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Tim Levin
2020-04-15T14:10:58Z
- An Elkhart, Indiana-based businessperson was accused of fraud exceeding $100 million — now much of his unbelievable, $31 million car collection will be auctioned off to pay debts.
- The expansive collection includes more than 240 collector cars from 1903 to the present day, 30 motorcycles, trucks, trailers, and one boat.
- Some highlights of the massive car stash include a NASCAR race car driven by Jeff Gordon, a Ford GT supercar previously owned by hockey star Wayne Gretzky, and a Mercedes-Benz 300 SL Gullwing valued at more than $1 million.
- Plus, there are dozens of weird vehicles, like a 1961 camper van, a 1927 firetruck, a 1981 DeLorean, and an eight-wheel-drive, amphibious ATV.
- The collection, dubbed "The Elkhart Collection," will be sold through RM Sotheby's on October 23 and 24.
- Visit Business Insider's homepage for more stories.
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A former CEO's collection of more than 240 cars — carrying a value well into the millions — will be auctioned off to pay their debts, after they were accused of a multimillion-dollar fraud scheme.
Najeeb Khan, the founder and former head of Elkhart, Indiana-based payroll firm Interlogic Outsourcing Inc., was accused by KeyBank last year of fraud exceeding $100 million, Indiana newspaper The South Bend Tribune reports. Khan then resigned from the company and filed for personal bankruptcy, and now Khan's huge car collection is up for auction through RM Sotheby's.
Court records obtained by The South Bend Tribune show that Khan had amassed a worth of roughly $98 million, but had liabilities totaling at least $126 million. To pay off creditors, a judge mandated that Khan sell off much of the collection, which, according to bankruptcy filings, includes 281 vehicles and is valued at approximately $31 million.
Khan, at least, has a discerning eye when it comes to cars. The collection includes a Mercedes-Benz 300 SL Gullwing worth upward of $1 million, multiple NASCAR race cars driven by legendary drivers, dozens of oddballs, scores of classic sports cars, a Ford GT owned by hockey legend Wayne Gretzky, and so much more.
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Take a look at some of Khan's ridiculous stash of cars — which RM Sotheby's is calling "The Elkhart Collection" — below:
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A bankrupt CEO's mind-boggling collection of well over 200 antique, classic, and modern collector cars will be auctioned through RM Sotheby's in late October.
The incredible stash of vehicles — valued at roughly $31 million — is being sold off to pay the debts of its owner, a former CEO accused of a $100-million-plus fraud scheme by KeyBank and others.
Source: The South Bend Tribune
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But if anything, Najeeb Khan, the businessperson in question, has impeccable taste in cars.
"There is quite literally something for anyone in the collector car hobby within this group of cars, from microcars, to classics, '50s and '60s sports cars, the modern era, and beyond," Gord Duff, the global head of auctions at RM Sotheby's, said in a press release.
Source: RM Sotheby's
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According to the auction house, cars included in the collection range in value from $10,000 all the way up into the seven figures.
Source: RM Sotheby's
The astonishing collection includes more than 240 cars, 30 motorcycles, trucks, trailers, and a boat.
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It may be hard to believe, but all of the cars listed below — plus roughly 200 others — were owned by one person.
The collection includes numerous stunning, antique automobiles, such as a 1903 Clément 12/16 HP ...
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... a 1924 Bentley, with an upgraded, 4.5-liter engine ...
... a 1927 Hudson Model O Super Six Fire Truck ...
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... a 1937 Cord 812 Supercharged Cabriolet ...
... a 1950 Studebaker Commander Starlight Coupe ...
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... a 1956 Jaguar Mark VII M ...
... and a 1959 Cadillac Eldorado Biarritz, to name just a small sampling.
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... including a fastback 1952 Ferrari 225 S Berlinetta ...
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... an open-top Lotus 7A Roadster from 1957 ...
... and a 1964 Aston Martin DB5 — the original Bond car.
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The Elkhart Collection includes far too many iconic sports cars to name, but here are a few more. There's a 1967 Toyota 2000GT, previous examples of which have sold for more than $1 million.
There's also a 1966 Jaguar E Type ...
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... a 1969 Lamborghini Miura, regarded by many as the first supercar ...
... an awesome, lime-colored 1972 Datsun 240Z ...
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... and a 1966 Shelby GT350 Mustang, which brings some good ol' American muscle to the table.
Not to mention, the collection includes a 1955 Mercedes-Benz 300 SL Gullwing.
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The model is one of the most coveted collector cars in the world, and examples regularly fetch $1 million to $2 million at auction.
On the modern end of the spectrum, there's a 1981 DeLorean DMC 12 ...
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... a 1991 Ferrari Testarossa ...
... a 2011 Tesla Roadster, Tesla's first production car ...
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... a 1993 Jaguar XJ220 ...
... a 2012 Mercedes-Benz SLS AMG ...
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... and an 840-horsepower Dodge Challenger SRT Demon.
Plus, there's a 2006 Ford GT Heritage that was originally owned by hockey legend Wayne Gretzky.
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There's an assortment of military and military-inspired vehicles, including a 1945 Willys MB ...
... a 1962 Steyr-Puch ...
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... a 1997 Hummer H1 ...
... and a one-seater 1968 M274 A5, which was built for the Marine Corps.
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The Elkhart Collection also boasts dozens of oddball cars, including a rickshaw ...
... a 1948 "Happy Wagon" ice cream truck ...
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... a 1957 BMW Isetta ...
... along with a truck version ...
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... a 1936 Glacier National Park tour bus ...
... a camper van from 1961 ...
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... a 1973 Volkswagen Type 181 Thing ...
... a retro-styled, rare 1992 Nissan Figaro ...
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... and a 1972 Austin Mini Pickup.
This collector evidently had an affinity for amphibious vehicles.
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Khan owned a 1966 Amphicar ...
... and a 2014 Argo Frontier 650 8x8, which can carry up to four people through water.
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There also isn't a shortage of two-wheeled vehicles, including a 1957 Maserati Tipo 125 ...
... a 1963 Heinkel scooter ...
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... and a handful of Harleys ...
... including one with a sidecar.
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Khan had a 2007 Chevy Impala NASCAR race car driven by Jeff Gordon ...
... and a 2012 NASCAR race car driven by Dale Earnhardt Jr.
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Plus, there's a custom-built, NASCAR-style stock car.
While this collector evidently had a need for speed, the collection also includes close to two dozen Fiats, including a 1970 Fiat 500 L ...
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... and a modern Fiat 500 Abarth.
And what multimillionaire's vehicle collection wouldn't be complete without an elegant, wood-hulled motorboat?
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This one's from 1936.
The Elkhart Collection will be auctioned off through RM Sotheby's on October 23 and 24.
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Almost the entire collection is offered without reserve, so you may be able to score a highly desirable ride without meeting auction minimums.
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