De Tomaso sold to Chinese investor for $1.1M

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Just weeks after the announcement that it was sold, De Tomaso has yet another new owner. This time the famous Italian performance brand went to a Chinese group called Consolidated Ideal TeamVenture for just over a million euros ($1.1 million), around half as much as the previous transaction.

According to Europe Online, De Tomaso's Swiss buyer, L3 Holdings, forfeited its purchase when the investor couldn't live up to its financial obligations. That forced another auction, and Ideal TeamVenture was there to snap up the once-great automaker. The Chinese business was also among the bidders last time.

Ideal TeamVenture reportedly intends to use the De Tomaso name on vehicles in China. According to Europe Online, the company is based in Hong Kong but has legal status in the Virgin Islands.

De Tomaso is unfortunately far removed from its glory days of creating models like the Pantera and Mangusta, and the brand is rapidly becoming the hot potato of the automotive world after so many revival attempts. In 2009, Gian Mario Rossignolo bought the business and managed to display a revived Deauville (pictured above) as a crossover. A subsequent bankruptcy eventually put control in the hands of ATS, but that didn't work out either.

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