Thursday, November 30, 2023

Cars, watches and boats on the block in next auction

Cars, real estate, watches and boats will go on the block on November 10 at the federal government’s fifth auction of assets seized from criminal organizations.

The director of the Institute to Return Stolen Goods to the People announced on Friday that 45 lots with a combined starting price of 32.5 million pesos (US $1.7 million) will be on offer at the Mexico City auction at Los Pinos, the former presidential residence that the government has converted into a cultural center.

Ricardo Rodríguez Vargas said the funds raised will be used to buy musical instruments for children in Oaxaca who play in bands.

A Mustang, Corvette and cars made by Jaguar and Mercedes will be among 24 vehicles up for grabs, Rodríguez said, as will a Volkswagen beetle with a starting price of just 2,000 pesos (US $105).

Of nine properties to go under the hammer, seven are in Sinaloa and will have starting prices between 1.2 million and 11 million pesos, he said.

A 1995 Narco-Beetle.
A 1995 Narco-Beetle.

The official said that bidding for 10 luxury watches will begin at prices 50% below their real value and that for the first time, the government will offer boats for sale. Two cargo vessels that also have the capacity to transport fuel will be on the block, Rodríguez said.

Tickets for the auction costs 100 pesos and can be purchased at convenience stores and supermarkets. Bids will also be accepted via telephone.

The full list of lots can be found at the auction website.

“Those who participate help because these resources go to noble causes, just causes . . .” President López Obrador said at his morning press conference.

Proceeds from previous government auctions were to go to disadvantaged communities, addiction centers and road work.

However, the earnings have not been as high as the government had hoped: a June auction sold just nine of 27 properties confiscated from drug traffickers and raised 110 million pesos less than projected, while a jewelry auction in July netted only half what was expected.

A sixth auction will be held in December but the government has not yet announced what will be on offer.

Source: Notimex (sp), Sin Embargo (sp) 

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