Elkhart, Indiana — Car collectors are delighted by the news that a judge has ordered a bankrupt fraudster’s multi-million-dollar automobile collection to go up for auction in order to recoup money for his victims.
Najeeb Khan, the former chief executive of payroll firm Interlogic Outsourcing, went bankrupt after it was revealed that he was liable for $126 million of debt. Khan owned a collection of more than 280 vehicles with a value estimated to be about $31 million U.S. Now known as the Elkhart collection, the vehicles will be auctioned off by Sotheby’s on October 23-24.
According to Sotheby’s description of the collection, which it will offer almost entirely and without reserve prices, “comprises the most exceptional marques and models in automotive history.”
The collection includes modern sports cars, 1950s convertibles older luxury vehicles. The oldest model in the collection is a restored 1903 Clément 12/16 HP Rear-Entrance Tonneau featuring four-cylinder engine with overhead valves.
With an estimated million-dollar value, the 1955 Mercedes-Benz 300 SL Gullwing is likely to be the highest-earning vehicle placed on the block, a number of other models may take the crown.
Among the other contenders is a 1937 Cort Supercharged Cabriolet--one of just 30 known to exist in the world.
The cerulean 1959 Cadillac Eldorado Biarritz may also pull off a surprise win.
As the Sotheby’s promotional material points out, the Cadillac may be the pinnacle of 1950s convertible design.
“For many, the 1959 Cadillac represents the peak of American industrial design in its era. The Eldorado Biarritz is the most desirable among its ranks.”
While a full digital catalogue is available online, interested auto enthusiasts will actually be able to take a look at the enormous collection for $20 U.S., or join in on the auction for $100 U.S.
Both the preview and the auction will be held in Elkhart, Indiana.