Transcripts For FBC Stossel 20170910 : vimarsana.com

FBC Stossel September 10, 2017

Population roughly 50,000. Right here in enid, they have the Third Largest Storage Capacity for grain on the planet. But wedged in between enids silos lies the tale of a cantankerous legend who left his grandchildren with a very strange inheritance. My name is stuart piontek, and in 2003, my brothers and sisters and i inherited something pretty unusual from my grandfather. His name was oliver jordan, and he died at 95. He was a child of the dust bowl. Grandpa would hold on to just about everything that passed through his life, whether it was a tin can, an automobile, a piece of copper wire. And oliver jordan kept it all here. For 60 years. This salvage lot was his home, his sanctuary, his fort knox. Hi, stuart welcome to paradise. I found it the rusted old cars in this shed some of them relics of the roaring 20s are a few of the more than 200 that jordan accumulated over his lifetime. Born in 1908, jordan was raised on a wheat farm. But his real interest was that fabulous new invention, the car. Grandpa was around machinery all the time, and automobiles were just beginning to happen. He got interested, and it was just a lifelong passion. Jordan grows up, gets married, and then, at 34 years old, abandons his wife and three young kids for a 16yearold girl in town. When my mother and her brother and sister were still children, my grandfather left the family for another woman. Her name was ruby, and that was quite a scandal. Everybody was hurt by it. In 1946, oliver buys a salvage yard in enid, where he and ruby live, and where he makes money selling old cars and parts. Oliver runs the salvage yard successfully for seven years. But then in 1953, he gets into a nasty argument with the town of enid over zoning and regulations two words he detests. The city came in and told him he had to put in a bathroom and do some other things, and grandpa just didnt like to be told what to do. He was just not a rule follower. Yeah, he was like, then fine. Ill close the doors. And thats what he did. Oliver continues to hoard old cars. He cuts himself off from most of his family and rarely lets another soul inside the shuttered salvage yard. Pretty much everybody in this town would drive by grandpas property and see all these old cars sitting right there. And some people they thought they were an eye sore, you know. Enid native brad waken recalls venturing over to the old mans place as a very young car buff in the 1970s. I walked across the street. It was, mr. Jordan, im looking for a starter for a continental sixcylinder engine. Do you have one . Well, after a long pause he basically said, well, its gonna be 50. Well, came back about a month later with my 50. He said, nope. 75. [ chuckles ] i learned a little bit of horse trading at that point in time. As a boy, stuart never gets to know grandpa oliver. Stuarts mom, olivers daughter, dies when stuart is only six a tragedy that separates him further from his grandfather. We would come to town to visit my grandfather, and grandpa had all these cars out in front of his property. Its like a little boys wonderland. And he had them protected with a fence and with big mean dogs. We couldnt get past the dogs. Did you ever wish that he spent more time with you . You know were you curious about him . Yeah, i was eager for the opportunity to get to know him. After his mothers death, stuart and his family move away. When stuart graduates high school in 1984, he decides to take a summer road trip back to enid. I got a Greyhound Bus ticket and went out to enid on my own. He took me over to his shop, and for the first time, i got to spend some time with my grandfather. And with all those cars. Sure, they look like heaps of scrap, but stuart comes to understand this was his grandfathers pride and joy, his collection. Its centerpiece these two depressionera cords. Grandpa had a fascination with the cord, because it was the first car that had frontwheel drive, and they had done some really ingenious things under the hood. After his high school road trip, stuart heads out west for college and then launches a successful furniture business in San Francisco. Then, in the fall of 2000, a call from out of the blue sends stuart scrambling back to enid. He opens the door [chuckles] and hes covered from head to toe in feathers. Thats next. But first, our strange inheritance quiz question. The answer when we return. Its easy to think that all Money Managers are pretty much the same. But while some push High Commission investment products, Fisher Investments avoids them. Some advisers have hidden and layered fees. Fisher investments never does. And while some advisers are happy to earn commissions from you whether you do well or not, Fisher Investments fees are structured so we do better when you do better. 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Its b, the 1925 ford model t runabout. At 260, it sold for 5 less than the 1924 model. For half a century, cantankerous junkyard owner oliver jordan accumulates hundreds of old cars, some very rare and mostly intact, but all of them rusting as he grows old. Then, in the fall of 2000, his grandson stuart gets a phone call that opens the door to a new relationship and to a strange inheritance. Ruby, his companion of 60 years, had fallen off a ladder and broken her hip, and she was in the hospital. She called worried about grandpa, because he was back at the house and he was 94 years old. And that was the open door. And it took till his 90s, really. Yeah, because of who he was. He didnt want to need anybody. Stuart hops on a plane to oklahoma, not knowing what to expect. So, here i knock on the door. Hes 64, and even at 94, he has got quite a commanding presence. And he opens the door [chuckles] and hes covered from head to toe in feathers. He and ruby had a couple of dogs, and one of the dogs had torn up the feather bed. There was something about him that still just commanded respect, even covered in feathers. Seeing oliver in such a terrible state, stuart decides to stay in oklahoma for a while and take care of his grandfather. I was getting to know my grandfather through these cars. He was so proud to be showing them to me and me experiencing his lifes work and his pride and joy. To stuart, two things become immediately clear. First, oliver knows he doesnt have much time left. And second, hes worried about the fate of those cars. At one point, he said, thank god for you. Thank god for you. And i think he was so worried about what would happen to his things. Stuarts no car expert, but he does his homework and confirms that the centerpiece of the whole collection is indeed those cords from the 1930s, the ones he remembers from his high school road trip. What did the last cord sell for . Im not sure, but maybe not more than 400 of these or 500 of these were ever made. Bestcase scenario. Im thinking bestcase scenario, restored, is probably 300,000, 350,000 maybe. Thoughts like that lead stuart down a road that will take him more than a decade to travel and cost him plenty. Just for starters, he lays out tens of thousands of dollars to ship in secure containers and build a steel Storage Building to house the most prized cars. Its his lifes work, but also if these things are so valuable, why are they just rotting away here, you know . And someone has to step in and do something about it. In august 2003, oliver jordan dies at the age of 95, leaving his enormous Automobile Collection to stuart and his siblings. The original windows that they would stick in the sides. Stuart tells me this 1924 rollin touring car is one of his personal favorites. The model was popular among bootleggers during prohibition. So, theres toggle switches on the dashboard where they would turn off the taillights if they were being followed by somebody. To hide the booze. Thats right. But these cars represent just a snippet of olivers vast collection. Ive never seen anything like this, stuart. There are so many cars. Its quite a strange thing to inherit, isnt it . Before he dies, oliver gives stuart some business advice. He said, now, dont sell all of those cars and parts all at once. You sell them one at a time. cause youd make more money that way. But after trying to sell a couple online, stuart realizes it would take the rest of his life to sell them onebyone. Turns out just getting the titles for all these old cars takes months. You had to get title to every single one of these cars . Theyre from the 30s. How do you that . Let me show you. First, you have to find the cars i. D. Numbers. Oh, my god. You can still read it well, we had to polish it off. But we were able to actually get titles for the majority of the cars. The years click by like odometer miles. And stuart keeps spending more to authenticate and protect the old cars. A lot of plane trips from San Francisco and back, too. By 2013, he says, hes invested 400,000 getting the collection primed for auction. Ready or not, its time to sell. Hey, jamie. Hi. How are you, yvette . Stuart contacts auctioneer Yvette Vanderbrink to appraise the collection. So, is stuart sitting on a pile of junk or a potential gold mine . Theres about 220 of them. Theyre mostly american cars, and theyre prewar, which is pre1942. Very rare cars, cause at the start of world war ii, they started limiting production. And you could only get one from a ration coupon. Stuart and yvette make plans for a oneday auction right here on the salvage lot. Word begins to spread about oliver jordans old treasures. Stuart soon learns thats not altogether a good thing. We arrived at the property and found someone had cut through the fence and then cut a hole in the side of this building the size of a human body, and they stole over 250 antique radiators, tons of chrome parts, a lot of nice stuff. The antique radiators alone are worth nearly 40,000. But the biggest loss for stuart is the theft of olivers rare and beloved 1904 harleydavidson, possibly worth several hundred thousand dollars. So, it really set us back, and we had to hire additional security and we had to move the auction forward. That entails some wordofmouth advertising by him and some seatofthepants hotrodding by me. You have this thing insured . Yes, i do. Oh, good thing, because theres a tree right there. Thats next. [ tires squeal ] heres another quiz question for you. The answer when we return. What started as a passion to make something original. Has grown into an enterprise. Thats why i switched to the spark cash card from capital one. Now, im earning unlimited 2 cash back on every purchase i make. Everything. Which adds up to thousands of dollars back every year. And helps keep my passion growing. In every direction. Whats in your wallet . Ah, my poor mouth breather. Allergies . Stuffy nose . Cant sleep . Enough. Take that. A breathe right nasal strip of course. Imagine just put one on and pow it instantly opens your nose up to 38 more than allergy medicine alone. So you can breathe, and sleep. Better than a catnap. Shut your mouth and say goodnight, mouthbreathers. Breathe right. So, which of these deceased celebritys cars sold for the highest bid at auction . Its the actor steve mcqueen. In 2013, his ford gt40 sold for 11 million. Stuart piontek is racing to auction off his strange inheritance hundreds of vintage cars. His grandfathers lifelong obsession has become stuarts own. Hes invested 13 years and 400,000 in the collection. I catch up with him at the hot Rod Association rally in oklahoma city. Hi, my name is stuart. Did you know my grandfather . While stuart works the crowd, im gonna see if i can get behind the wheel of one of these soupedup automobiles. How are you doing . Hey, im jamie. Hello, jamie. How are you . Hello, im steven. Tell me about this car. Well its a 37 chevrolet, so its 77 years old. So, ive had it quite a bit of its life. Part of the family. Yes, it is. Oh, my. Ive just gotten the keys. We can do that. Lets go. All right. You have this thing insured . Yes, i do. Oh, good thing, because theres a tree right there. All right. Hold on. Whoohoo now were talking [ tires screech ] this would work for me in new york. Auctioneer Yvette Vanderbrink is here, too. So, yvette, you know, you see these shiny red cars, and, i mean, you can tell there must be some value here. But some of them look like junk. But theyre not . No. Theyre not junk. You know, its a different trend in the carcollecting hobby now. That trend is called patina. It refers to the factoryoriginal paint that shows the ravages of time. Some car collectors relish that vintage, barnfind look and spray a clear coat of varnish on top to preserve it. That could be good news for the rarest cars stuart has those two cords from the 1930s. But if youre like me, youre wondering what they might look like restored. I didnt have to go far to find out. Remember brad waken, who once tried to buy a starter from old oliver jordan . Hes now a cord aficionado. Hes spent over 30 years restoring this cord. Its a stunning example of what a cord looks like in all its glory. We went through the engine, we painted it, we fixed the interior. Its something that we looked at restoring history and not just putting on a nice paint job and chroming everything. [ indistinct p. A. Announcement ] [ auctioneer calling ] on june 7, 2014, its finally the big day of the auction. Were gonna have fun and were gonna book and i just killed 10 minutes. Auctioneer Yvette Vanderbrink welcomes a crowd of at least 300 people. Hope i covered everything for you. All right . Stuarts sister starla crosses her fingers. Its been a lot of hard work. I hope that stuart just at least he gets back what hes put into it and that my other siblings, that what theyve put into it, they get back. All right, guys this was one of mr. Jordans favorite vehicles. Stuarts put in 400 grand. Will he get it back . 35,000. I have 40,000. 40,000. Thats next. Today, were out here with some big news about type 2 diabetes. You have type 2 diabetes, right . Yes. So let me ask you this. How does diabetes affect your heart . It doesnt, does it . Actually, it does. Type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. And with Heart Disease, your risk is even higher. You didnt know that. No. Yeah. But, wait, theres good news for adults who have type 2 diabetes and Heart Disease. 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