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VW says Lamborghini Orange County stole $12M

Court documents filed by VW shed light on why Lambo O.C. suddenly shut down

 |  Jan 13 2009, 5:28 PM

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When Lamborghini Orange County suddenly shut its doors a few months back the rumors began to fly. Today the facts are only just starting to come to light after Volkswagen (Lamborghini’s parent company)  filed a lawsuit in Orange county Superior Court against the Lamborghini Orange County dealership, its affiliate in Calabasas and owners Vik Keuylian and his sisters Asdghig, Nora and Sossi Keuylian.

VW is accusing Lambo O.C. of theft to the tune of $12 million after unloading 54 of the exotic cars in just 8 days! Apparently the vehicles were sold at significant discounts and those charged in the lawsuit have yet to pay any of the funds to Volkswagen Credit Inc.

Shockingly, the 54 cars account for 8 percent of US sales in 2008 and 2 percent of Lamborghini’s worldwide sales. Interestingly, were those vehicles not sold, Lamborghni would have posted lower sales in 2008 and 2007. (2007 sales figures stand at 2,406 and 2008 figures at 2,430 units).

Lamborghini Orange County has an impressive lineup of customers including NBA stars Kobe Bryant and Dennis Rodman, although it is not clear if they purchased aany of the 54 cars in question.

The VW lawsuit is not the only one filed against the Keuylians. East-West Bank files an unrelated lawsuit against the family and Lamborghini Orange County for defaulting on a $3 million loan – presumably on the dealership itself.

Vik Keuylian also faces a lawsuit filed in Las Vegas by Stephen Cloobeck, owner of Diamond Resorts, after Keuylian received a Lamborghini Murcielago from him and never paid the $340,000.

The Keuylians have hired attorney Gubernick and a hearing has been scheduled for January 22nd. We’ll be sure to keep you updated – there hasn’t been an exotic car controversy this exciting since Stefan Eriksson crashed his Ferrari Enzo.

[Source: Orange Country Register]