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Auction of Jackson Family Items Begins Tomorrow, Runs 10 Days Through September 19

ivy said:
Well I did a quick calculation. Given most items weren't bid on or went at the lowest bid, it was an easy addition.

I added the total sale to equal to $104,435 .

Of course it's always possible for me to skip or double add or enter some stuff wrongly.
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Ivy, what is going to happen to the stuff that wasn't sold?
 
Bubs said:
Ivy, what is going to happen to the stuff that wasn't sold?
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I'll be interested to see Ivy's reply too.

My suspicion is that the remaining lots (mainly household goods and miscellaneous old clothes) might be sold off/ given to a 'house clearance' type firm, or given to charity on condition of anonymity of source. Basically, this stuff isn't worth the cost of storage any more.
 
was there a lot of MJ stuff or any at all? I am surprised it failed to fetch a higher amount.
 
ivy said:
Well there's a downside to this as well

As you might know Estate won a case against Mann / Vaccaro and Vaccaro owes $500,000 to MJ Estate. Estate is the 3rd in line to be paid. IRS is the first. They expected this auction to bring in $500,000 (it would require 553 items to average $1000 - which didn't seem like happened) and it's only enough to pay IRS. So it looks like Estate isn't getting what Vaccaro owes them.
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Maybe this is how he had it plan to where he didn't have to pay MJ Estate and with the IRS first you are right Ivy the Estate will not see anything.
 
Bubs said:
Ivy, what is going to happen to the stuff that wasn't sold?
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Given this is a bankruptcy court ordered sale, I would imagine they would be sold some way unless I guess the court determines them to be worthless.
 
ivy said:
Well I did a quick calculation. Given most items weren't bid on or went at the lowest bid, it was an easy addition.

I added the total sale to equal to $104,435 .

Of course it's always possible for me to skip or double add or enter some stuff wrongly.
Click to expand...




Ivy is this what he got on the sale?
 
ivy said:
Well I did a quick calculation. Given most items weren't bid on or went at the lowest bid, it was an easy addition.

I added the total sale to equal to $104,435 .

Of course it's always possible for me to skip or double add or enter some stuff wrongly.
Click to expand...

Would the 20- 25% 'sellers premium' have to come out of this amount? I imagine that 'Gottahaveit' would be able to charge the seller in the usual way...or at least charge a 'selling' fee....
 
myosotis said:
Would the 20- 25% 'sellers premium' have to come out of this amount? I imagine that 'Gottahaveit' would be able to charge the seller in the usual way...or at least charge a 'selling' fee....
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No. buyers premium is added to this number. (I added up the final bid prices) there's a 25% buyers premium and it's added to the ending price. plus the shipping fees.

So I think $104,435 is what Vaccaro - or more correctly bankruptcy trustee - would get.

Gottahaverockandroll will charge 25% additional fee to the buyers - around $26,000 and that'll be their fee in this sale.
 
ivy said:
You are used to have long posts so I don't think it could be much of a problem to respond. And as far as my replies go, they are easier because they tend to repeat the available information, I can see how creating scenarios could be an exhausting thing to do.
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No, actually because I am bent towards a more creative mind, including scenarios into my writing is not exhausting at all. It might be for another.

What I was referring to was the actual mechanics behind constructing a post when responding to various comments, coming from a couple different posts, and getting quotes right, etc. I have made long posts before, that is true, but they are always tiring for me, and sometimes when I've finished I realize I needed to be doing other things than composing them, and I feel that pull. I hope you understand what I mean. I don't do them very often anymore.

And yes, just because something is possible doesn't make it true.

Ivy said:
It just doesn't make sense to come up with possibilities on our own and claim we want to focus on the facts. Seems to be counter intuitive.
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Sounds like a Mr. Spock vs Captain Kirk dilemma. Spock didn't get Kirk's tendency of mixing his intuitive ways along with the known facts Spock so logically presented him, but Spock did come to admire the way his captain took care of his crew and ship. Two types of individuals with different thinking processes who learned to respect one another inspite of it.

And thanks for the update, Ivy, regarding the auction.
 
ivy said:
Well I did a quick calculation. Given most items weren't bid on or went at the lowest bid, it was an easy addition.

I added the total sale to equal to $104,435 .

Of course it's always possible for me to skip or double add or enter some stuff wrongly.
Click to expand...


That is a good sum. Where area had the most bidding?
 
ivy said:
No. buyers premium is added to this number. (I added up the final bid prices) there's a 25% buyers premium and it's added to the ending price. plus the shipping fees.

So I think $104,435 is what Vaccaro - or more correctly bankruptcy trustee - would get.

Gottahaverockandroll will charge 25% additional fee to the buyers - around $26,000 and that'll be their fee in this sale.
Click to expand...

Thank you...It seems that no-one did well out of this auction, as the auctioneer usually charges a sellers fee which is similar to the buyers fee overall. I guess court-ordered bankruptcy auctions are different, and not very profitable, once the auctioneers costs (photographing and describing the items, uploading details, maintaining the auction website, paying staff to deal with enquiries, invoicing after the sale, processing payments, advising purchasers of despatch costs, despatching or liaising with despatching service) are taken into account.
 
Hopefully the rest of things is donated to the salvation army.
 
myosotis said:
Thank you...It seems that no-one did well out of this auction, as the auctioneer usually charges a sellers fee which is similar to the buyers fee overall. I guess court-ordered bankruptcy auctions are different, and not very profitable, once the auctioneers costs (photographing and describing the items, uploading details, maintaining the auction website, paying staff to deal with enquiries, invoicing after the sale, processing payments, advising purchasers of despatch costs, despatching or liaising with despatching service) are taken into account.
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actually there could be seller's fees as well which wasn't mentioned explicitly. I think we'll see it when the revenues are mentioned in the bankruptcy court proceedings.
 
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