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Thread: Cairns businessman Chooka Ryan forced to sell muscle car collection worth millions

  1. #1
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    Default Cairns businessman Chooka Ryan forced to sell muscle car collection worth millions

    THE multi million dollar car collection of a Cairns businessman is going under the hammer on the orders of a receiver.



    The prized cluster of Holdens, Fords and Chevrolets has been trucked to Sydney to be auctioned in two weeks. It includes one of just two Holden Special Vehicles HRT 427 coupes which fetched a record $920,000 price tag two years ago.

    The auction follows two companies associated with Shawn "Chooka’ Ryan, Ausco Firestop (NQ) Ptd Ltd and Ryan Group Holdings Pty Ltd, being placed in receivership by PriceWaterhouseCoopers with debts of $10 million.

    Pickles Auctions auctioneer David Hyde said it was the finest collection of muscle cars to go under the hammer in his 30 years experience.

    He said since the auction on June 7 was advertised there had been "an absolute frenzy’.

    "The phone has gone into meltdown and the internet has gone crazy," Mr Hyde said.

    "The competition for these cars is huge," he said.

    "These cars are absolute top shelf, many with extremely low kilometres. Some of the cars have low build plate numbers."

    Receiver Guy Edwards confirmed the auction and the debt. He said the major creditor was the National Australia Bank.

    He said a number of the company’s properties had or were being sold, including commercial premises at Smithfield and Westcourt, land and a residence at Gordonvale, land at Lake Tinaroo, a penthouse at Port Douglas and property at Bowen. Property sales to date have totalled more than $3 million.

    Mr Ryan said he was too busy in meetings yesterday to discuss the matter.

    The car auction involves 23 of the best of Mr Ryan’s cars and includes the HRT coupe he paid the record price for two years ago. His collection included more than 50 cars and 60 motorcycles.

    He paid $920,000 for the 2002 coupe in April 2008 and made national headlines after he wandered into a Sydney car showroom in shorts and thongs to do the deal.

    The car was one of just two built to showcase the engineering prowess of Holden and Holden Special Vehicles. The other remains with Holden and is not driveable.

    It is not known whether Peter Brock’s 05 Nation’s Cup Poolrite 427 Monaro, also owned by Mr Ryan, has been sold. It is not included in the auction but he reportedly paid $750,000 for the car and once turned down an offer of $3 million.

    Mr Hyde said the vehicles would be moved to Sydney in enclosed car transporters.

    "That is the quality of these cars. These cars are probably worth a couple of million dollars plus," he said.

    NQ Holden Club president Peter Thompson said it was a shame that Mr Ryan and the region were losing the cars.

    Source: The Cairns Post
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  2. Default

    good buys coming up there

  3. #3
    Join Date
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  4. #4

    Default

    Ouch , , what a shame for NQ

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