Mulock Warns Of Risks In Numberplate Trade
Sydney Morning Herald
Monday September 28, 1987
Dr Geoffrey Edelsten may have some of the spunkiest number plates in town but the Minister for Transport, Mr Mulock, has warned the public they are not likely to be worth the $500,000 he is trying to sell them for.
When the flamboyant medical entrepreneur filed his claim for bankruptcy last week he listed his main assets as 20 personalised number plates worth$500,000, including SWANS for $50,000, SEXY for $50,000, and SPUNKY for$25,000.
But yesterday Mr Mulock cautioned the public that they should not have false expectations about the trading price of custom number plates following Dr Edelsten's claims.
He said he had been advised by the Department of Motor Transport that the re-sale price of a lease on custom number plates averaged around $480, with the maximum price so far recorded and advised by the Department of Motor Transport being $1,250.
People who bought custom plates did not buy them outright. The holder of a custom number plate had to pay $240 annually to renew the lease.
Mr Mulock also said that the Commissioner for Transport could re-claim the plates at the end of the 12-month lease period.
Meanwhile, Mr Mulock made a push for the public to buy one of the DMT's Bicentennial number plates yesterday for $29, or a custom-made Bicentennial plate, with specific numbers, for $100. They will be available from October 12.
© 1987 Sydney Morning Herald
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