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HOUMA, La. -- In the two years since the Terrebonne Parish Sheriff's Office confiscated a 2005 Maserati Quattroporte from a drug dealer, it's been driven 3,000 miles and dropped nearly $50,000 in estimated value.
Now it's up at auction, with sealed bids due Thursday morning.
When it was seized, Sheriff Vernon Bourgeois estimated its value at $80,000. Last year, he said he was hanging onto it in hope the economy would improve and the luxury item might sell for more.
John Dewar, sales manager for Auction Direct USA in Jacksonville, Fla., tells The Courier that model is averaging $30,800 at auction. He says generally, only classic or rare models gain value over time.
Bourgeois says he doubts an earlier sale would have brought more. The former owner recently pleaded guilty in federal court.
Now it's up at auction, with sealed bids due Thursday morning.
When it was seized, Sheriff Vernon Bourgeois estimated its value at $80,000. Last year, he said he was hanging onto it in hope the economy would improve and the luxury item might sell for more.
John Dewar, sales manager for Auction Direct USA in Jacksonville, Fla., tells The Courier that model is averaging $30,800 at auction. He says generally, only classic or rare models gain value over time.
Bourgeois says he doubts an earlier sale would have brought more. The former owner recently pleaded guilty in federal court.
