- 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.
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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.
Take a look at some of Khan's ridiculous stash of cars - which RM Sotheby's is calling "The Elkhart Collection" - below: