Jan 3, 2009 8:07 am US/Eastern
All Eyes On The Auction Of The King's Gold Caddy
The 1968 Cadillac Was Purchased By The Biggest Rock N' Roll Legend For $8,836.83
BOCA RATON (CBS4) ―
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Elvis's 68 Cadillac Eldorado is up for auction in Boca Raton, along with one of his shirts and some strands of hair.
CBS
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Elvis Presley performs on "The Ed Sullivan Show", Sept. 9, 1956.
AP
If you've lost your shirt in the stock market and your house value has gone through the cellar you might want to consider an investment fit for a king.
Collector cars, including one that belonged to Elvis Presley are on the auction block this weekend, and experts say classic cars don't depreciate in value.
"I had a car collector call me and say he lost $50-million in the stock market. Then he looked in his garage and said his collector cars are still worth $5-million," Dean Kruse told
CBS 4 News Reporter Joan Murray.
Kruse is running the 35th annual collector car auction that's happening in Boca Raton at the Polo grounds on Jog Road. The auction runs January 1 - January 4th.
Elvis Presley's 1968 "Gold" Fleetwood Eldorado is being auctioned Saturday.
Harold Wagner, who operates a memorabilia business in a suburb of Kansas City, is selling the car. He says the minimum bid will be $100,000. Wagner is also auctioning a shirt that the king wore and a few strands of his hair.
"A lot of women want to clone the hair so Elvis can live with them forever," joked Wagner.
According to the auctioneers, Ellvis traded in his '66 Olds Tornado and purchased this 1968 "Gold" Cadillac from Madison Cadillac, in Memphis, on December 28th, 1967 for $8,836.83. Documents offered with the car include the original title signed by Elvis as well as copies of the original bill of sale, registration and certificate of insurance, all in the "King's" name.
Jane and Louis Corrao of Fort Lauderdale are hoping to profit off their 1963 Ford Thunderbird. The Corraos say they bought the car last year but it is too much car for their beach style life so they want to sell it at the auction.
"You buy a new car. The ink isn't dry and you lost $3,000. I bought under a year ago and I could make a profit of $10,000 on it today," says Louis Corrao.
"These classic cars don't depreciate. You'll never lose your money on them," added his wife Jane Corrao.
Joe Patralia who has a large collection of cars in California says, "My business is up. people pulled their money out of Wall Street. They got hurt in the stock market, hurt in the real estate market, but they haven't gotten hurt in antique cars. The good ones are always worth the money and more."
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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