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1921ac Unfired Value?

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#21 gandolf


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Posted 09 December 2003 - 10:36 PM

That's the guy. I do believe that he is pretty old, probably in his 70's. He said he has a bad heart. Jim Street is the name and he was at the SAR show.

He has lots of stories about his "one of a kind" guns. Funny thing is that he will tell you the same stories over-and-over again, even if you are still standing at his table. It's as if he doesn't remember that you are the same person or that he just told you the story. He lives with a chimp that he has had for 35 years. He obviously has a fair amount of money and buys lots of toys. He primary passion is wooden boats. He also collects old cars. I did seen a comment on the internet from a Google search that he bought the convertable from the tv show 77 Sunset Strip and "trashed it beyond comprehension."

Funny guy. Anyway, he says he sold the two Thompsons so it will be interesting to see if he shows up with them at another show.
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#22 Waffen Und Bier

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Posted 09 December 2003 - 10:49 PM

Dang. I was guessing at his age. Never met him, but bought an unissued transferable AR10 from him almost 10 years ago. At the time it was the cheapest one out there. He was with Interarms in their hey day from what I understand. He had a lot of neat pieces for sale when I bought from him. Wish I had bought more from him.
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#23 philasteen


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Posted 10 December 2003 - 02:35 AM

QUOTE (gijive @ Dec 7 2003, 08:23 AM)

With all due respect, your post certainly makes for a good story, but I frankly find it hard to believe. It sounds like the kind of story that would be passed along at a gun show. True, the original guns could have been shipped to certain retail outlets during the early sales in the 1920's, but it seems unlikely to me that a gun that was never taken out of the box would have been registered in the NFA registry after 1934. Therefore, if it wasn't registered it couldn't have been legally transferred in 1999. Of course, I am assuming certain facts here, but until I saw pictures of the gun or some documentation that it really existed, I don't think I would accept your story as gospel.

Most of those kinds of stories always have the same scenario, the guy passed on it, someone else got it and it will probably never be seen again. Pretty convenient way to explain any lack of documentation. I would have to think that the late J. Curtis Earl or Roger Cox would have written or heard about such a gun during their heyday as Thompson collectors and sellers thirty some years ago.

i have reason to suspect the story checks out -- the class 3 dealer in question was selling a number of MGs at really good prices to try and raise the money to buy the 21AC in question.

I should have bought everything he offered me and the unfired 21AC -- I'd have made out like a bandit. The sales list included an M60D, MG-42, 2 other 21ACs, a grease gun and more.
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#24 Arthur Fliegenheimer

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Posted 10 December 2003 - 10:41 AM

It does seem logical that a new in the shipping box Colt TSMG would bring $150K in 1999, considering that someone paid $100K for the "Midas Touch" TSMG in 2003, and an authenticated new TSMG is worth way more that a Curtis Earl creation. However, it does seem odd that the gun press did not follow up on this treasure and do an article and photo layout. I mean this would be an incredible find that would answer many questions about how an untouched, unfired TSMG would look like as far as the bluing, and color of wood. This would be the touchstone for all Colt's to be measured by. Perhaps the buyer did not want to take the chance that the publicity might attract experts who would challenge the authenticity of the seller's claim. So until this mystery gun comes out from the shadows, it just reads like an Arthur C. Clark short story.

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#25 P51Mstg


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Posted 10 December 2003 - 02:10 PM

The Midas didn't sell for $100,000, only $85,000. Here is the inside story and its a keeper.

I can say I was in on the Midas Gun a few months back and it was down to me and another individual. The final selling price on it was $85,000.

The gun was offered through a broker who is now deceased. He was contacted by the owner (an EX CIA operative (aren't they all??)) to sell the gun. The gun had to sell immediately.

It was sold to another person (Mr Smith).

At the same time Mr. Smith who was interested in the gun was having some real "significant other" problems when she found out they were going to have to cash in some investments to pay for it and pay some taxes on them.

Then I said I'd take it. So it was mine. I did "have" it for a while, but there was too much "mystery" about who the actual owner of the gun was and where it was, etc, and I backed out of the deal. Before a check was written. This was one of the very few guns deals I have ever backed out of in 25 years.

Mr. Smith contacted me directly to sell me the gun. He sent me a package with a video, photographs, etc of it, I was impressed and told me it was a million dollar gun; said I could have it for $125,000 and not to tell the broker. However, Mr. Smith did not own the gun nor did he have permission to sell it.

The Broker contacted me and I was encouraged to make a lower offer than $85,000 and I was hesitant and considering making my own gold filled Thompson for fraction of the cost. I still declined. A few days later the Broker called and asked if Mr. Smith had contacted me I told him he had and he was miffed that Mr. Smith would try and circumvent him. Ultimately, Mr. Smith came up with the full $85,000 and took the gun.

I'm sure in its own way its worth it. It was a one of a kind gun and has some significant history (Hucksterism??) to it.

So thats the MIDAS Story from the inside.

Moral of the story -> Tell the truth, don't circumvent the brokers, and keep secrets (I didn't tell you who the owner of the Midas was or who Mr. Smith is)

Mark H
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