Man pleads guilty to stealing $100K in bikes from Lance Armstrong storage unit

[weisan]

https://www.kxan.com/news/crime/man-...-storage-unit/

AUSTIN (KXAN) — A man was sentenced Oct. 10 related to the December 2023 theft from Lance Armstrong’s storage unit where more than $100,000 in bikes and equipment were stolen.

Police alleged Harms and another man burglarized Armstrong’s ExtraSpace Storage Unit sometime between Dec. 10 and 12 in 2023 and took four Trek road racing bikes with markings identifying Armstrong as the owner. Police said a silver and black Cannondale Super Six Evo racing bike and a Ventum GS-1 gravel racing bike were also taken.

An affidavit provided the following values for Armstrong’s bikes and equipment:

2023 Ventum GS-1 gravel bike, with Shimano GRX Di2 electronic shifting and Zipp carbon wheels was brand new and valued at $8,500.
2016 Cannondale Super Six EVO road bike with SRAM ETAP electronic shifting and Zipp carbon wheels and a custom paint job was valued at $10,500.
2010 Trek Madone road bike with SRAM Red mechanical shifting and Bontrager wheels. The bike was personally used by Armstrong for road races and triathlons from 2010-2012. The bike would retail for $10,000, but Armstrong’s assistant said a bike with the same hardware had sold for $50,000 at auction.
200-2002 Trek S500 frame with Shimano Dura Ace components was valued at $6,500
A “custom one-off” MyBike mountain bike frame with a custom paint job built specifically for Armstrong in Europe. Armstrong’s assistant stated the frame could bring about $30,000 “on the low end” at auction.
Trek Madone 6.9 Red carbon road frame used by Armstong’s Trek-Livestrong development team and ridden by Ryan Baumann valued at $500.
The combined value of the stolen bikes and parts was $105,800, according to the affidavit.

[Old School]

3 1/2 years of Community Service. That'll show him.

[peanutgallery]

What -7 has stolen from others had much greater value

[Baron Blubba]

That insurance estimate reeks like when people visit my shop and ask me to write them a quote for insurance on the value of their ancient Calfee Dragonfly with Sram Red 10 speed and first gen Zipp carbon wheels that should have been responsibly retired a long time ago, which they accidentally left on their roof rack while driving into the garage.
"Cost me $13,000 new! Top of the line! Classic! And that was in 2006 money! Today a bike like this has gotta go for at least $18Kay!"

[IJWS]

What BB said. Sounds like Matthew Mcounaghey (sp) was personally there to edit the police report to "bump those numbers up!".

[bironi]

How many pallets of yellow wrist bands were stolen.
What was the assessed value?

[Peter P.]

Originally Posted by Baron Blubba

That insurance estimate reeks ... Today a bike like this has gotta go for at least $18Kay!"

Shouldn't your quote be based on current replacement value vs. original cost?

I have an "Actual Replacement Value" clause in my insurance which means if my 1997 Bilenky is stolen or broken in an accident, it is valued at its current replacement cost with current, comparable parts instead of what it cost in 1997.

While I don't think it's your job to ask the customer about their insurance policy, I think you're supposed to estimate what it would cost to replace or repair in today's dollars.

It would be nice if an insurance claims adjuster would chime in here.

Maybe I don't understand your argument.

[batman1425]

Originally Posted by Peter P.

Shouldn't your quote be based on current replacement value vs. original cost?

IME, depends on the specific policy. Some are depreciated value, others are replacement cost. Still might be hard to justify the value of the "celebrity" factor though. That said, I'm sure someone will underwrite it for a big enough premium.

[benb]

I got an extremely generous replacement value out of a homeowner’s policy back in 2013 on a bike.

Sometimes they are cool and your policy was setup right.

[AngryScientist]

Ha, and here I thought storage units were scams for lower middle class families with too much junk that they cant seem to let go of. I'm actually shocked that Lance Armstrong had bikes in a storage unit. Nuts.

With regards to insurance, it's absolutely policy dependent. I'm sure celebs and others have oddball policies all the time. A used omega speedmaster may be worth around $5k, but an omega speedmaster that an astronaut wore on a moonwalk might be worth tens of thousands more, for example - and the owner should ensure it is insured as such.

Anyway, bit thieves are the scum of the earth, period. Glad they caught them.

[KJackson]

Karma's a funny thing......

[benb]

There was something I was listening to on NPR or a Podcast or something and the % of American families that have storage units is kind of shocking.

It was right up and down the income/wealth spectrum and all kinds of different stories.

Apparently a lot of people end up with a storage unit when they get divorced. They end up downsizing on both space and finances and then get a storage unit as a quick fix but then it takes them a long time to go through their stuff, which sometimes has sentimental/family value and is hard to get rid of.

That kind of describes Armstrong.. just on the high end of the wealth spectrum and he must have way too much stuff.

[NHAero]

I was very pleased to see that a 2016 Supersix Evo was $10,500. Mine has wheels I got from Clean39T and the best paint (blurple) so it must be worth at least double that.

[Fat Cat]

Originally Posted by benb

There was something I was listening to on NPR or a Podcast or something and the % of American families that have storage units is kind of shocking.

It was right up and down the income/wealth spectrum and all kinds of different stories.

Apparently a lot of people end up with a storage unit when they get divorced. They end up downsizing on both space and finances and then get a storage unit as a quick fix but then it takes them a long time to go through their stuff, which sometimes has sentimental/family value and is hard to get rid of.

That kind of describes Armstrong.. just on the high end of the wealth spectrum and he must have way too much stuff.

So the guy that bagged it was just helping good old Lance ?

[54ny77]

Storage is an amazing business. No tenants to complain about clogged up toilets and loud neighbors. And if they don't pay, ya get to lock the door.

Has nothing to do with income spectrum. Life events shape the demand. I've used storage at several points over the years. Ever live in a small place and have too many bikes to fit comfortably, for example?