker-owned Lusso, which brought $362,219, see: **** http://www.sportscarmarket.com/profiles/20...rari/index.html **** Where will this car sell for in the future? It is uncertain, but in my opinion $400,000 or more within 3 years given current market trends is not an unreasonable figure. In a current market where a POS or Hemi Cuda ?examples? bring $300,000 and ?historically important/significant? vehicles always smash records, the first 400 GT 2+2 certainly commands a premium. Perhaps you eBay buyers will agree. Cost to duplicate: Of course there is only one ?first? production car, and this is it, but assuming that were not the issue, what would it cost to do another 400 GT 2+2 to concours level standards? First, you must find a car, easier said than done. Second, the car selected would be either complete and ready for restoration, or incomplete and subject to a much higher budget for finding difficult to locate parts. Expect to pay $70-90,000 for a Condition 3 car, $30-40,000 for parts and $80-100,000 for the labor and unexpected needs for a restoration that falls short of rotisserie/frame-off standards. If you find a shop that has the expertise, time and willingness to take on the project and if you have three years to do the job right and source parts, you might enjoy your car in mid-2009. When finished, you have a beautiful put-together car, but one that still will never be the first production 400 GT 2+2. You cannot manufacture provenance. And so, now is your opportunity to own the car everyone else will always want, but only one person can own. Number 1, Lamborghini 400 GT 2+2, 0403. Please feel free to e-mail questions to eBay or privately at
[email protected] or call 215 817 0713. Please do not ask reserve as it will not be revealed, except through bidding. Bidders with any negative feedback will not be accepted. The auction will not be ended early. ****NOTE:I have 130 hi-resolution pictures taken last week which are available for viewing at *** http://community.webshots.com/album/548894867gAQqmb/1 *** Good luck and good bidding!
