An alleged fraudster CEO is selling his massive multimillion-dollar car collection — see 24 of the most expensive up for sale, including rare Fords and Ferraris

Tim LevinMay 2, 2020, 19:19 IST

The Elkhart Collection.Courtesy of RM Sotheby's

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.
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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:

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1972 Ferrari Dino 246 GT by Scaglietti: $250,000 to $350,000

1972 Ferrari Dino 246 GT. Darin Schnabel/RM Sotheby's

1972 Ferrari 365 GTB/4 Daytona Spider Conversion: $500,000

1972 Ferrari 365 GTB/4 Daytona. Courtesy of RM Sotheby's

1952 Ferrari 225 S Berlinetta: $1.24 million

1952 Ferrari 225 S Berlinetta. Courtesy of RM Sotheby's

1963 Corvette Sting Ray 'Fuel Injected': $130,000 to $200,000

1963 Chevrolet Corvette Sting Ray. Courtesy of RM Sotheby's

1939 Lincoln-Zephyr Coupe: $125,000 to $150,000

1939 Lincoln-Zephyr Coupe. Theodore W. Pieper/RM Sotheby's

1967 Mazda Cosmo: $110,000 to $130,000

1967 Mazda Cosmo Sport Series I. Darin Schnabel/RM Sotheby's

1953 Fiat 8V Supersonic by Ghia: $1.4 million

1953 Fiat 8V Supersonic by Ghia. Darin Schnabel/RM Sotheby's

2016 McLaren 650S Spider: $150,000 to $200,000

2016 McLaren 650S Spider. Darin Schnabel/RM Sotheby's

2018 McLaren 720S: $200,000 to $300,000

The Elkhart Collection. Courtesy of RM Sotheby's

1968 Iso Grifo GL Series I by Bertone: $350,000

1968 Iso Grifo GL Series I by Bertone Courtesy of RM Sotheby's

1966 Aston Martin DB6: $300,000 to $500,000

1966 Aston Martin DB6. Courtesy of RM Sotheby's

1957 Jaguar XKSS Continuation: $1.4 million

1957 Jaguar XKSS Continuation. Darin Schnabel/RM Sotheby's

1963 Jaguar E-Type Lightweight Continuation: $1.5 million

1963 Jaguar E Type Lightweight Continuation. Darin Schnabel/RM Sotheby's

2006 Ford GT Heritage: $330,000 to $500,000

The Elkhart Collection Darin Schnabel/RM Sotheby's

1969 Lamborghini Miura P400S: $1 million to $1.5 million

1969 Lamborghini Miura P400S. Courtesy of RM Sotheby's

1967 Toyota 2000GT: $700,000 to $1.1 million

The Elkhart Collection Darin Schnabel/RM Sotheby's

1964 Aston Martin DB5 Vantage: $1 million

The Elkhart Collection. Courtesy of RM Sotheby's

1937 Cord 812 Supercharged Cabriolet: $400,000

The Elkhart Collection. Courtesy of RM Sotheby's

2010 Alfa Romeo TZ3 Stradale Zagato: $700,000

2010 Alfa Romeo TZ3 Stradale Zagato. Darin Schnabel/RM Sothebys

1903 Clément 12/16 HP: $350,000

The Elkhart Collection. Courtesy of RM Sotheby's

2012 Mercedes-Benz SLS AMG: $150,000 to $200,000

2012 Mercedes Benz SLS AMG. Darin Schnabel/RM Sotheby's

1955 Mercedes-Benz 300 SL Gullwing: $1 million to $1.5 million

The Elkhart Collection. Courtesy of RM Sotheby's

1966 Shelby GT350 H: $100,000 to $200,000

The Elkhart Collection. Courtesy of Darin Shnabel/RM Sotheby's

1993 Jaguar XJ220: $400,000 to $500,000

The Elkhart Collection. Courtesy of RM Sotheby's

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.

The Elkhart Collection. Courtesy of RM Sotheby's

The stash includes some of the rarest and most desirable collector cars around, and several are worth upward of $1 million.

The Elkhart Collection. Courtesy of RM Sotheby's

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.

The Elkhart Collection. Courtesy of RM Sotheby's

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.

The Elkhart Collection. Courtesy of RM Sotheby's

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.

After declaring bankruptcy, Khan was ordered by a judge to sell off the massive stash.

The Elkhart Collection. Courtesy of RM Sotheby's

But had to give it all up after allegedly defrauding several former clients of millions of dollars.

The Elkhart Collection. Courtesy of RM Sotheby's

Najeeb Khan, a former payroll-processing CEO, amassed a giant collection of more than 240 cars ...

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An alleged fraudster CEO is selling his massive multimillion-dollar car collection — see 24 of the most expensive up for sale, including rare Fords and Ferraris

1972 Ferrari Dino 246 GT by Scaglietti: $250,000 to $350,000

1972 Ferrari 365 GTB/4 Daytona Spider Conversion: $500,000

1952 Ferrari 225 S Berlinetta: $1.24 million

1963 Corvette Sting Ray 'Fuel Injected': $130,000 to $200,000

1939 Lincoln-Zephyr Coupe: $125,000 to $150,000

1967 Mazda Cosmo: $110,000 to $130,000

1953 Fiat 8V Supersonic by Ghia: $1.4 million

2016 McLaren 650S Spider: $150,000 to $200,000

2018 McLaren 720S: $200,000 to $300,000

1968 Iso Grifo GL Series I by Bertone: $350,000

1966 Aston Martin DB6: $300,000 to $500,000

1957 Jaguar XKSS Continuation: $1.4 million

1963 Jaguar E-Type Lightweight Continuation: $1.5 million

2006 Ford GT Heritage: $330,000 to $500,000

1969 Lamborghini Miura P400S: $1 million to $1.5 million

1967 Toyota 2000GT: $700,000 to $1.1 million

1964 Aston Martin DB5 Vantage: $1 million

1937 Cord 812 Supercharged Cabriolet: $400,000

2010 Alfa Romeo TZ3 Stradale Zagato: $700,000

1903 Clément 12/16 HP: $350,000

2012 Mercedes-Benz SLS AMG: $150,000 to $200,000

1955 Mercedes-Benz 300 SL Gullwing: $1 million to $1.5 million

1966 Shelby GT350 H: $100,000 to $200,000

1993 Jaguar XJ220: $400,000 to $500,000

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.

The stash includes some of the rarest and most desirable collector cars around, and several are worth upward of $1 million.

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.

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.

After declaring bankruptcy, Khan was ordered by a judge to sell off the massive stash.

But had to give it all up after allegedly defrauding several former clients of millions of dollars.

Najeeb Khan, a former payroll-processing CEO, amassed a giant collection of more than 240 cars ...