i'm jamie colby. remember -- you can't take it with you. >> they're cars you never heard of. >> he liked to buy unique cars -- kissels, grahams, overlands. he always used to say, "i don't want to meet myself on the road." >> it's a great hobby. keeps you out of the beer joints. >> do you have your foot on the brake, teacher? just in case? >> i haven't jumped out yet. >> these heirs hit a fork in the road... >> so that is a point of contention. do you donate cars here? do you have an auction? >> it's really tough to get every sibling on the same page. >> yeah, i'd say we're no different. >> ...until they hear an emotional voice from the past. >> when we go by his gravesite, he's probably on high spin mode up there. >> it's just money. can't take it with you.

>> i'm jamie colby, and today i'm cruising through boone county, iowa, smack dab in the middle of corn country. i'm here to meet the heirs of a man who left behind dozens and dozens of "orphans." orphan cars, that is. so, what's an orphan car? you're about to find out. >> my name is jerry quam. my father, grant quam, liked to collect orphan cars, which are cars that were manufactured by companies that are no longer in existence today. many of these are rare cars of which there's only a few known to exist. >> i meet up with jerry and his brother john at this modern, climate-controlled barn. what's in the barn? you got tractors, you got horses? >> something better. >> better than that? >> you're gonna love this. >> whoa.

i am in heaven. did you know i love cars? >> i've heard a rumor. >> this is an incredible collection. you inherited this? >> our father's collection. >> i imagine there's a great story behind these cars. >> each and every one. >> these car stories begin right up the road in roland, iowa, where john and jerry's father, grant quam, grew up in the 1920s. >> why was your dad so passionate about cars? >> he grew up on a farm and they were pretty poor, but he'd see people coming into town driving around in these fine cars, and that got him excited about it. >> while grant may not be able to afford these fancy cars, he sure can fix 'em up. >> he had a real knack for fixing things. he was just fascinated with machinery and cars. >> soon enough, the budding mechanic is running a little repair operation out of the farm corncrib. and when he's a teen, grant finally figures out a way to buy

his first car -- using his school lunch money. so cars were more important than food. >> that's probably true. >> when the great depression hits, it devastates farm country and grant's family. >> his father -- they lost the farm and stuff. you know, when he left home, everything he owned was in a shoebox. >> at the same time, hundreds of car manufacturers are losing it all, too. in the early 1900s, nearly 1,800 companies are in the carmaking game. and as late as 1925, some 237 remain. but the depression wipes out a great many of those, with some luxury brands hanging on only to collapse after world war ii. >> cars like the pierce-arrow, peerless, and packard, you don't hear of any of those today. they're all gone. >> so an orphan car is a car with no parents. >> yeah, that's basically right. >> so when grant reaches his mid-50s and starts seeing some real-estate investments pay off,

he's finally able to track down those orphan cars that fascinated him in his youth. >> there's not a lot of fords or chevys. he liked to buy unique cars. he always used to say, "i don't want to meet myself on the road." >> grant's not likely to meet himself on the road driving one of these. not only are his cars from unique manufacturers, many of the particular models are extremely rare, too -- like this 1936 pierce-arrow roadster. >> there's maybe fewer than five that are known to exist of that car. >> i'm totally loving the paint. is it also unique? >> the guy he bought it from liked butter-nut coffee, so he painted the car to look like the butter-nut coffee can. >> grant's 1925 kissel gold bug, made popular by amelia earhart, is just as rare. can i get inside? >> absolutely. >> i'm gonna try to slide in. [ grunts ] wow. you had to be petite.

not so graceful. i could drive this. now you guys know what i like, okay? some of grant's finds are so uncommon, they were thought to have vanished long ago. >> this is a 1934 plymouth phaeton. when he first bought this, a lot of plymouth people here in the u.s. claimed that the car didn't exist. >> what? >> and they said that it was false advertising on the car. but finally, after some background checks, it turned out to be the real deal. >> and here's another rare phaeton, this one supposedly built at the 1934 world's fair in chicago. grant's orphan cars even become the focus of segment on a local public tv program in 1999. did you see the pbs clip when it aired? >> i did. it was a show that they were doing at the time in iowa that was about people had unique

collections. in 2007, grant passes away at the age of 91. >> was he specific with you, jerry, and your family about what he wanted you to do with the cars? >> he never really approached it when we were alive. he never really talked about that. >> do you wish he was more specific? >> yeah, in some ways it would have been better. >> six years later, when their mom, betty, dies, grant's four children -- now "orphans" themselves -- still haven't settled on a plan for their strange inheritance. >> so that is a point of contention. do you donate cars here? do you have an auction? every family has their differences. some want to do this, some want to do that. >> the oldest sibling, john, wants to keep the collection intact. the youngest, jerry, who's gone into collecting, leans that way, too. but the other two siblings, jim and marilyn, don't have the same emotional connection to the cars and would just as soon

sell them. >> we're all pretty independent people. >> that's hard. >> absolutely, it's hard. >> and it won't be getting any easier -- because while grant had plenty of beauties like these, he left behind even more like this. >> i thought, "oh, my gosh, what have i gotten myself into this time?" this was like entering a crime scene almost. >> a crime scene?! we'll walk it, next. >> but first... the answer when we return. (phone ping) gentlemen, i have just received word! the louisiana purchase, is complete! instant purchase notifications from capital one . technology this helpful... could make history. what's in your wallet? the things we do rising before dawn.

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in patients with sickle cell disorders, serious, sometimes fatal crises can occur. the most common side effect is bone and muscle ache. so why go back there? if you'd rather be home, ask your doctor about neulasta onpro. >> there never was an airmobile. o-we-gos were produced in owego, new york, american chocolates in a chocolate factory, and a car without a name thought owners might prefer to title their models themselves. >> grant quam's passion was tracking down orphans -- rare and unusual cars from now-defunct automakers. can you rattle off for me some of the rarer cars in the collection? >> 1925 kissel gold bug. 1911 and a 1913 overland. 1913 studebaker.

pierce-arrows, grahams. >> he gathers over 80 unique models, such as this 1920 peerless roadster. >> it was one of the most original cars he's ever bought. it still has the original radiator hoses. they're white because that was the natural color of rubber, and they started to color rubber black later on. >> after grant's death in 2007, his heirs are torn about what to do with their father's unique car pool. do they sell? keep? donate? >> you know, i find, with inheritances, it's really tough to get every sibling on the same page. >> yeah, i'd say we're no different. >> but before any decisions can be made, the family needs to know what the cars are worth. for that, they bring in appraiser jim mcdonald from des moines. he learns grant's hoard of automobiles is spread out among three locations, and not every car looks shiny and new.

this machine shed is jam-packed with grant's junkers, barn finds, and project cars. >> when i first walked into it, i thought, "oh, my gosh, what have i gotten myself into this time?" this was like entering a crime scene almost. a lot of these cars had been sitting for 10, 15, 20 years. this looks like it was last driven in 1956. >> these cars are worth a little, maybe a thousand -- more if they get fixed up. a second building holds about 15 mid-tier-quality cars. jim puts these in the five-figure range. but the real money is in the final storage area, what grant called his "inner sanctum." >> this had his pierce-arrow, it had his auburn, it had his kissel. it had all the better cars. >> jim photographs and grades each one, including this exceptionally rare model, a 1922 detroit electric. >> electric cars were very much favored by women in the

early days of cars. they were popular because women weren't able to crank the cars and get them started. >> i'm in! >> this is the steering wheel. >> really? >> well, kind of. this is like a tiller on a boat. >> okay. >> so if you want to go this direction, you push that way, if you want to go that direction, you pull back here. >> okay, i got it. >> then, this is your speed. here is the brake that works sometimes. >> sometimes, john? >> ready to go? >> yes. >> let's do it. >> the engine turns on with a simple flip of the switch. >> the first click, and there you go. >> oh! yikes. >> there you go. >> oh, slow it down, slow it down, slow it down. >> pull this back. >> i'm an excellent driver. i'm an excellent driver. this is like driver's ed. do you have your foot on the brake, teacher? just in case? >> i haven't jumped out yet. >> going straight is one thing, but now the real challenge -- turning! the turns are not so easy. >> no. you'd do well back in that time period. you'd be the, uh, envy of the neighborhood.

>> whoo-hoo! how'd i do? >> excellent. >> yay! >> better than me. >> sold. including that detroit electric, the appraiser arrives at a total value for the collection of over one million dollars. a nice chunk of change, but even that doesn't shift grant's heirs out of neutral. the siblings need something more to finally settle the dispute on how to handle their father's cars. that's when they receive a message, almost from beyond the grave. that's next. >> here's another quiz question for you. the answer when we return.

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>> he committed the first speeding infraction in the u.s., winding up in jail for driving a breakneck 12 miles per hour down lexington avenue, four over the limit. >> grant quam's four children can't agree on what to do with their strange inheritance -- 80 so-called orphan cars potentially worth over a million dollars. >> jim and marilyn think it's time to sell, but jerry and john would like to see the collection kept together. >> i've had a chance to experience most every car here. spent a lot of time in these.

i've driven most of them through the years. >> it's two against two. something's got to give. how do they decide? they go to the videotape. remember that local-tv piece featuring grant all those years ago? turns out a crucial part of grant's interview was never broadcast. >> it was like a 15-minute segment, but later they offered up the entire raw footage of the shoot. >> they pop the cutting-room-floor footage in the vcr. during the unedited, hour-long interview, grant is asked about many topics that never reach air, including the future of his cherished autos. listen. >> [ laughs ]

>> their father's words end the debate -- the siblings will auction off the cars. >> now, for me personally, um, that was probably a harder pill to swallow. >> did you fight it? >> no. there's a time when things, whether you like it or not, need to happen. my ideal thing would have been not to have sold the cars, but that -- that wasn't gonna work. >> soon after, the family hires auctioneer yvette vanderbrink to handle the sale of their dad's collection. >> my first impression was, wow, this is really a lot of automotive history. >> yvette immediately puts the family to work. she wants as many of the vehicles as possible up and running by the auction. >> so here we are at the farm. this gives you an idea of what we're up against. >> how much work went into getting them ready for auction? >> it's overwhelming to deal with. you got to get the mechanics up working on 'em, you got to get the detail people to come up. it's a long process.

>> despite the challenge, the family brings many back to life. and as the auction nears, the reality of saying goodbye to dad's cars begins to sink in. >> this is a piece of dad. it's very personal to your father. >> yeah. but he always used to say there's time slots in life, right, for different things. and, uh, anyway, this time slot is over, right, so it's time to sell 'em and -- and move on. >> of course there's no telling what grant's unusually rare models might sell for. >> how do you set a price on some of these? >> that is the hard part. how do you find a comp for a '36 pierce when there's never been one sold and there's only five made? >> what do you expect? >> it's really, really hard to know, because as my dad used to say, an auction, you need two buyers that want the car, three is better. >> up next -- which of grant's orphans find a good home... >> at 40, 40, 40. now 5. >> ...and which ones do not.

what's your "strange inheritance" story? we'd love to tell it. send me an e-mail or go to our website -- strangeinheritance.com. mvo: we had support from the interfaith groups, the synagogue, the churches. ♪ when disaster strikes to one, we all get together and support each other. that's the nature of humanity. ♪ i'll stand by you. ♪ i'll stand by you. ♪ and i'll never desert you. ♪ i'll stand by you.

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>> now back to "strange inheritance." >> in september 2015, the heirs of grant quam are auctioning off their father's treasured fleet of orphan cars. you think you're doing this auction to his satisfaction? >> well, that's a good, good question. we always tease that, uh, when we go by his gravesite, he's probably on high spin mode. >> the biggest concern -- whether the right buyers will make the trek to small-town iowa for these exceedingly rare models. >> it's been a long adventure, nine months of getting ready. so we're kind of anxious to see how this all goes today. >> at 37, now 8. at 38, at 8, at 8. >> auctioneer yvette vanderbrink kicks things off with the heavy hitters. >> we're gonna start with the

better cars and sell them right off the bat, and the reason why i like to do that is, everybody has money and comes to the sale. everybody wants to take the prom queen. >> but some of those prom queens aren't going anywhere without the right bid. >> this is a 1936 pierce-arrow. this also is being sold subject to confirmation. >> this will be the car that tells the tale on the auction. there were some serious players here yesterday looking at it, so we'll see what happens. >> at 35, at 5, at 5. at 35. where are you gonna find one? it's one of five, guys. >> but today, that right buyer doesn't show up. >> okay, folks, that has not met the reserve. if you are interested, come talk to us. >> grant's 1925 kissel gold bug also fails to hit the minimum bid. >> you have to have the right people here, and you never know. we don't want to give the cars away. >> after that distressing start,

they learn they won't have to. the auction picks up speed with the '34 phaeton, said to have been built at the chicago world's fair. >> at 45,000. at 45, 5, 5. at 40,000, let's go. you have to step up your game there. at 51, 1, 1, at 1. at 51,000. it's just money. can't take it with you. sold at $53,000. [ applause ] >> soon after, someone steers away with that detroit electric i drove for 48 grand. >> [ calling ] >> and the auction just keeps rolling. grant's '34 plymouth goes for 45k. his '37 lasalle brings in another 48. a '36 graham fetches 28k, while this 1913 studebaker

sells for 25,000. >> so far it's looking -- looking okay >> now up for bid -- grant's 1920 peerless roadster. >> 60, 60, 60, at 60. at 60,000. now 5. at 65, 5, 5. at 65. now 90. at 90, 90, 90. at 90, at 90,000. now 5. at 95, 5, 5. at 95,000. 1, 1, at 1. at 101. 101,5. sold at $101,000. >> that was surprising because it takes a very special buyer to buy that car. >> by the end of the day, the family hauls in over 700,000 bucks. and with those two big-value cars still left to sell privately in the future, the family believes they'll break the million-dollar mark. >> it's a bittersweet thing. i mean, as i started seeing cars going out of here, it's kind of

reality. but it feels good to see people that love them, and they'll take care of them. >> and isn't that what adopting an orphan is all about? jerry's sure he's done right by his dad, getting his babies into good hands. >> his time slot is over. it's time for another custodian to take ownership and enjoy the car, because sitting inside in a dark building made no sense. they should be out and enjoyed. so we're happy to see that, and he would have too. >> before the auction, jerry quam purchased a few cars from his father's collection. he didn't pick the ones that were the most valuable or rare. in fact, the cars didn't even mesh with his personal car collection. the vehicles simply reminded jerry most of his father. so even after his children have to bid farewell to their dad's precious cars, a part of grant's legacy will live on and stay in the family.

i'm jamie colby for "strange inheritance." thanks so much for watching. and remember... >> it's just money. can't take it with you. on't wan. good-bye from new york. >> announcer: from the fox studios in new york city this is maria bartiromo's "wall street." maria: happy weekend. thanks for joining us. i'm maria bartiromo. coming up, co-ceo of the carlisle group, glenn youngkin. but we have the fox business headlines of the week. reporter: low market volatility on wall street. the rollercoaster ride started wednesday when stocks took a hit over fears of rising interest rates. the str