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HURRICANE FERRARI; Charley uncovers a treasure trove of vintage sports cars.(News)(Column)
Byline: STEVEN COLE SMITH
AutoWeek readers, dial your way-back machine to Sept. 17, 1990, when we told you about Florida real estate developer Walter Medlin, a Ferrari collector who owed the Internal Revenue Service $540,000, but for reasons known only to Medlin, he didn't want to pay.
So the IRS seized a few personal items that he owned-a boat, some guns, a coin collection-and three Ferraris. One was a 1976 308 GTB (yawn), a 1966 Ferrari P3 and a 1967 Ferrari P4.
The P3 and P4 were worth, oh, maybe $20 million, and along with the 308, the guns, the boat and the coins were scheduled for auction. At the last minute Medlin showed up with a cashier's check for about $600,000.
Why would Medlin risk $20 million worth of Ferraris over $600,000? "You have to know Walter,'' a friend said at the time. Another acquaintance called him "a Howard Hughes-type guy.''
Medlin has been in and out of the local news since, mostly over taxes, and in 1997 he pleaded guilty to tax evasion and served a few months in jail. After that, he was pretty much out of the public eye, until 1999, when he paid $40,000 at a bankruptcy auction for two bears, a cougar, a leopard and a famous chimpanzee named Rocky that had appeared in movies and on the television series Baywatch.
Why? Refer to the above: "You have to know Walter.''
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