The Sad Story Behind 11 Forgotten 5-Series BMWs
Last week a story about 11 forgotten BMWs in Bulgaria broke the petrolnet. TLDR: In an abandoned warehouse in Blagoevgrad, Bulgaria, eleven brand new 5-Series Beemers from 1994 (E34) with zero miles on them have been found.
The rumor mill started working immediately... How? Why? How much?
Here is what happened
According to Milen Milanov, founder of BMW Bulgaria fan page, the story dates back to 1994, when a Spanish dealer was facing bankruptcy and had to sell out the remaining carr no matter what. A Bulgarian investor saw the chance to acquire 186 brand new 5-series for a 'very good price'. There were even a couple of rare 525ix models, of which only 2272 were produced. In the meantime, Bulgaria decided to to implement a Value Added Tax starting with a fat 20%. That raised the prices of vehicles considerably and the expected 'super deal' never came through.
Since then around 175 cars were sold until 2016 when a group of BMW enthusiasts found the remaining eleven in a wet storehouse with deteriorating ceiling in Blagoevgrad. Ten sedans and one estate - all of which are lower tier 520i and 525i models. No sing of 525xi.
From the pictures, its clear to see that all the found vehicles are in need of a full paintwork. Besides that, a lot of parts and equipment are missing from some of the cars, because they were maybe used as “part donors”. There are a lot of broken windows because of the falling objects from the deteriorating ceiling.
And the future is bleak too
The vehicles are without proper documents, duty, VAT etc, and therefore with the new legal regulations can not be registered as new, they do not match any euro certificates and norms.
So the sad truth is, there will never be an auction. The collector’s value of these cars is relatively low, having in mind the huge production numbers of each found model. Still, these eleven cars are lost treasure for any E34 fan, and I'm sure their story is just begging.