there's some diappointed fanetti buyers today

I went through a nasty divorce and she divided the family with lies and ignorance. I gave up everything for my kids and in the end she turned my kids against me too. I know how money and health problems can divide a family first hand. In the end the victims are the younger generation as they are the ones that have to deal with the fall out.

DrAllis wrote: 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.

DrAllis, you make excellent points. In short, unless you were a lucky winning bidder that gets to take home your won item(s), ALL other BIDDERS at the Fanetti auction clearly donated every bit of their effort (free of charge) to those interested parties - Auctioneer, Seller, Seller's Attorney, Seller's Appraiser, & the list goes on. Do we all feel educated now? Man, I do.

Maybe this farm machinery auction should be introduced to MACHINERY PETE, farm auction writter, so he could do numerous farm publication columns about it. Maybe he could entitle it "The FANETTI AUCTION FINAGLE!"

CROOKED. WRONG. UNETHICAL.GIVES AUCTIONEER A BAD REPUTATION. You can't say absolute auction , no reserve on one line and right of first refusal on down later in the sale bill. A child knows that those two statements are opposites. Auctioneer should be in deep sh#t.- I suspect that the reason it was an on line sale only is because they KNEW they were going to pull these shenanigans in advance. They didn't want to face an angry mob. Can't exactly take a swing at someone over the internet!

Edited by JayIN - 26 Aug 2016 at 3:42am

JayIN wrote: CROOKED. WRONG. UNETHICAL.GIVES AUCTIONEER A BAD REPUTATION. You can't say absolute auction , no reserve on one line and right of first refusal on down later in the sale bill. A child knows that those two statements are opposites. Auctioneer should be in deep sh#t.- I suspect that the reason it was an on line sale only is because they KNEW they were going to pull these shenanigans in advance. They didn't want to face an angry mob. Can't exactly take a swing at someone over the internet

Maybe not, but some sure try!

As I understand it, Don Fanetti made his money in the heavy haul trucking business, moving oversize/overweight loads others couldn't or wouldn't move, not much competition in that area, and I'm sure he earned every penny it this is true. As I mentioned above, his labors resulted in a battle by those looking to receive something for nothing. I wouldn't be too quick to beat up the auctioneer, he may be a court appointed pawn in this scheme and had no choice but to comply, American justice at it's finest. This is disappointing for sure, but if you ever find yourself on the wrong side of a Bankruptcy, this is a walk in the park.

jaybmiller wrote: NO WHERE in that webpage about the 'auction' does it say ANYTHING about 'first right refusal'..... NOR is there ANY 'disclaimer' even in itty.bitty ,micro tiny letters...that I can see.

jay the right of first refusal is in the term and conditions,third paragraph from the end.I agree this is far from over and has law suit written all over it.If the auctioneer thinks or marilyn fanetti thinks this is over and done they could be sorely mistaken,it all depends on the affected bidders.I just don't see the screwed over bidders in this mess laying down and taking this with out a fight FOR WHAT IS RIGHT!!!!

Edited by ac45dave - 26 Aug 2016 at 10:37am

Ken(MI) wrote: and many times, the person actually responsible for the prosperity is a pretty decent person, but the spouses, children, and siblings are pretty pathetic excuses for human beings. I have no idea if that is the case here, this is just an observation of wealthy people I've personally known.

DougG wrote: Didn't he have a quarry, or some special rock mining business too?

You're thinking of George Nesbitt in Canada

IANAL but as I recall from Business Law 301 and 302, every State has their own way of distributing the estate when someone dies intestate.

Maybe she didn't have enough cash on hand to settle the inheritance taxes. Certainly they met the total estate value criteria for needing to pay it.

Ah yup your right Eric, thanks

The way I read the 34 or so page court disposition was that Mr Fanetti had a will that gave the nephews the bulk of the land and hard assets and his widow the home place and the cash. This was his wishes and was known by the people involved. It was understood. After his death, the will" came up missing". This happens a lot if the will is not held by someone that can be trusted.(not no Dam@/n lawyer). Someone made somebody mad and the will" disappeared" . Happens a lot. Executor of the state can make ANYTHING happen. Sad story for sure, but it ain't over!!! Someone in the area PLEASE keep us posted. My daughter is a TV producer for the show American Greed. I will call her tomorrow (it's her 32 birthday anyway) and see if she thinks this could be fodder for a show.LOL! It could be!

IG and Doc have to be on the right track. She would not have an auction and nosale most of the stuff if she needed the money. I will admit that I only know what has been posted here and nothing more. Either she was forced to sell and payed the bid price or this auction was a way of valuing the collection so as to set a base for capital gains taxes after the inheritance. They don't actually have to sell to have a value placed on them. Either way it's a bad deal.

Carl(NWWI) wrote: JayIN, that is a good show!! It's sad, but a couple ppl I have talked too wouldn't be surprised if someone ends up dead over this. I really hope that's not the case, but you hit the nail on the head. American Greed is exactly what it is.

If I were the high bidder on a tractor that I didn't get I'd be filing a complaint with the Attorney General,State's Attorney or what ever its called in their state plus,I'd file a complaint with the agency that licenses auctioneers there.The results of their investigations
might lead to grounds for a civil suit,would love to see the whole bunch have to go
thru depositions.

Doesn't the survivor (wife) get the estate?  I'm not sure how the will would work in the situation if he gave some of his property to someone else, then there would be tax on the gift, if it goes to the wife, seems like there would be no tax until she passes.  Just my two cents.