A former CEO's gigantic collection of nearly 300 vehicles was sold off after he was accused of a multimillion-dollar fraud scheme.
After declaring bankruptcy, the executive, Najeeb Khan, was court-ordered to part ways with his massive collection to pay off more than $100 million in liabilities.
The array of cars, motorcycles, trucks, and memorabilia raked in more than $44 million at auction on October 23 and 24.
Eight of the vehicles — including a Ferrari, a Lamborghini, and a Mercedes-Benz 300 SL — sold for north of $1 million.
A former payroll-processing CEO was accused of defrauding clients out of more than $100 million last year. Since then, he's resigned from his company and filed for bankruptcy — over the weekend, his staggering collection of nearly 300 vehicles was sold off to pay his mountain of debt.
Najeeb Khan — who founded and ran Indiana-based payroll firm Interlogic Outsourcing Inc. — amassed a $98 million fortune and a car collection to rival Jay Leno's before his alleged fraud scheme came crashing down, according to documents reviewed by The South Bend Tribune. As Khan declared bankruptcy in the wake of the accusations, a judge ordered that his collection of 281 vehicles be sold off to chip away at his $126 million in liabilities, the outlet reported.
On October 23 and 24, RM Sotheby's auctioned off the vast stash of cars, trucks, motorcycles, and memorabilia, bringing in a total of $44,385,420 in sales.
Not only was the collection massive, it also included some extraordinarily valuable and historically significant cars — take a look at the top 15 priciest vehicles sold below.
15. 2006 Ford GT Heritage — $511,000
This Ford GT Heritage belonged to hockey great Wayne Gretzky, which may explain why it sold for more than RM Sotheby's estimate of $330,000 to $360,000.
14. 1972 Ferrari 365 GTB/4 Daytona Spider Conversion — $511,000
This Ferrari was converted to a drop-top, but the highly coveted model still brought in more than half a million dollars.
13. 1954 Fiat 8V Coupe by Vignale — $775,000
One of two Fiat 8V Coupes sold, this model is one of only a few that still has its original engine.
12. 1935 Auburn Eight Supercharged Speedster — $802,500
Thanks to its supercharged, 150-horsepower, eight-cylinder engine , the Auburn Eight could go more than 100 mph, which was quite impressive for the time.
11. 1964 Aston Martin DB5 "Vantage Specification" — $852,000
This DB5 had its engine upgraded to the more powerful Vantage-trim unit. All together, restorations cost more than $440,000, at current exchange rates.
10. Fiat 8V Coupe by Vignale— $907,000
This 8V — another one of the 114 examples produced — sports a black top and an interior to match.
9. 1967 Toyota 2000GT — $912,500
This is one of only 62 US-market 2000GTs, and was sold with just 15 miles on the odometer.
8. 1969 Lamborghini Miura P400 S — $1,160,000
Many regard the Lamborghini Miura as the world's first supercar.
7. 1955 Jaguar D-Type Continuation — $1,325,000
In 2018, Jaguar built 25 new examples of its legendary D-Type race car from the 1950s.
6. Mercedes-Benz 300 SL Gullwing — $1,495,500
The Mercedes-Benz 300SL Gullwing is, without a doubt, one of the most desirable classic cars of all time. They regularly sell for $1 million to $2 million.
5. 1963 Jaguar E-Type Lightweight Continuation — $1,710,000
Jaguar built six new E-Types from 2014-2015 that are carbon copies of the original 1960s cars.
4. 1955 Cooper-Jaguar T38 Mk II — $1,765,000
One of three examples built, this race car scored several victories at Goodwood and Silverstone during the 1956 and 1957 racing seasons.
3. 1957 Jaguar XKSS Continuation — $1,985,000
Jaguar also built nine XKSS Continuation models, which it sold for around $1.3 million at current exchange rates. RM Sotheby's believes this is the first one offered publicly.
2. 1953 Fiat 8V Supersonic — $2,040,000
This 1953 Fiat 8V Supersonic is one of only 15 produced. The last one RM Sotheby's sold brought in close to $1.4 million.
1. 1952 Ferrari 225 S Berlinetta — $2,810,000
One of only six closed-top versions Ferrari built, this competition-spec coupe placed in several races, including the 1952 12 Hours of Casablanca, Mille Miglia, and Monaco Grand Prix.
Read the original article on Business Insider