Big Money Lost on the Sale of this 1996 Corvette Grand Sport

While compiling results for the Vette-N-Vestments upcoming monthly market letter, we did a double take when we saw the sales price for this 1996 Corvette Grand Sport.

Quickly, I reached our friend, Grand Skunkmaster, John (Hutch) Hutchinson owner of the Grand Sport Registry. He reminded me that this car sold at Mecum Kissimmee in January of 2015 for a staggering $79,200 including buyer’s commission. The latest sales price from Bonham’s Greenwich Concours D’Elegance auction in June 2018 was $29,120, A whopping loss of $50,080!

Yes, It was a desirable Grand Sport with the rare red interior, Zora Arkus Duntov signatures, and 2,100 miles.

What happened here? Maybe the buyer at Mecum thought that it had only 21 miles? Possibly he overvalued the red interior or the autographs? The car description indicates that it was from a deceased estate (meaning the owner who paid $79K had passed away when his car was sold for $29K). We will search for more data.

So one might ask, what is the real value of this car? To answer this question we turn to the experts at the Grand Sport Registry who tracks virtually every GS that comes to market.

The closest comparable prices are the following for a 1996 Grand Sport Coupe with Red Interior:

*= Bob McDorman Collection with buyers premium.

Based on recent sales, We value Grand Sport #42 at $50,000. In our opinion, someone got a great buy at about $20,000 under market value! Once again, and as usual, Miles are just about everything on these cars and we see the market trending up.

From the Bonham Auction Catalog comes this description of the Grand Sport Coupe:

*From a Deceased Estate
*One of only 810 Grand Sport Coupes built
*Only 2,100 miles from new
*The Corvette C4’s swan song
*Rare, Red and Black leather interior

Introduced in 1984—after a one-year model hiatus—the C4 Corvette modernized Chevrolet’s halo model and brought it out of the emission-choked doldrums. Entering the digital era with a host of new electronic features—including a digital dashboard—the C4 would carry Chevy through the 1980s and early ’90s. The 1 millionth Corvette built was a C4 and the introduction of the ZR-1 brought the Corvette back to the top of the performance roost, a place it had not really set since the late 1960s.

For its final year of production in 1996, Chevrolet introduced a special model to help the C4 go out with a bang prior to the introduction of the new-for-1997 C5. Named Grand Sport in honor of the five lightweight Corvette racers than Zora Arkus Duntov designed in 1963 prior to The General’s official exit from motorsport, the C4’s swansong was a limited-edition of 1000 cars. Painted “Admiral Blue Metallic” with a wide white stripe up the center and pair of red hash stripes over the right front wheel, there was more than just paint to make this model special. Under the hood, a massaged LT1 V8, now called the LT4, was made to produce an extra 30 ponies and power was funneled through only one available transmission—a 6-speed manual.

This example of the Grand Sport is number 42 of 1000 (total, including convertibles) examples built. While most of the Grand Sports came equipped with a black leather interior, this is one of 217 fitted with the optional Red and Black leather interior—and one of just 86 to have said interior and the desirable, optional Z51 handling package.

Delivered new to Michigan in October 1996, this car had covered just over 2,100 miles since leaving the Bowling Green, Kentucky factory. Spending the bulk of its life in Chicagoland, this Grand Sport was acquired by its last owner in January of 2015. Early in its life, Zora Arkus Duntov signed the front license plate insert, dash plaque, owner’s manual, and sales brochure that accompanied the car.

This Grand Sport Convertible is a great opportunity to acquire a barely used example of one of the most refined fourth-generation Corvettes for a fraction of what it cost new.

Source:
Bonhams
Grand Sport Registry

Related:
[STOLEN] 1996 Corvette Grand Sport Stolen in Suffolk England
[GALLERY] The Corvette Grand Sport Reunion at Corvette Funfest 2016 (47 Corvette images)
Chevrolet’s 2017 Corvette Grand Sport’s Website Points to Future Offerings