Buyer Renegs on $700,000 Bid for a Bugatti Veyron

by Noah Joseph (RSS feed)
Sep 27th 2010 at 6:01PM

If you're going to place a bid at an auction, you'd better make sure you have the cash to back it up. Especially if its an item as high-value as a Bugatti Veyron.

One such supercar went across the auction block recently at Barrett-Jackson, where a prospective buyer on-premises placed a $700,000 bid, beating out several rivals calling in their bids by phone. But then the winner refuses to pay, claiming that he didn't mean to bid but was just trying to help.

The renegging bidder was escorted off the premises, but to save face, Barrett-Jackson's own CEO Craig Jackson pledged to buy it himself, until one of the phone bidders took it off his hands. Seriously, people...we couldn't make this stuff up.

Tags: auction, barrett-jackson, bugatti, bugatti veyron