Selling your books, but retaining possesion for life. 2 2

[shadroch]

Evidently, that is what our Ian Levine did with his legendary collection.  What an interesting idea. Get the money for your collection today, but the buyer doesn't get the books until you pass.  A sort of reverse mortgage.  You get your hamburger today, and don't pay until you are dead. 

[jcjames]

What if the buyer dies first? 

 

[revat]

On 8/15/2022 at 2:36 PM, jcjames said:

What if the buyer dies first? 

 

murder investigation.

[KCOComics]

On 8/15/2022 at 5:03 PM, shadroch said:

Evidently, that is what our Ian Levine did with his legendary collection.  What an interesting idea. Get the money for your collection today, but the buyer doesn't get the books until you pass.  A sort of reverse mortgage.  You get your hamburger today, and don't pay until you are dead. 

Seems like a perfect deal for Ian. Seems like a terrible idea for the buyer, unless he's getting an extraordinary discount. 

[MattTheDuck]

Buyer should have just used Rally Road.

[shadroch]

On 8/15/2022 at 6:29 PM, KCOComics said:

Seems like a perfect deal for Ian. Seems like a terrible idea for the buyer, unless he's getting an extraordinary discount. 

It sounds like it was deeply discounted. It wouldn't make sense otherwise.

[Buzzetta]

But are the wheels still in motion?

[Krismusic]

On 8/15/2022 at 8:42 PM, revat said:

murder investigation.

Best answer! 

[Krismusic]

It would be a no go for me what if the book became damaged later on before taking possession… is there a refund policy maybe??

[KirbyTown]

On 8/15/2022 at 4:03 PM, shadroch said:

Evidently, that is what our Ian Levine did with his legendary collection.  What an interesting idea. Get the money for your collection today, but the buyer doesn't get the books until you pass.  A sort of reverse mortgage.  You get your hamburger today, and don't pay until you are dead. 

And you get to not enjoy it while the value declines. What a mess that contract looks like I bet. I guess you're the owner and he's the manager? No idea.

Edited August 16, 2022 by KirbyTown

[KCOComics]

On 8/15/2022 at 11:17 PM, shadroch said:

It sounds like it was deeply discounted. It wouldn't make sense otherwise.

I guess another way to look at it is, there are many books in Ian's collection I would simply never be able to own. 

I know his AC1 and Tec27 were low grade, but still...  And think of all the other incredible books. Pre Robin Tecs, the early Actions, AS8... The list goes on and on. 

So, if you could make an ironclad deal that you could buy all those books for a price you could afford today, but you wouldn't get them for 20 to 30 years, would you do it?

It's at least worth considering. I would want lawyers involved and expect a full refund if they were damaged while not in my possession. 

[KirbyTown]

On 8/16/2022 at 5:24 AM, KCOComics said:

and expect a full refund if they were damaged while not in my possession.

I think that's of key importance, and possibly an advantage over other investments actually. You can own slivers of a company and be forced to watch some insufficiently_thoughtful_person drive it into the ground, all while you're be unable to get out without penalty (or at all)

[shadroch]

Thats what you have insurance for.  You insure the collection as if it is stored off- premise. 

I don't think this is a deal for lawyers. This was done between friends.  Ian was supposed to retain possesion for his lifetime but got disgusted when DC revamped for the zillionth time and gave them up early.

My Aunt was negotiating with her nephew to buy her house but give her lifetime living rights. I suspect it was an attempt to keep her assests from medicare if she ended up in a nursing home, but she died before the sale was done.  I know nothing of UK tax law, but it is possible a sale like this would reduce the estate tax that will eventually be owed. I get the impression Mr Levine has significant resources so estate planning makes sense.