High-dollar Huffman cars have new owners

By Sarah Newell Williamson | Hickory Daily Record

Published: June 17, 2009

CHARLOTTE - Four of J.V. Huffman Jr.'s luxury cars are being sold.

Huffman is accused of lying to neighbors, family and friends for 17 years, telling them he bought and sold securities, as he took millions of dollars from them to pay for his lavish lifestyle in a Ponzi scheme through his company, Biltmore Financial Inc. He is charged with four counts of felony security fraud and four felony counts of obtaining property by false pretense, and has pleaded not guilty. Huffman's next court date is Aug. 24.

On Monday, Huffman was indicted on 21 additional counts, including 10 additional counts of felony security fraud, 10 additional counts of obtaining property by false pretense and one count of felony possession of a weapon by a prisoner. A court date for these charges has not been set.

Part of his lavish lifestyle included owning 10 vehicles — a 2008 Aston Martin, a 2007 Mercedes Benz AMG S65, a 2007 Mercedes Benz CLK63 AMG Cabrio, a 2008 Mercedes Benz GL 550, a 2007 Pontiac G-6, a 2003 Ford Excursion, 2007 and 2008 models of Chevrolet Silverado 3500 SRW 4WD Crew LRZ trucks, a 1939 Cadillac V16 and a 2007 Prevost Motor Home Featherlight Conversion.

A receiver based in Charlotte was appointed by the court under direction from the U.S. Securities and Exchange Commission to preserve Huffman's assets and sell them to "make a potential fund for the payment of the defrauded investors who are the victims of the schemes," according to court documents.

The receiver's office initially planned to sell the three Mercedes Benzes to Leith Mercedes, and the Aston Martin to Foreign Cars Italia. Leith contracted to pay $80,000 for the Mercedes S65, $40,000 for the Mercedes CLK63 and $50,000 for the Mercedes GL550, pending court approval. Foreign Cars Italia contracted to pay $105,000 for the Aston Martin, according to court documents.

The dealerships made their initial offers in early March, according to a representative from the receiver's office.

In May, the court ruled that although the dealerships offered to purchase the cars, the receiver's office must post a notice of sale on the vehicles on an Internet car classified Web site, as well as in a Catawba County newspaper for 10 days.

A new buyer could purchase the cars, but they must offer a price at least 10 percent higher than the current offer, the receiver's representative said Tuesday.

Because it took two months for the court to rule on the bids for the vehicles, the car dealerships dropped their bids. This was because the value of the cars had declined with time, the receiver's office said.

After the notice of sale ran for 10 days, the Mercedes S65 sold for $85,250. The dealership would have purchased it for $77,500.

The Mercedes CLK63 sold for $41,250. The dealership was offering $37,500.

The Mercedes GL550 sold for $52,250. The dealership also was offering less on this car. It planned to pay $47,500.

The spokesman with the receiver's office said there was only one legitimate bid for each of these three cars, which offered in writing to purchase the cars, and was willing to pay 10 percent of the purchase price up front.

The Aston Martin didn't receive any additional offers, and sold to Foreign Cars Italia at the decreased value of $100,100.

The representative from the receiver's office said all of the money from the sale of the cars, as well as the other items sold from Huffman's estate, will be put into a trust account that has been set up for Huffman's entire estate. Everything that will be liquidated will go into that account.

DETAILS:
• The Mercedes S65 sold for $85,250.

• The Mercedes CLK63 sold for $41,250.

• The Mercedes GL550 sold for $52,250.

• The Aston Martin sold for $100,100.

Total: $278,850

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