$1 Million paid for pair of classic Fords
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Two Melbourne businessmen have paid a record $1 million for a pair of rare Ford Falcon GT sedans.
Friends and business associates Leo Khouri and Steve Dellidis this week took delivery of a 1967 XR GT Falcon in original condition with 34,000 genuine miles on the clock and a restored 1970 GT Falcon that had travelled just 72,000 miles. The $400,000 and $600,000 paid for the respective cars are believed to be records for those models.
The 1967 GT is regarded as the best example of its type, having won three concourse events, and the 1970 model is also a multiple trophy winner.
In recent years baby boomers (those born before 1960) have been pushing the prices of muscle cars to record highs. But now younger collectors are joining in the craze and many others are using their personal superannuation funds as a tool to buy muscle cars.
Among a collection of bikes and other rare cars Khouri, 42, and Dellidis, 34, now have a total of 16 immaculate GT Falcons, said to be the largest private collection in Australia.
Khouri, a mechanic by trade, started out stripping old Toyota Landcruiser four-wheel-drives in the backyard of his home in Melbourne’s western suburbs, then selling the parts. But he became tired of that and, about eight years ago, bought a computer and started taking an interest in the sharemarket. He then moved his money-making operations from the backyard into the loungeroom. “I just had a taste for it,” he says.
A short time after he was diagnosed with bowel cancer and told by doctors he had three months to live. He fought it and won.
”My missus bought me a photo of a GT Falcon and I put it on the wall and vowed that I would own one one day,” Khouri says. “I looked at that photo every day and honestly I think it helped me get through things.”
Khouri says in 2002 he didn’t even own a car, now he has a collection that’s estimated to be worth more than $5 million.
”When things started going well for me a few years ago I paid $230,000 for a Phase III GT Falcon. People thought I was crazy but today that car is worth $800,000. Not a bad investment.”
Dellidis says Khouri treats his car collection like a stockbroking firm. “It’s business but at the same time it’s also a passion for him. When he paid $230,000 for a GT he wasn’t concerned if he was going to lose money on it, he was just in love with the car.”
Khouri says it was one of his lifelong dreams to own a GT Falcon. He never imagined he would own 16 of the best examples in Australia.
Source: yahoo.drive.com.au
