From the first time I heard this it just screams ‘buyers remorse’.
It was purchased by a dealer. Dealers work not from a sense of love, but from a sense of profit. They paid $1.5 mil and 3 years after the purchase they obviously have not been able to sell it.
The flooring costs for a $1.5 mil car is thousands of dollars a month. (meaning that it needs to appreciate that much each month just to stay even) The celebrity thing is diminishing every year that Jerry is no longer on TV.
Suddenly the dealer/buyer realizes that their purchase was not going to be a ‘quick flip’ and instead is a huge depreciating asset. The only way out of this mess is to get the seller take it back and get your expected profit from the courts.
And YES if you are a 100% qualified buyer at the million dollar plus level, any auction house will work with you to arrange for a very through inspection. (sometimes months before the auction) BUT these inspections are NOT casual and are not done on site and certainly not on the day of the auction.