I had heard a few years ago that he had a huge Lionel collection. He then fell on tough financial hardships and sold some, but today I read that among the items his ex-wife took from his house was his train collection. Just wondering everyone’s thoughts especially since his ex-wife seems to be trying to make all she can before a judge steps in.
Depends, if the sale of said objects didnt represent a legal violation of estate laws, would I buy Gary’s trains? If they were fair market value, Yes. If they were marked up way over market value simply because they were celebrity owned? Nope.
How would you know?
Years ago I met a fellow who was liquidating his trains at attractive prices just to keep them out of his wife’s hands. Since I had no reason to beleive that what he was doing was illegal, I purchased an item from him.
Yes … if they’re for sale now at great prices … I myself did’nt consider him a celebrity … just a fallen actor … remember he was working as a parking lot security guard for a bit above minimum wage just recently .
With all due respect, I have serious doubts as to Gary Colemans ability to own a nice collection of Lionel trains, he could barely meet daily expenses. I hope I’m wrong.
First off, I’d have to agree that I wouldn’t buy his trains for an inflated value just because they were Gary Coleman’s trains. I’d only pay fair market value, but I’m an operator, not a collector. Second, I’d have to disagree with the notion that he wasn’t a celebrity, even if his celebrity had faded. You could still say the name “Gary Coleman” and people know exactly who you were talking about, or would give you a “whatcha talkin’ about, Willis?”. Even if he wasn’t successful in his last years, he was still a celebrity. I guess I feel compelled to defend the guy because the Arnold character he played was an icon of my generation. I’m not sure how you go from that to being a security guard, but it’s sad either way.
While a Gary Coleman memorabilia collector might pay a premium for his trains, I don’t think there are many Lionel collector’s who would. Not that I have anything against him, it’s just that he was not an important figure in the toy train world, as Richard Kuhn or Mike Wolf, or Josh Cowen are.
How much of premium would one put on something owned by Frank Petitie, with documentation?
Interesting question. For me, I would focus on the trains themselves rather than the owner.
Side comment: I wonder if we were in Mr. Coleman’s apparent financial position and, really “loved” our trains, would we try anything to ‘make ends meet’ before giving up our trains. [%-)] Tough decision.
Not really. Shortly after I graduated from college, I needed some quick cash to pay some bills. I sold a 1950’s “O” gauge passenger set to raise the money.
I would still be interested to know what he had. I would like to know what kind of railroad influences he had in his life that guided his choices. Was he a TCA or LOTS member?He was sort of a kindred spirit. As far as buying his stuff, I probably wouldn’t.
George
With this economy I probally wouldn’t buy anybody’s trains. The issue of wether somebody can sell something is a tough legal question and the seller should have to answer for that and not the buyer in my opion.
If the trains that Gary Coleman had were reasonably priced I might consider buying them, provided that I could afford them. I liked Gary Coleman as a child actor, but I didn’t keep up with his career that much.
Lee F.
Alot has been made of his ex in the news… She took his truck, and other items immediatley after he died… among the list was the trains… that’s what got me to thinking about this situation… for all we know he bought those trains when what General Mills owned Lionel (can’t remember if that was the company but they aren’t as nice as the older ones) She obviously thought they were worth something that’s why she took them. I don’t consider myself morbid… but curiosity got the best of me… on a side note Gary and Screetch were at my old place of employment a few years ago (I worked at a tv production house) and Gary was really nice … Screetch was a total a-hole … you remember Screetch from Saved by the Bell?
Rob,
Since you knew him, did the two of you have any conversations about trains i.e. how did he get into the hobby, what were his main interests etc.
George
Sinatra … Yes! Coleman … No (or anybody else who has passed before his time). When shopping at a meet such as York, if a seller starts giving me a sob story about an item I usually elect to pass, as a matter of general principle.
Coleman’s lawyer was on one of the talk shows last week and he stated that Gary had a large N scale layout that took up most of the basement in his house.
Well there you go … Bill cracked the case…
I didnt get a chance to meet Gary… only the crew assigned to the set that day. I wish I had though.
Well, Gary Coleman is dead now.
If he left a will, it must be turned into Probate Court in the State where the death is. THEN the will must be decided to be valid or not.
Someone will apply to become the executor of estate if the will appoints one great. If not, the Court will recieve applications from next of kin to be appointed executor. If none apply then the Court will decide to appoint one.
EVERYTHING must be counted, inventoried, Bills paid off, utilities settled, property and real assets must be tracked down and notices places in for a limited time (Usually 5 months or so) so that creditors may claim against the estate.
The Executor (Whoever it is…) Should they gain acceptance by the court has much to do and they decide what happens to everything according to the laws laid out.
Nothing moves or is final until after the Probate Court is complete which could take 6 months? One year? Two years or more.
Only then will Heirs will recieve what is left.
I think one of the questions to be decided is if Gary was single, divorced or married when he died. Once they decide that, then they will go over what happened after the death.
Body burial, arrangements etc is the easy part. The Probate is the one part no one really wants to deal with. Will or no will.
If there are any trains sold off, they will be inventory, recorded with whatever they sold for and turned in a list to the court along with all other assets that are disposed of.
If Gary is married, everything goes to the spouse usually. If divorced? Well… that is a bucket of worms.
As far as trains being bought and sold, one can argue that estate sales turn up on ebay all the time for example when someone finally dies after holding onto out of production brass engines or whatever for 40 years causing a sort of blood fest among cash rich sharks.
If the estate is a bunch of plastic tyco or AHM crap then most likely it will end up in the dumpster somewhere.
I wouldn’t buy Gary’s trains for the following reasons: 1. There is no established price for his trains over and above the going price for trains offered for sale by anyone else. This could make it difficult to sell the trains at a premium in the future. 2. It is difficult to prove authenticity in this situation. How can you really prove that Gary owned the trains? Same problem with a 55 Chevy with “matching numbers.” Many counterfeit 55 Chevys have been built. Bruce Baker
Bruce…are you insinuating that there are not twice as many large block 1965-1972 Corvettes out there with matching numbers than were originally manufactured? [:O] [:D]
Jack
Jack, The problem it is difficult to get an accurate count. I think collecting cars is a lot like collecting trains. I am an operator of trains and a driver of cars. I have no desire for driveway jewelry. I like to see steam engines running not sitting in a museum. Ditto cars and toy trains. Bruce Baker