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 Post subject: 1973 Citation 500 Auction, 8-6-19
PostPosted: 26 May 2019, 17:39 
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Joined: 11/25/11
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Location: KGNF, Grenada, MS
Aircraft: Baron, 180,195,J-3
One of my best friends, Bennie Taylor, has just listed the auction of a '73 Citation for a bank he represents. Taylor Auction is one of the most respected auction companies in the southeast and Bennie the most straight up guy you'll ever meet.

He told me about this airplane, and I put him in touch with Chip McClure who advised him on the info and presentation of this airplane.

It looks like a great opportunity for someone who wants to "fly the hours" before parting it out. I understand that it will salvage for over $80,000, but I know little else.

If you are interested, go to taylorauction.com and click on "view auctions". I talked to Bennie this morning and he said that the info is still coming in, but he intends to have everything one needs for an intelligent bid in the next week or so.

Tell him "Johnny sent you". :thumbup:

Jg

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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 30 May 2019, 08:56 
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Joined: 11/25/11
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Location: KGNF, Grenada, MS
Aircraft: Baron, 180,195,J-3
Bennie called me last evening and is getting a second airplane from the bank.. This one may stir some interest among the average BTer. He knows squat about airplanes and his only communications so far is verbal, but I think it is an A65. :bugeye:

Jg

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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 06 Aug 2019, 23:05 
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Joined: 11/25/11
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Location: KGNF, Grenada, MS
Aircraft: Baron, 180,195,J-3
Citation sold today at auction $139,700.

Jg

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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 06 Aug 2019, 23:10 
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Joined: 01/02/08
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Company: Rusnak Auto Group
Location: Newport Coast, CA
Aircraft: Baron B55 N7123N
Username Protected wrote:
Citation sold today at auction $139,700.

Jg

JG, now that’s hard to believe! If the damn thing is airworthy it’s a hell of a lot of “cluck for the buck”!!

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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 07 Aug 2019, 00:01 
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Joined: 01/29/09
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Company: retired corporate mostly
Location: Chico,California KCIC/CL56
Aircraft: 1956 Champion 7EC
From Flightaware: Landed over 9 years ago

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soloed in a land of Superhomers/1959 Cessna 150, retired with Proline 21/ CJ4.


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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 07 Aug 2019, 07:34 
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Aircraft: G44, C501, C55, R66
Username Protected wrote:
Citation sold today at auction $139,700.

Jg

JG, now that’s hard to believe! If the damn thing is airworthy it’s a hell of a lot of “cluck for the buck”!!


It's definitely not airworthy (I don't think it has flown in nearly 10 years) and needs ALL inspections and has been sitting outside for at least a good while in Mississippi. I don't think it has RVSM either. I do not believe the engines have been run regularly or preserved. Whoever paid this bought themselves a mystery ship unless they boroscoped the motors and know something I don't . I bailed out way before the buyer did.

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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 07 Aug 2019, 07:52 
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Joined: 11/25/11
Posts: 9168
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Location: KGNF, Grenada, MS
Aircraft: Baron, 180,195,J-3
The auction company is owned by one of my best friends, Bennie Taylor. His home and office are about three miles from my house "as the crow flies". Hardly a week goes by that one of us doesn't call the other to discuss a value of land, equipment, cows "or something".

When Bennie got this airplane, he called me. I don't know squat about Citations but directed him to a VERY KNOWLEDGEABLE BT'er for advice. The BT'er provided that in spades for no charge. I'd like to give him credit but not without his permission.

Part of the marketing advice Bennie was given was to simply have all information available for on site inspection. I am told that there were several knowledgeable and aggressive buyers.

I have no idea whether the buyer did well or not. I do know that in every case that I bought a piece of speculative property over my career, "everybody else" went away thumping their chest that I paid too much. I never did.

The buyer, in this case, may or may not have paid too much. I'm going to think he might have figured out something someone else did not. Or, as my mother told me, never underestimate your competition. :thumbup:

Jg

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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 07 Aug 2019, 09:22 
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Company: Ciholas, Inc
Location: KEHR
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Username Protected wrote:
It's definitely not airworthy (I don't think it has flown in nearly 10 years) and needs ALL inspections and has been sitting outside for at least a good while in Mississippi. I don't think it has RVSM either. I do not believe the engines have been run regularly or preserved.

This feels like a negative value airplane. That is, by the time you get it flying again, the investment in just bringing it back to airworthy will be more than the market value.

The going rate on controller.com for a flyable 500 is about $300K. Auction price is $140K, 10% premium and 3% tax (per auction listing) bring the paid amount to $158K. That leaves ~$140K to get this flying and not be in the red, less when you consider the auction premium and the cost of a ferry to the shop. Doesn't seem possible. The odds something major is lurking are fairly high.

We will see if serial 500-0083 every shows up in the FAA registry again.

Mike C.

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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 07 Aug 2019, 09:46 
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Hi John,

Thank you for posting and please keeping posting the aircraft for auction.

Ken


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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 07 Aug 2019, 10:45 
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Location: Airdrie, AB
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Did the A65 sell also? Any information to satisfy curiosity, what it looked like, what the selling price was?


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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 07 Aug 2019, 12:17 
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Joined: 01/19/16
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Location: 13FA Earle Airpark FL/0A7 Hville NC
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Username Protected wrote:
It's definitely not airworthy (I don't think it has flown in nearly 10 years) and needs ALL inspections and has been sitting outside for at least a good while in Mississippi. I don't think it has RVSM either. I do not believe the engines have been run regularly or preserved.

This feels like a negative value airplane. That is, by the time you get it flying again, the investment in just bringing it back to airworthy will be more than the market value.

The going rate on controller.com for a flyable 500 is about $300K. Auction price is $140K, 10% premium and 3% tax (per auction listing) bring the paid amount to $158K. That leaves ~$140K to get this flying and not be in the red, less when you consider the auction premium and the cost of a ferry to the shop. Doesn't seem possible. The odds something major is lurking are fairly high.

We will see if serial 500-0083 every shows up in the FAA registry again.

Mike C.


It will probably part out.

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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 07 Aug 2019, 12:27 
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Joined: 11/08/12
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Location: Jackson, MS (KHKS)
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Username Protected wrote:

We will see if serial 500-0083 every shows up in the FAA registry again.

Mike C.


Maybe what the buyer knows is that the engines borescoped OK and he now has replacements and a set of spares for 500-00XX that he already owns.


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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 07 Aug 2019, 12:59 
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Joined: 05/05/09
Posts: 4946
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Aircraft: G44, C501, C55, R66
Username Protected wrote:

We will see if serial 500-0083 every shows up in the FAA registry again.

Mike C.


Maybe what the buyer knows is that the engines borescoped OK and he now has replacements and a set of spares for 500-00XX that he already owns.


He did A OK if he got himself some spare motors!

Last edited on 07 Aug 2019, 17:09, edited 1 time in total.

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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 07 Aug 2019, 16:09 
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Joined: 11/25/11
Posts: 9168
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Location: KGNF, Grenada, MS
Aircraft: Baron, 180,195,J-3
Username Protected wrote:
Did the A65 sell also? Any information to satisfy curiosity, what it looked like, what the selling price was?


The bank has not released it for sale at this time.

Jg

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 Post subject: Re: 1973 Citation 500 Auction, 8-6-19
PostPosted: 08 Aug 2019, 06:56 
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Joined: 08/03/08
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Location: 2W5
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Someone bought $139k worth of odd spare parts like gear legs and reciprocating dinglearm control bushings.




Wings are a bit deep for a sawzall. What do you need for jigs to take the wings off so it fits on a gooseneck trailer ?


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