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Exceptional Colt 21/28 Navy For Sale


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QUOTE (colt21a @ Oct 15 2006, 07:07 PM)

let's see the $100,000.00 pair of garand's at s.a.r. last year. the $200,000.00 tommy in florida,that colt b.a.r. for a kool $100,000.00, and that $80,000.00 mg-42 /74....

Hey--I resemble that remark. http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/woot.gif

 

Ken

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WARNING: Long post to follow...

 

DISCLAIMER: Those not interested, please just pass on this one.

 

I just got back from the Creek and was watching this thread.

First, I have tremendous respect for each and every board member and their opinions, whether I agree/disagree with them.

 

I agree with Sig and a few of the others about the jumping on Steave. (I don't know who Steave is, and have never done business with him, nor do I read SGN anymore.)

 

I was going to post that I bet the gun was going to be sold within 5 days, not 30...! Then, before I could finish this, the gun sold.

 

With all due respect to most of the members, I've only owned and seen ONE horizontal forearm, offset swivel Navy in my 35 years of Thompson dealing. And I'm going to step out on a limb here and say that I am somewhat surprised the gun didn't bring more than it did, assuming the condition was what it should be.

 

PhilOhio,

 

You and I are quite often of the same opinion on many things. I just happen to be on the other side on this one.

 

As I understand it, there is not a long list of posting rules for this board. In other words, those who wish to post serial numbers do, and those who choose not to post them, do not. I see absolutely no reason to require the posting or not posting or numbers.

 

To the others, who spent a lot of time explaining to an apparently knowledgeable and experienced dealer. why he was not going to sell the gun, and asking why he didn't post the number, and running down the photo he DID post, I think it ironic that the dealer was probably emailing all the photos and other info needed by the serious buyer to make the decision to purchase the gun.

 

I've also been thinking a lot about what some of the members have posted about unusual profiteering by sellers of Thompsons.

 

Here is a brief summary of my take on all this, after being a dealer/collector for 35+ years:

 

1. There is no RETAIL and no WHOLESALE when it comes to collectible, out of production items like the Colt Thompsons.

 

2. For anyone to say a price is obscene is to make an assumption that only that particular individual's price criteria is relavant.

 

3. There are "dealers" and there are "collectors" and there are "dealer/collectors."

I considered my self a "collector" the entire time I was amassing the Thompson collection I sold in the early '90s.

At that time I was obtaining every model Thompson I could, including the prototypes and experimentals, (Blish pistol etc.)

During that same time I was buying all types of class 3 and selling all types of Class 3. During some of those years, prior

to digital cameras or the internet, it was not uncommon for me to spend $2000 to $3000 per year in taking 35mm photos

and large amounts of fedex, express mail etc. I also had (and still have) hefty insurance premiums to pay to protect my

"investment" in inventory.

4. If those people questioning Steave's "motives" were pure collectors and not dealers, they may have taken a different

approach than people who frequently buy and resell. I'm not arguing here, just posing why some of the members may

have arrived at different conclusions based upon their own situation. And I am also not saying that either side is wrong.

 

Let's assume that this board contains 100 members.

Assume that the majority are open to possibly buying a new Colt for their collection.

So Steave posts a brief but fairly accurate description and one photo and a price. No serial number. And says he has lots of

photos and MORE info (serial # ?) for those INTERESTED BUYERS.

 

Okay, now assume that about 95-98 of the hypothetical 100-member board decide that Steave's price is more than they want to pay.

 

Those 95-98 could just say to themselves, "I don't want to pay that much so I will move on to the next post."

 

Meanwhile Steave didn't have to take the time (and it DOES require a fair amount of time ) to post lots of photos and more details, than the 95-98 members WHO HAD ALREADY SAID TO THEMSELVES that they weren't interested, needed.

 

Now, from the opposite side: Suppose Steave HAD posted huge numbers of photos and detailed info.

And suppose by doing that he got 5-10 REALLY interested prospects. If he had wanted to "auction" the gun, maybe he should have done that.

But since he had a "set" price, all he really needed was ONE seriously interested party. And, pending funds...He apparently got that one needed party.

 

Now, as to profiteering, versus helping fellow collectors:

 

If I have a long time customer, and co-collector friend who says "Bill, if you ever get a good deal on a Thompson could you let me know?" And I find a gun available at a price which allows me to make a modest profit, I would sell it to my collector/friend.

 

But if I see a stranger advertising a Colt gun in a publication or other medium, or find an individual who has an item for sale which he has priced really right, and I can buy it and resell it to someone who is has told me that he has very strict standards for what he is looking for, and is willing to pay a PREMIUM if I can turn up such an item, I do not belive that this is gouging.

 

The other side of this coin is that both collectors and dealers alike are "risking" thousands of dollars, over and above their normal overhead, by buying investment products which might be devalued to almost zero with the "stroke of a Pen" (as in political pen).

 

Compare that to someone who "gambles" in the stock market. Speaking of which, suppose that you buy a stock at $100 per share and then in just a matter of days you see the market rallly and you can sell that stock for $300 per share.

Are you going to say that "since you bought it really right, you will offer it at only $150 per share rather than "gouge" the people willing to pay $300 per share?

 

Now I know that someone who buys stock doesn't take the certificates out of the file and fondle and play with them. But other than displaying the gun, shooting, it or showing it to interested parties, it is exactly like stock. It's called supply and demand. This has been discussed at great length on these boards before. But contrary to what some of the posters in this thread have stated, I took these posts to be a somewhat harsh attack on Steave.

 

On a busy board of dedicated collectors/dealers/investors, Steave took the quickest way to post his item:

 

1. Briefly describe it.

2. Show ONE full shot of it.

3. Let people know the price.

4. Tell interested parties to contact him directly for more photos and info.

 

While many of the board members started a lenghty thread about why he should or should not have posted what he did, or did not post, the interested party must have contacted Steave, got the necessary info to make an informed decision, and bought the valuable and QUITE SCARCE variation of a most historic piece. END OF STORY.

 

Congrats Steave. Well done. You have nothing to be ashamed of, you gave your buyer a scarce gun for what I tend to believe was underpriced. Isn't it fun and neat that all of us on the board have our own opinions, none of which are right or wrong, just...opinions. That includes mine! What a country!

 

 

 

 

 

 

 

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October 1971,

 

Perhaps if Steave stated that he was brokering this Navy Colt TSMG in his original post and, therefore, was operating under the imposed discretions of the seller, we could have avoided the serial number and singular poor photo sniping all together.

 

I agree that the true Navy is worthy of the "rare" accolade. $40K for the weapon alone would be commensurate with the collectability and condition.

 

When Colt TSMG's approached the $20K level a few years back, sellers/brokers/dealers selected the proper candidates with the credentials of original condition, original parts, and various accessories to test these unchartered waters. But now unscrupulous sellers/brokers/dealers are shameless in promoting obvious poor quality examples to bamboozle unsuspecting buyers to pony up twice the amount of coin only realized a few years ago. Considering all the new information resources for TSMG buyers, it is a head scratch how and why sellers continue to pretend they are operating in a vacuum.

 

Steave might have been the unsuspecting and undeserving target for reflexive hip shooting by some board members, who might have been reacting to this latest blitz of shameless ads by the above mentioned P.T. Barnum's.

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Arthur Fleigenhammer,

 

I completely agree with you about the unscrupulous activity. I just happen to think that the members who wondered if that was the situation in this case, could have simply written to him directly with those concerns and/or questions, and then if it appeared that in deed this was a scam deal, the board could be warned.

 

Going in assuming the above from the beginning was just a little harsh, in my opinion. But I do see your point.

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colt TSMG collectors are a dying breed. Most obtainable colts are already in circulation, found by men like Roger Cox and his aficionados. The only premium a colt brings are stories and lies. The Virginia state police bought a TSMG in 1926 and since then 500 people have handled it, shot it, dinged it up...etc...what are you getting? It's not rare, it's not interesting.

 

WW2 Thompson’s served a much greater purpose. They defended the world from the evil Axis powers, not the evil Smith brothers the colt guns guarded in a prison somewhere.

 

To Thompson dealers who have "been in the business for 35 years."...You need to adapt to the times. The internet has changed the business world, and it has changed the buyer. If you are going to sell guns online, then you had better get a good camera, learn to take good pictures and open your eyes to reality. You old timers need to make way for the new gun collecting generation.

 

A forty thousand 1928 Navy Thompson? Not hardly....you might have sold this gun, but not for that price.

 

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JJ

 

Without the prestigious Colt name that AOC relied on in 1921 to manufacture the original 15,000, there would not be any TSMG's in WWII. Had AOC hooked up with Savage, their first choice in 1921, would the comparatively unknown Savage name have carried the day, not to mention the $225 price tag, with perspective buyers? The abundance of WWII TSMG"s and their countless rebuilds (arsenal and post WWII) makes them all but impervious to condition grading. Even if the U.S. issued signed "Headquarters United States Forces European/Pacific Theater" G.I. bring back Certificate, who knows what the combat history of any WWII TSMG was? The paperwork doesn't guarantee where and what action a Luger saw and it wouldn't change for a TSMG.

 

To suggest that Colt TSMG collectors are a "dying breed" is a bizarre pronouncement. Even for a Generation Xer that is a nebulous and prosaic postulate. Are Colt SAA 1st Generation collectors also a dying breed? Or for that matter, any firearm's collector interested in 85+ year-old weapons?

 

Not all PD Colt TSMG's succumbed to indifferent armorers and property clerks. The Virginia Colt TSMG's are one of the worst offenders in this regard, but most of them went through Curtis Earl's hands as well. The true Colt Navy is of course "rare" in that maybe a half dozen have been seen or advertised in the last 25+ years. They do not need some apocryphal story to enhance their intrinsic collector value.

 

If and when you claim that you sold your 1928 TSMG for $30K, we will all be sure to chortle.

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Arthur,

 

While I agree with most of your above statement Steave clearly stated in his first post that-

 

"I am brokering an exceptional Colt 21/28 Overstamp for a customer of mine."

 

John Jr. He didn't ask 40k but he did it his way and sold it, anything else said is a waste of breath. I danm near ended up with it.

 

Bill- your entirely correct... but you knew that already... Cheers

 

Mark

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I am continually amazed at the flak people get when they try to sell their

guns. Under what guidelines and twisted logic is a person supposed to sell

at a "fair" price (according to some people) and lose $$$$. This thread is a

perfect example. Steave (who I don't know and never met) posted this gun

and was immediately set upon by the "how dare you?" group. As we all

saw the gun sold immediately. Since it sold so quickly it was probably

underpriced. Is Steave a gouger? No. Is the buyer a dope? No. If the

buyer didn't think he was getting his moneys worth he would not have

bought the gun.

Its part of life now that the internet has enabled the wealthiest

people to access the Class 3 world whereas in the past you had to

go to gun shows, etc. So now when some rich doctor, lawyer, or

dot com tycoon sees Saving Private Ryan and wants a Thompson

his idea of disposable income and a reasonable price is going to be

a lot higher than most of us. This is where all the good guns are headed.

Maybe not "fair", maybe not "right", but its happening.

I'm waiting for the "how dare you?" group to sell THEIR guns at the

under value prices they demand of everyone else....

 

My $0.02

 

Bob

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Well put Bob.

 

I don't see many Ivy League types at the WAC shows, but a heck of a lot of folks I know cruise the net. I handle the some of the transfers and just shake my head. A friend is selling one of his homes for 875k. He paid about 20% of the selling price ten years ago and he will roll that into another investment, tax free of course.

 

As for what is “too much”, I was told many years ago by a land developer that you never pay too much for something you want, you just paid too early. He told me $50 was way too much to pay for a M1 carbine, it will take years to to get that investment back. Now I'm stuck with a few dozen of the damn things. Mike was a multi-millionaire that found out the hard way you can’t take it with you when you croak!

 

I was over at the Mercedes shop Friday having my fiber data link up-dated (2 hrs@115 per hr) and watched 3 new cars getting ready for delivery. This is a dealership right next to a Taco Bell that closed up for lack of business!

 

One new delivery was a S65AMG with an out the door around 100K, I was a little set back thinking even with the MBUSA 2.9% financing its still a 3K/month payment. The salesman told me no one pays cash Not only disposable income for the nut, but to drive the kids to school in a 612 hp V-12 is really giving notice to the "hood".

 

Gold Rolex anyone? I’ll stick to my 1963 Bulova Accutron Astronaut ;-)

 

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Come on guys. This is one of those games where when you want to play, you gotta pay. Long gone are the days of $500 P-51 Mustangs. The time to have been in the machinegun hobby was late 1970's to May, 1986 when the ratio of gun prices to monthly income was at a reasonable level. Those days are gone and I doubt they will ever come back. Some people begrudge dealers for asking what they ask. Do you know how much storefront rent, insurance, advertising, travel to and set up at shows, travel to look at collections or hunting the guns down in PD's costs? Not to mention covering your own salary and benefits? Heaven forbid they should have employees to take care of with salaries and benefits. Give it a break. The guys who got into it 30+ years ago, got a great head start and the prudent ones are millionaires. Can't begrudge them that.

 

Honesty and integrity are the major points here. I've known and dealt with Steave for about 8 years and would trust sending $39,000 to him for his description without batting an eye. There are two 30+ dealers in this business I wouldn't send 39 cents to after some of the things I've been through with them on descriptions not being nearly accurate. It may be intregrity, it may be that they don't even look closely at the stuff when they get it in, - it's just another "piece of meat" to them. "Yeah, looks nice, I'm sure it's original," when it's obviously been refinished to anyone looking at it first hand. Maybe they are so old, it misses their attention (I know, I'll get older one day too....hopefully). Maybe they have so much inventory and so many demands on them.......whatever.

 

This is all a gamble. Ask for better photos. If you have reservations, ask for a return inspection priviledge. Do a contract. Contact a trusted friend who might be nearby to go look at it. Hop on a plane or jump in the car. Even if it's not quite what you expected, it will probably be worth the price you paid for it soon enough.

 

I just spent more on an MG than I ever thought I would ($30,000 to $40,000 range), and that was only because I've always wanted one, they are not getting any cheaper, and I just bought the wife a $35,000 sports car that won't be worth a fifth of its sales price in five years (or as Sol would say "worth less than your shirt"). If trends continue, the gun will be worth two to five times what I paid in five years. Even if it isn't, I still have and enjoy it and have something for my sons to have and enjoy. Anyway, I was the first "I'll take it" an hour or so after this gun posted. By the time I spoke with him on the phone the next day, there were about 5 more "I'll take it"s in line right after me. If it's a rare piece, I'll take a risk on buying sight unseen. If I don't like it, it can always go back.

 

I know this is a lot of money to some, including me, but I know people who blow $39,000 on a holiday party without batting an eye. To some, that $39,000 is a commission on a real estate deal.

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Waffen Und Beir,

 

Well put.

Before internet and digital cameras, I'd get a nice Colt TSMG in inventory and take photos of it and overnight them to a handful of collectors I knew. I always operated under the code of "the first person who commits" will get it. And I ALWAYS gave inspection privileges.

 

When Colts were going for $6500, I'd get one in and send the packet out and maybe one of the "usual suspects" would buy it. Then later on, one of the others would say: "Bill, if you ever get another one in that nice for around that price, I want it."

Well 2 years later I'd get one or two pieces in and the price was now $8500. And, sure enough, the prospect would say he'd wait until he could find one for the $6500.

 

I know one or two people who have wanted me to find them a nice Colt T-gun for over 20 years...! They've never bought one because they are always waiting until they can find the lowest priced gun. And I doubt they will EVER buy one because of that.

 

The other thing that is a legitimate concern to board members is that some of us old timers have contacts over the years who are always looking for premo condition guns and who have the funds to buy them.

 

When you have no retirement income or pension, and you are just under the medicare age (where the health insurance is at its peak) and your actual living expenses are kind of dependant upon making good profits from your labor of hunting down the guns and connecting them to the prospective buyers, it is really hard not to sell the premo stuff for the highest price it can bring.

 

While that isn't fair to the majority of board members who don't have that kind of disposalbe income, it is the law of survival for those of us not fortunate enough to have steady pension and health benefits. I have neither.

 

Put another way, if one of the board members here knew that to raise the pre-tax revenue to pay his home mortgage, health insurance, taxes, food, utilities, etc. etc. he had to buy and resell 6-8 really nice Colt Thompsons per year, do you think he would be more inclined to roll the gun to a board member for a small gain, or to find the prospect in his little black book who he knows will pay top dollar?

 

Is this wrong? Does it mean the dealer/collector who is having to operate this way should get out of buying and selling Thompsons and go bag groceries or...?

 

Or should he just not post on a "collector-type" board so that he doesn't get everyone riled up?

 

Maybe we should have to post a disclaimer that "this Colt Thompson is being sold at its highest potential value" and apologize for that?

 

The irony of it is that sometimes a hardworking family man who really likes Thompsons, appreciates their history, quality, and knows more about them than the majority of people out there every will know, will be unable to acquire them because of his economic situation. So those of us needing to make money on the guns will sometimes sell them to a guy who has more money than most of us will ever see in our entire lives. And that buyer may or may not really know much about the gun, its history, or what he actually has purchased! Is it a shame? Yes! Is it going to keep happening? Yes! Is it fair? Probably not! Is it a result of a free enterprise system and supply and demand? Yes!

 

Winston Churchill said: "Democracy is the worst form of government...Except for all the others!" (I know, technically we are a Republic not a democracy. )

 

In the relatively short time I've been posting on this board, I have recognized that there is a huge cross section of different folks who are in different economic circumstances, and who write and post things on the board in a much different way than many others. So MGbooks.com is a miniature cross section of the society we live in.

 

But that's one of the things that makes it a great board!

 

I sold a gorgeous Colt 28 Navy overstamp in July to a long time good customer for over $40,000. It never got advertised on this board. I would be willing to be you that I would have gotten all the same posts that Steave did about how overpriced it was and that it would never sell. Is it possible that if I had posted it here, it might have sold at that price to one of the dedicated collectors on this board? Yes. Did I not post it here because of the type of comments it might bring? Probably.

 

And you see that by my reluctance to post it here, I may have cut out one or more board members from even knowing about it.

So...be careful how vigerously you pressure someone posting a nice gun here. Because that person may never post on here again and that becomes everybody's loss.

 

My .02 worth.

 

 

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QUOTE (reconbob @ Oct 17 2006, 07:43 AM)
I am continually amazed at the flak people get when they try to sell their guns. Under what guidelines and twisted logic is a person supposed to sell at a "fair" price (according to some people) and lose $$$$. This thread is a perfect example.
My $0.02

Bob

Yeppers my thoughts exactly... There is always a core here that cannot let a for sale posting go without comment... Some go onto the net to search out pricing just so they can post it here with the required, "This guy must be on crack.", heading. One board member went so far as to compare WalMart profit margins to that of gun dealers..... I don't think anyone should be required to sell anything under market value* just because they purchased it on the cheap.... It seems like 50% of bandwith goes to bitching about gun pricing....

 

 

*What a willing buyer pays a willing seller.

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Dang it, I must have priced my two too low. No flames on the Thompsons, only the 42.

 

I sometimes wonder if you overprice a piece it generates more interest than an average price.

 

Ken

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Thanks Bill. Just so you know, you were not one of the 30+ year dealers I was referring to.

 

Thing is, life's not fair. I'd love to have an original FG42 or Stoner 63(A) (two of my favorite guns of all time). They are just too rich for my blood. I had an opportunity to get a couple of each a few years back. One 42 was $35K another was $65K. I just could not see putting that much in a single gun at the time. Now I realize it was a bargain (with one recently selling for $105K). I was working on a complete CG 63 package in trade. We couldn't agree on trade terms and I could not see spending $75K on it. I could have sold some guns to raise the cash, but I opted not to. Whose choice or fault was that? Mine. If I wanted it badly enough, I could have had it.

 

Had the opportunity to purchase to buy a NIB Maremont M60 in 99 for $8750. I ended up not doing so, because I just purchased a 1921 and was a little light. While talking with the owner of the Maremont, he showed me a 1st and 2 model FG42 in his collection. I made a comment about him being right place, right time. He told me that he made those right place and right time situations happen. Choices and efforts. We all make them.

 

Push comes to shove, I know of people who have gotten low interest loans to buy machine guns. The guns appreciate in value which offsets the interest, you get to lock the price in, and you get to have and enjoy them. You can sell or trade them to upgrade. It can be done.

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I was at a seminar in the late-80s at Fort Bragg. One of the speakers was Eugene Stoner, and I have to say, even if you don't like the M16, you have to admire this man as a gun designer.

 

Anyway, in the face of some criticism about the M16, he told this story:

 

The Springfield, so well-revered, served us from 1903 through 1936, say 1940. That's 30-some years.

 

The Garand, also so well-revered, served us from 1936 through 1956. That's 20 years.

 

The M14, perhaps not as well-revered, served us from 1956 through 1966. That's 10 years.

 

The AR-15, which met such criticism and resistance from everyone, was adopted as an interim measure... for a few years only, until we can standardize the SPIW, and which was to replace almost every other possible weapon for the infantry man. It was supposed to last maybe 5 years; maybe 10 years at most.

 

So Stoner, speaking in the late 1980's made the point that the M16 and its variants was even then longer in the US inventory as the infantryman's primary weapon, than the Garand and the M-14. And at that tim, the M16 was forecast to be in service well into the next (ie, this) century, making it longer serving than any other primary weapon in the 20th Century.

 

[bTW 1966 to 2006 says it has been in service 40 years, and there is NOTHING on the horizon to replace it.]

 

He concluded with a quote (I have since traced it to Patton [and to others before him]).

 

"Don't delay. The best is the enemy of the good. By this I mean that a good plan violently executed now is better than a perfect plan next week. War is a very simple thing, and the determining characteristics are self-confidence, speed and audacity. None of these things can be done perfectly, but all can be done good." - George Patton

 

My point?

 

If you're waiting until you find the perfect Thompson at the perfect price? You'll never find it. Find one that works now, even if you have to pay a premium. And buy it.

 

Marc

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Gene Stoner is a firearms "God." I had the good fortune to speak with him about a year before he died. Definitely a highlight of my life. I didn't care for the M16 at first, but as I matured, I realised what a stroke of genius the gun is. I can maintain it forever with simple tools. Easier to change the barrel on it than on an AK, MP5/HK53 or a Thompson. It is the most versatile gun around.

 

My M4 carbine and my M1911A1 will be buried with me.

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QUOTE
Waffen Und Bier; My M4 carbine and my M1911A1 will be buried with me.

 

QUOTE
OldFalGuy; I got the shovel.

 

 

That reminds me of the time I was only 2 feet away from seeing Elvis in person. You know what happened then, the damn shovel broke!

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QUOTE (full auto 45 @ Oct 18 2006, 06:56 PM)
QUOTE
Waffen Und Bier; My M4 carbine and my M1911A1 will be buried with me.

 

QUOTE
OldFalGuy; I got the shovel.

 

 

That reminds me of the time I was only 2 feet away from seeing Elvis in person. You know what happened then, the damn shovel broke!

Reminds me of the time I was with Elvis on the 28th anniversary of his untimely death.... When my buddy calls me on the cell phone to try and hook me up with a gun deal.... Those women had b-l-o-o-d in their eyes as I guess it must not be PC to talk about gun tradin at "The Kings" gravesite..... But Big E did have some nice pimped out guns on display.....

http://mail.roadfly.com/z3bigdaddy/FTDtommygun72.jpghttp://www.z3bigdaddy.com/Quickstart/ImageLib/ZHO5.63.jpghttp://mail.roadfly.com/z3bigdaddy/FTDtommygun72.jpg

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Z3 (and others),

 

Elvis loved guns and he did own NFA weapons. In fact he owned full-auto .22 Thompson.

 

He must have bought it just a few years before his death. WH started making full-autos in 1975(?) and Elvis left the building in Aug 1977.

 

And no one can for get about the .38 special that he shot his TV with because nothig good was on the tube.

 

Norm

 

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Well, guys, this gun is still for sale. The previous "buyer" neglected to inform me that his purchase of this gun hinged on his anticipated sale of another gun. His deal fell through and in turn our deal has fallen through, so this gun is back on the market.

 

Again, I have numerous pics I can send anyone that is interested. Thanks much!

 

Steave Wayman

steave@flash.net

214-265-0010

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My buddy just bought a very nice Colt at the Creek. All for under 30k. With a Bridgeport drum, 4 mint double date mags and a GF police case. Gun is a true 98% original condition. I will do some more inspecting and photos when it gets here.
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