there's some diappointed fanetti buyers today

In my State, an Estates value is appraised by someone who is an expert on values, like farmland, houses, etc. State Law requires the Estate to be appraised to establish the worth of everything at the time (or close to) the death of the owner. Who in their right mind would want to have had to appraise this line of equipment ?? Maybe this was the best way to arrive at a true value. From here forward, if the heirs sell any piece for more than it was appraised at, they will pay tax on the difference. If they sell for less, there is no tax on the sale.

Yes this was a big a$$ bad auction to all of us but this can and has happened on on farm auctions before too. Over thirty five years ago I went to a auto shop auction to buy some tools and at noon they sold the shop building I made one bid just one time on the building and won, it was over three hours before the owner let it go at my bid price to me, if we had been on the farm where the tractors where for-sale at auction and at the end of the auction they said no-sale on this tractor or this one and on and on then we are still not going haul tractors home are we? I'm not mad about it being an on-line auction, just the way it was handled. If you have ever helped or had an on farm auction and had to clean up the mess and saw all the damage to the grounds/buildings it costs time and money to fix it back up. If I ever have auction again it will not be held at my place!
One more thing to think about, if you'd have the nice tractors and farm buildings and held on farm auction do you think people with treat your farm and tractors good?  
Now again I think this was one of the biggest f ing to good people in a long time! 

I am with Don,  Low moral character is the blame, not online auctions. 

I was one of the losers. Thought I had the D10 bought ($15,400)
and paid a premium but I guess I was bidding in vane. Would of have liked to know before so I could have bid on D12. But maybe that one was bought back too. What a bunch of BS.

It wasn't just the tractors...

I ended up being the high bidder on a couple items (pallets of grain bin parts). I was only invoiced for one of the two (the cheaper of the two). I called and they decided not to let the other one sell. The auctioneer was very nice to talk with. I told him I wasn't going to come up (9 hours) and get the one pallet and he understood.

I only bid on these items because I was bidding on a tractor as well... I didn't win the tractor.

Justin

Jonny B 1938 wrote: I went to 1200 for a runner and the guy wrapped a chain around the tractor as I was paying cash for the item,

I bought a D12 from the golf course in Perham a couple years ago and really wanted a finished D10 or wouldn't have bid that much. I have never heard of this crap before but haven't bought much on auctions. Tried to call Marilyn but she wont answer.

I wonder what machinery pete thinks about this

She bought 20 tractors. She payed what the ending auction price plus the 5% buyers fee.
She paid 46,000 for the 6070 plus 5%
She paid 60,750 for the 220 FWA 5%
She wanted to keep the whole collection together and keep them in shed but the nephews wouldn't allow it they wanted money. Sad deal

I really doubt the with all the money these folks have spent in court that sales tax on afew hundred thousand is there biggest problem.

Maybe he was one of the many who knew there was going to be a problem because of the personalities involved and decided to avoid the problem himself and just die and let the troublemakers hash it out after he was gone. At the end of the day it was his efforts, money, talent, etc. which allowed him to accumulate a 24 million dollar estate for others to fight over, and once dead, none of it was his problem. I think a lot of people would be better off if they could realize that excess wealth creates more problems than it solves, and there is nothing material worth fighting over, as an example, one good fire and this collection would have been reduced to scrap value within a matter of hours. 

Sounds like they where taught well.

Still Confused. At those prices, what the heck was she thinking?  I'd have just let them go to good homes. She's not going to live forever. Now, those tractors are marked with the Scarlet Letter. 

steelwheelAcjim wrote: Still Confused. At those prices, what the heck was she thinking?  I'd have just let them go to good homes. She's not going to live forever. Now, those tractors are marked with the Scarlet Letter.

I'd say she has increased the value of those tractors now that they are from the
famous(infamous?) sale.

I have been on here a couple years and don't chime in much because I feel I have more to learn then I have to say. With that being said I feel I have something to say about this. I do not know the Fanetti family but for the last few months I have been waiting for this auction not knowing any of the back story other then Mr Fanetti had passed what I thought was about 5 years ago and I was thinking that this auction of their beautiful collection was more of a way of getting things in order for Mrs Fanetti. With that being said I had the winning bids on 4 pieces of the Fanetti auction. I did not read the fine print, I was completely unaware that their was fine print that suggested I may not get the machine I have hoped for for so long. We even cheered as we were gathered around the computer when I won. The next day I asked my significant other to call first thing and make the arrangements necessary to secure the purchases I had made. They told her I would get an email with my invoice and payment instructions. I received my invoice tuesday afternoon but it only had 1 item on it, again I did not read the rest of it and thought that i was being invoiced individually again. I guess I am to busy to even pay attention to the writing on the wall. So wednesday morning a friend calls me and tells me there was a problem and I better follow up on this. So I checked here first and found this post when it had just gotten started. Next I waited for another hour for Hager auction to get in the office and I talked with them and the lady that answered told me she was very sorry but their hands were tied by the court order and she would do what ever they could but.... Rather then take my anger out on her I was thinking there has to be some kind of legal action even for someone like me who is to busy to pay attention. I knew this was a hot topic on the forum so I kept checking back and I seen the post that CTucker posted about the rest of the story. Now I have been close to a similar scenario. The way I read the legal description is the 2 boys had a combined net worth of 90 to 100k when their joint venture started and had they not gotten greedy and done their part to build the partnership they would have never had to worry about where things were going. I am sure they felt they were doing all the work and not being rewarded for their efforts fast enough. I know some of what I have said is speculation and just opinion. I do not know them and I am still unclear how the tractors ended up in their possession but I do know that Don and Marilyn were the original owners of the tractors and with a net worth of 24,000,000 i find it hard to believe it was lack of finances. I feel sorry for Mrs Fanetti and i am sure Don if he was able to would take those boys over his knee. They obviously tried to pass on their lifetime of late nights and hard work. To me it looks like the boys reached down the throat of the gift horse and ripped the heart out. Now don't get me wrong I am very disappointed to not get the things that I thought I purchased but at least I didn't have to purchase my own stuff back. Now I am sure she owed money somehow but why she didn't have to pay whatever the set amount was when it granted them ownership and it had to involve joe public is beyond me. Now this is just my opinion and I could be off on some of my speculation but I will bet that I am not to far off. Sorry for being so long winded.