Billionaire’s Online Purchase of Vintage Porsche Ends in Bitter Disappointment

Blinded by the seller’s reputation, billionaire insurance magnate Andreas Pohl received the most bitter experience of his car collecting life when he neglected to carefully read the contract.


The event revolves around a Porsche 911 Carrera RS 2.7 Touring Coupe that Pohl paid for at Coys of Kensington in October 2018. Trusting in the reputation of Coys (one of the most reputable vintage car dealers in the UK), Pohl transferred $525,000 to Coys, while also signing a confirmation that he had checked the condition of the car, even though he hadn’t seen the Porsche in person or at least sent someone to the UK to inspect the car before making the payment.

Billionaire buys $525,000 Porsche without looking at it, sues for getting a fake - Photo 1.

It wasn’t until Pohl received the car in Germany that he was shocked to discover that it was not from the F series as he had imagined, but from the G series, which was produced much later. Not only that, he also discovered that many details on the car were no longer original and had been replaced by new components that weren’t even genuine parts.

According to the subsequent lawsuit filed by Pohl, he couldn’t even register the car because the Porsche was “no longer safe after the modifications that had been made beforehand,” with fuel leaks and worn-out brakes and axles. The “original condition of the car” that Pohl claimed was part of the agreement he had with Coys was not strictly adhered to.

Billionaire buys $525,000 Porsche without looking at it, sues for getting a fake - Photo 2.

In order to protect the reputation they had built over decades, Coys was prepared to counter-sue Pohl. They stated that the entire condition of the car had been clearly communicated in the documents sent to Pohl, and that he himself had signed off on them. The modifications made by the collector before selling the car to Coys (and subsequently to Pohl) were also included in the documentation.

The act of accepting the car and signing the confirmation that he had checked the car and was “satisfied with the condition and quality of the product” without properly inspecting it was a major mistake on the part of the billionaire and almost certainly would result in him losing the lawsuit. Paying over $500,000 to receive a car that didn’t meet his expectations or, to put it more accurately, was completely different from the model he had imagined, is truly a valuable lesson…

Reference: AutoEvolution