Hot cars, cold times: Petters' ritzy rides losing value - Minneapolis Star Tribune
W hen the court-appointed receivers began confiscating property from those charged or associated with Minnesota businessman Tom Petters, they found that the group shared something in common with the queen of England, Ralph Lauren and rappers Jay Z and Ludicris.
Bentley automobiles.
The $200,000 British muscle sport sedan -- adored by both Britain's aristocracy and America's nouveau riche -- was also a must-have among some of Petters' associates, victims and close friends.
Now those Bentleys, as well as numerous other luxury cars, are being sold to recoup losses. But they are hitting the market at a time when even fewer people than usual can afford them.
Ranging from Petters' 2008 Bentley Continental GT (valued at $115,000) to the 2007 convertible ($250,000-plus) owned by his associate Michael Catain, those cars are helping to glut the already small market for the high-end cars, both here and across the country.
In 2008, there were 133 registered Bentleys in Minnesota, most of them in Minneapolis and the western suburbs. Maserati of Minneapolis has 13 Bentleys for sale, about double its typical selection. And that's despite the fact that it passed on taking any of the Petters-associated wheels.
