(letterhead of Beckman, Millman & Sanders, LLP)




                                                                  August 5, 1999


Securities and Exchange Commission
450 Fifth Avenue, N.W.
Washington, D.C.  20549


     Re:  Alchemy  Holdings,   Inc.   Registration   Statement  on  Form  S-4  -
          Registration Number 333-52049

Ladies and Gentlemen:

     Reference is made to the filing by Alchemy  Holdings,  Inc. (the "Company")
of  a  Registration  Statement  on  Form  S-4,  as  amended  (the  "Registration
Statement"),  with  the  Securities  and  Exchange  Commission  pursuant  to the
provisions of the Securities Act of 1933, as amended,  covering the registration
of (a) 4,719,450 shares of the Company's common stock, par value $.001 per share
(the  "Common  Stock")  to  be  issued  in  connection  with  the   transactions
contemplated by the merger  agreement to which the Company and Cigarette  Racing
Team, Inc. ("Cigarette") are parties (the "Merger Agreement"),  (b) an aggregate
of 2,330,000  shares of Common Stock which underlie various warrants and options
held  by  certain  shareholders  of  Cigarette  and (c) 100  shares  of  Alchemy
Preferred Stock, Series A and Series B, respectively.

     As  counsel  for the  Company,  we have  examined  its  corporate  records,
including  its Amended  Certificate  of  Incorporation,  Restated  By-Laws,  its
corporate  minutes,  the form of its  Common  Stock  certificate  and such other
documents, as we have deemed necessary or relevant under the circumstances.

     Based upon our examination, we are of the opinion that:

     1.   The Company is duly  organized and validly  existing under the laws of
          the State of Florida.

     2.   The Company is in good standing in the State of Florida.

     3.   The shares of Common Stock covered by the Registration  Statement have
          been duly  authorized and, when issued in accordance with their terms,
          as more fully described in the Registration Statement, will be validly
          issued, fully paid and non-assessable.





     4.   The Merger will be treated as a tax-free  reorganization as defined in
          Section  368(a)(1)(A) of the Internal Revenue Code of 1986, as amended
          (the  "Code"),  and  that,  accordingly,  (i) no gain or loss  will be
          recognized by the shareholders of Cigarette upon the exchange of their
          shares of Cigarette  Common Stock solely for shares of Alchemy  Common
          Stock  pursuant  to the Merger,  (ii) the basis of the Alchemy  Common
          Stock received by each shareholder of Cigarette in exchange for shares
          of  Cigarette  Common  Stock will be the same,  immediately  after the
          exchange,  as the basis of such  shareholder's  Cigarette Common Stock
          exchanged  therefor,  and (iii) the  holding  period  for any  Alchemy
          Common  Stock  received in exchange  for  Cigarette  Common Stock will
          include the period during which the Cigarette Common Stock surrendered
          for exchange was held, provided such stock was held as a capital asset
          on the date of the exchange.

     We hereby consent to be named in the Registration Statement, the Prospectus
and the form of Proxy Statement which constitute parts thereof as counsel to the
Company,  and we hereby  consent to the filing of this opinion as Exhibit 5.1 to
the Registration Statement.

                                        Very truly yours,

                                        By: /s/ BECKMAN, MILLMAN & SANDERS, LLP.
                                           -------------------------------------

                                           BECKMAN, MILLMAN & SANDERS, LLP.