- Andreas Pohl, CEO of billion-dollar German insurance company Deutsche Vermoegensberatung, is suing car dealer Coys of Kensington, The Telegraph reports.
- In legal documents obtained by The Telegraph, Pohl's legal team alleges that Coys sold Pohl a rare Porsche for £390,000 (over $500,000), ensuring that it was authentic but not disclosing to him that it had been rebuilt with inauthentic parts.
- Pohl purchased the Porsche without having it inspected, according to The Telegraph, and Coys has denied his claim that they did not adequately disclose the "unsafe" condition of the car.
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A billionaire car enthusiast splashed out £390,000 (over $500,000) on a vintage Porsche before seeing it - and now, he's experiencing some serious buyer's remorse.
As reported by The Telegraph, in October 2018, German insurance billionaire Andreas Pohl bought what he thought was a rare Porsche 911 Carrera RS 2.7 from upscale car dealer Coys of Kensington. Pohl bought the car without inspecting it in person because, as a legal representative for Pohl wrote, he was told by the dealer that the Porsche was an authentic vintage model and "very good." It all went downhill, however, when Pohl finally inspected the car.
The billionaire alleges in legal filings obtained by The Telegraph that, upon fully examining the Porsche, he saw the car had been rebuilt, with inauthentic parts, corroded brakes and axles, and a leaky steering system. It is, Pohl claims in his lawsuit, ultimately unsafe to drive.
"In telephone conversations on 27 and 28 October 2018 between Mr. [Michael] Haag, acting as the agent of the defendant [Coys], and Herr Wolf, acting as the agent of the claimant [Mr. Pohl], the defendant further represented to the claimant that the condition of the car was 'very good'," Pohl's claim states, per The Telegraph. "Prior to the claimant's purchase of the car the claimant, as the defendant knew, did not inspect the car or arrange for any inspection of the car ... The claimant purchased the car in reliance upon and induced by the representations."
Legal filings from Pohl's team contend that Coys falsely told Pohl that the car was "very good" in order to convince him to buy it, despite the fact, according to Pohl, that Coys knew the car had well deviated from its original classic stature. Pohl claims that he requested Coys refund him his money and states that the dealer agreed to do so - but that they've yet to deliver on this promise.
The Telegraph reports that Coys denies agreeing to Pohl's return of the car or agreeing to return his money.
Pohl is suing Coys, seeking a legal declaration that he did in fact reject the car and is entitled to his money back. As reported by The Telegraph, Coys is expected to fight the suit and deny it misrepresented the terms and conditions under which the Porsche was sold.
In its defense submission, Coys said that Pohl had signed a declaration acknowledging that the Porsche was a collector's item with parts possibly replaced. The dealer also claims that Pohl was offered the opportunity to inspect the vehicle in person before purchasing and that Pohl opted not to do so.
Neither Coys of Kensington or Pohl immediately responded to a request for comment from Business Insider.
