Craig Gore’s racing cars auctioned

Will Power's 2007 Indy Car sold for $24,000.

Inset: Craig Gore

THE final remnants of Craig Gore's multimillion-dollar business empire — two old racing cars — went under the hammer for a little more than $52,000 yesterday.

The sell-off, which took place in a dusty industrial shed at Carrara, punctuated the dramatic reversal of fortunes for the colorful Gold Coast businessman, who last year averted bankruptcy despite debts of $495 million.

The cars were among three collectables owned by Mr. Gore who was one of Indy's high-profile team owners and worth more than $210 million before his property business hit the skids in 2009.

Will Power's 2007 Indy car created the biggest buzz among the bidders who gathered at Lloyd Auctions at Carrara yesterday.

Bidding began at $10,000 for the car which would have cost close to $1 million to build in its heyday.

The Indy car went for a song to an absentee Queensland bidder for $24,000. The engine alone was said to be worth about $60,000.

Another Gore treasure, Craig Lowndes' 2002 V8 Supercar, may have seen better days but it paid marginally bigger dividends for creditors by going under the hammer for $28,500.

Mr. Gore could not be contacted for comment. Goldcoast.com