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News createt: 22-01-2011

Spinout Duesenberg auctioned for $1,237,500

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The beautiful 1929 Duesenberg Model J Dual Cowl Phaeton driven by Elvis in "Spinout" has been auctioned off in Arizona.

The estimate was $1,000,000-$1,300,000 US and it went for $1,237,500.

The car was owned by businessman Tim Durham and seized by the FBI in connection with an investigation due to suspicion of Durham's company, Fair Finance, being run as a Ponzi scheme.

Source: RM Auctions/Ohio Business