Thirty Dubai stock cars available for sale

Vehicles, part of stalled MotorCity project, up for sale in single $1.5m lot.
Thirty Dubai stock cars available for sale
CAR SALE: The 30 stock racing cars will be sold in a single lot. (Getty Images - for illustrative purposes only)
By Elsa Baxter
Sun 15 Aug 2010 08:16 AM

Thirty stock racing cars, owned by Union Properties, are up for sale on a website specialising in unique lots, the National reports on Sunday.

The vehicles, able to reach speeds of up to 225kmph, are available in a single lot on the site, whose owner hopes will go for $1.5m, the paper reports.

The sale is being conducted as a “private treaty sale”. There is no deadline, but Will Hancock, the operations manager for the website, told the paper it would be held in the next few months.

The cars are being stores in a warehouse at the Dubai Autodrome. They were purchased by Union Properties as part of its Speedcar International racing series, launched in 2008.

According to the report, Speedcar International folded with liabilities of AED153m after pressure from the real estate downturn and tighter liquidity put the firm under pressure.

The races were part of the Union Properties’ MotorCity project, which was put on hold last year.

Union Properties spokesman confirmed the liquidation to the paper but declined to comment further.

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