Faux Bugatti Buyer Renegs on $700,000 Bid at Barrett-Jackson

Barrett-Jackson’s marquee sale of an exotic Bugatti Veyron in Las Vegas turned into soap opera Saturday when the winning bidder backed out of the sale, leaving the auction company holding the bag for a $700,000 sale.

Craig Jackson, chairman and CEO of Barrett-Jackson, stepped up and bought the car himself, making the Bugatti’s consigner whole and protecting the integrity of the auction.

Barrett-Jackson would not identify the faux buyer, saying only that once the guy said he would not honor the sale, the auction yanked his bidder credentials on the spot and escorted him off the premises.

“First, he said he didn’t bid, then he said he was ‘trying to help,’” Jackson said. “The bottom line is, he said he wouldn’t buy it and we booted him.”

Click here to continue reading at