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NORTH SALT LAKE -- Close to 200 classic and exotic cars, trucks and motorcycles are being auctioned off at a North Salt Lake warehouse while the former owner sits in jail.
The collection used to belong to Jeffrey Mowen, who is accused of swindling investors out of millions of dollars, and then trying to hire a man to kill off witnesses.
A federal judge recently cleared the way for the auction. Mowen had objected to the auction, saying the collection was worth more than it was appraised for.
Related:
One-of-a-kind vehicle auction moves full speed ahead
After a three-month court-ordered delay, a huge auction of automobiles and motorcycles seized by the federal government is back on.Federal prosecutors say the collection is worth roughly $6 million, and Mowen used money in his Ponzi scheme to buy the cars as a way to impress potential investors of his financial success.
Thousands clammered into the warehouse Thursday to place their bids on the automobile of their dreams.
"I used to have an old 1964 Chevy El Camino, and there just happens to be one here, candy-apple red, and it's absolutely gorgeous," said car enthusiast Bruce Grandin.
Gerald Blackwell came all the way from Cheyenne, Wyo., after an ad for a 1934 Heritage Mercedes Benz 500K Roadster caught his eye.
"I think this is gorgeous," Blackwell said. "My wife will probably end up taking it away from me."
Longtime Utah car collector Ardell Brown already has more than 200 cars. He went to the auction looking to add to his collection.
"It's fun, it's exciting, and it's a really good investment," Brown said.
Thursday's auction brought a staggering crowd -- an estimated 25,000 auto collectors, investors and individual buyers.
"[It's] absolutely phenomenal! Grandin said. "I just walked in the door and bought a ticket -- my ticket is number 1,385 -- I had no idea there would be this many people here."
The money raised from the auction will either go back to investors or to Mowen if he gets acquitted of the charges.
The U.S. Marshals Service is anxious to get rid of the vehicles since it was costing it around $20,000 a month to store the collection.
The buyers hope the money raised Thursday will benefit everyone.
"That's what this is all about, is having everybody happy and selling a lot of cars and generating a market in Utah that's been a little slow here lately. This is going to spur it up a little," Brown said.
The auction continues through Friday -- beginning at 10 a.m. -- and more cars are up for grabs.
Click here to see pictures of all the vehicles that were on the auction block.
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Story compiled with contributions from Keith McCord and Randall Jeppesen.
