- A payroll-processing CEO was accused of a multimillion-dollar fraud scheme and filed for bankruptcy, and now his enormous car collection will be auctioned off to pay the debts.
- The ridiculous stash comprises more than 240 cars dating from 1903 to the present, and includes several vehicles worth $1 million or more.
- The priciest cars include a 1955 Mercedes-Benz 300 SL Gullwing, a 1952 Ferrari race car, a 1969 Lamborghini Miura, an Aston Martin DB5, and a 2006 Ford GT Heritage.
- The assortment of cars, dubbed “The Elkhart Collection,” will be sold through RM Sotheby’s on October 23 and 24.
- Visit Business Insider’s homepage for more stories.
A payroll-processing CEO was accused of defrauding KeyBank and former clients out of millions last year. Now, he’s resigned from the company, declared bankruptcy, and his enormous collection of 240-plus cars will be auctioned off to chip away at more than $100 million in liabilities.
Najeeb Khan – the founder and former head of Elkhart, Indiana-based Interlogic Outsourcing, Inc. – amassed a fortune totaling roughly $98 million, and Khan’s 281-vehicle collection accounts for approximately $31 million of that, according to court records reviewed by The South Bend Tribune.
Now that Khan has declared personal bankruptcy, a judge has ordered that his massive car collection be sold off to pay creditors.
That stash of cars – which will be sold through the RM Sotheby’s auction house as “The Elkhart Collection” on October 23 and 24 – has scores of exceedingly rare and highly valuable vehicles, including a 1955 Mercedes-Benz 300 SL Gullwing, a 1952 Ferrari race car, and a Ford GT supercar previously owned by Wayne Gretzky.
According to RM Sotheby's, Khan's vehicles "range in value from $10,000 through to the multi-million-dollar mark and represent nearly every category within the collector car market."
Check out some of the most expensive cars in Khan's collection, along with rough estimates of what they may be worth at auction:
Najeeb Khan, a former payroll-processing CEO, amassed a giant collection of more than 240 cars ...
Source: The South Bend Tribune
But had to give it all up after allegedly defrauding several former clients of millions of dollars.
After declaring bankruptcy, Khan was ordered by a judge to sell off the massive stash.
Source: The South Bend Tribune
Now, Khan's more than 200 cars, motorcycles, trucks, and trailers — along with tons of automotive memorabilia, parts, and tools — will be auctioned off through RM Sotheby's on October 23 and 24.
In total, the vehicles are valued at more than $30 million. But that's only a small fraction of the more than $126 million in liabilities Khan racked up.
Source: The South Bend Tribune
The stash includes some of the rarest and most desirable collector cars around, and several are worth upward of $1 million.
Keep scrolling to check out some of the most expensive cars in this stunning collection, along with ballpark estimates of what they may bring in at auction.
1993 Jaguar XJ220: $400,000 to $500,000
This supercar, one of fewer than 300 units produced, was at one time the fastest production car in the world, reaching speeds in excess of 200 mph.
The current owner plunged more than $100,000 into the car, and recently sold XJ220s have raked in nearly $500,000.
1966 Shelby GT350 H: $100,000 to $200,000
The Shelby GT350 H is a rare Mustang that was rented out through the Hertz rental-car company, coming to be known as the "Rent-A-Racer." Lately, they've brought in around $100,000 to $200,000 at auction, depending on options.
1955 Mercedes-Benz 300 SL Gullwing: $1 million to $1.5 million
The Mercedes-Benz 300 SL Gullwing is one of the most desirable collector cars, period. Even shabby ones have been known to bring in seven figures, and well-kept examples regularly push $1.5 million.
2012 Mercedes-Benz SLS AMG: $150,000 to $200,000
The modern successor to the 300 SL Gullwing, the 2012 SLS AMG retailed for just under $200,000, but options could push the price well past that. Lately, they've been selling for roughly $150,000 to $200,000.
1903 Clément 12/16 HP: $350,000
This exact one sold for roughly $350,000 in 2017.
2010 Alfa Romeo TZ3 Stradale Zagato: $700,000
One of nine produced, this Alfa Romeo TZ3 Stradale Zagato has only 201 miles on the odometer and was built to commemorate the brand's 100th anniversary. In the past, they've hit the market for around $700,000.
1937 Cord 812 Supercharged Cabriolet: $400,000
One of 30 factory-supercharged Cord 812 Cabriolets remaining, this exact car sold in 2017 for $412,500.
1964 Aston Martin DB5 Vantage: $1 million
The DB5 was the original Bond car, and this specific example was restored to the tune of roughly $430,000, at current exchange rates, according to the listing. A DB5 Vantage was recently valued by RM Sotheby's at $1 million to $1.1 million at current exchange rates.
1967 Toyota 2000GT: $700,000 to $1.1 million
This is one of 62 US-market 2000GTs, and it's being sold with just 15 miles on the odometer. Similar 2000GTs have brought in from $700,000 to more than $1 million through RM Sotheby's.
1969 Lamborghini Miura P400S: $1 million to $1.5 million
The Lamborghini Miura is regarded by many as the world's first supercar. Recent examples sold through RM Sotheby's have fetched between $1 million and $1.6 million.
2006 Ford GT Heritage: $330,000 to $500,000
Another low-mileage Ford GT Heritage sold for $533,000 this year, and one listed for sale currently is estimated at $330,000 to $360,000. But neither of those were previously owned by Wayne Gretzky - this one was.
1963 Jaguar E-Type Lightweight Continuation: $1.5 million
This is the first of seven new Jaguar E-Types built by Jaguar Classic in 2014, to the original specifications of the 1963 models. It reportedly cost $1.5 million when new.
1957 Jaguar XKSS Continuation: $1.4 million
Jaguar Classic also built nine XKSS Continuation models, and RM Sotheby's believes this is the first one offered publicly. The cars were sold for "a price in excess of £1 million each," or around $1.3 million at current exchange rates, according to Jaguar.
1966 Aston Martin DB6: $300,000 to $500,000
Recent examples have sold for in the neighborhood of $300,000 to $500,000.
1968 Iso Grifo GL Series I by Bertone: $350,000
Only 413 Iso Grifos were built, and there are two being offered up in The Elkhart Collection. One sold last year for $362,500.
2018 McLaren 720S: $200,000 to $300,000
The 2018 McLaren 720s came with a starting sticker price of just under $290,000. Used, they can bring in $200,000 to $300,000 and up, depending on the configuration.
2016 McLaren 650S Spider: $150,000 to $200,000
These mid-engined convertibles often sell for $150,000 to $200,000.
1953 Fiat 8V Supersonic by Ghia: $1.4 million
Only 15 of these cars were built, and the last one that crossed the auction block at RM Sotheby's raked in nearly $1.4 million.
1967 Mazda Cosmo: $110,000 to $130,000
A 1968 example of this rotary-engined Mazda was recently valued by RM Sotheby's at $110,000 to $130,000.
1939 Lincoln-Zephyr Coupe: $125,000 to $150,000
The latest Lincoln-Zephyr Coupe of this vintage listed through RM Sotheby's sold for $123,200. The exact car currently up for auction brought in $148,500 just two years back.
1963 Corvette Sting Ray 'Fuel Injected': $130,000 to $200,000
This second-gen 'Vette has a few things going for it - it has the top-of-the-line, fuel-injected V8 rated at 360 horsepower, and it has the highly desirable split rear window. In recent years, similar cars have regularly fetched up to $200,000 at auction.
1952 Ferrari 225 S Berlinetta: $1.24 million
This competition-spec Ferrari coupe is one of only six closed-top versions built. It placed in several races, including the 1952 12 Hours of Casablanca and the 1952 Mille Miglia.
Another one of the six competition hardtops sold for around $1.24 million in 2013.
1972 Ferrari 365 GTB/4 Daytona Spider Conversion: $500,000
These highly coveted Ferraris often command at least $500,000 at auction. It should be noted, though, that this one was converted to a drop-top body style, which may affect the price.
1972 Ferrari Dino 246 GT by Scaglietti: $250,000 to $350,000
Similar 246 GT models have gone for, or been appraised at, roughly $250,000 to $500,000 as of late. But this one has nearly 44,000 miles on the clock, while $500,000 examples have had around 30,000 miles.