Luxury Fire Sale
Reporter: Marguerite McKinnon

If the best humour is pathos and timing, here's a joke that's a definite sign of these times: What's the difference between a pigeon and a Stock Broker...a Pigeon can still leave a deposit on a BMW.

Indeed, the credit crunch has left stock brokers and financiers reeling in its wake... battered, bruised and broke.

Most of those stung have been the rich and when the going gets tough, the rich start selling...casting off the hoardings of their wealth for a song...which means luxury items are being off loaded for a fraction they were bought for.

The pain is etched all over the faces… stockbrokers, financiers, developers, speculators... 3 weeks ago they all watched as their world began crumbling around them.

With the United States, Europe, and Japan falling into recession, we wonder if this cloud of despair has a silver lining?

Its Australia's biggest Fire Sale, the offloads of the rich and desperate.

Everything must go, BMW's, boats, benz's, jet ski's, champagne items at beer budget prices.

The Credit Crunch has left those Fat Cats with plenty of debt and plenty of assets to try and sell. Now, the trappings of wealth sit caged in the hands of the receivers, all awaiting one thing - your bid.

So, if you've ever dared imagine a Porsche sitting alongside the Commodore, or even parking a boat or jet ski next to the Cortina, then watch on...dream on.

And nothing says that like a BMW. One BMW 330, 2005 model, worth $90,000 is now being cleared for $35,000.

A $100,000 CLK Convertible Mercedez Benz, straight out of liquidation is expected to go for less than $20,000.

Here's one for the Soccer mums - a BMW X5 2007 model sold 12 months ago for $150,000, less than a year later, all yours for $70,000.

A 24 foot Searay boat, normally $150,000, now $70,000.

You can find these idle symbols of status on GRAYSONLINE.COM.AU. The online auction house have been charged with selling many of the repossessed and liquidated assets for finance companies reeling from the financial crises.

Mark Keow, Director at Grays Online says: "In the last week we've seen a 20% increase in buyers over 100,000 more views, coming to Grays online. So the consumer is seeking out the smart value buy pre-christmas.

Some of those buys include a 320 Charcoal coloured BMW - $70,000 new, now $35,000.

If you're the type that refuses to drive a BMW, this 2003 Model V8 Holden Caprice, worth $80,000 is now selling for $18,000.

A Porsche 911 C4S 2008 was bought earlier this year for $260,000, less than 6 months later, half price at $180,000.

"A great example of the boys toys are the Sidu wave runners, generally we'd expect them to sell for $5000 to $10,000 - significant saving off what you'd expect elsewhere."

Nothing says excess like a spa on a boat. This legendary luxury speed boat with the subtle moniker: AWESOME is a legendary by product of the greed is good era of the 80's. Once owned by Hamilton Island founder, Keith Williams, its now collateral damage in the wake of the recent crises.

Desmond Last from Sydney Boat Sales has the job of selling it for the receivers.

Car dealer, Andrew Lyall says Mums and Dads take note, your first luxury car purchase awaits.

This Fully optioned BMW X5 was $135,000 new 3 years ago - today $46,000.

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