When money isn't an issue, and real estate gets boring, collecting extremely rare cars seems to be a popular hobby among multi-millionaires like Najeeb Khan, who has been in the news for the wrong reasons recently.
Accused of perpetrating a nine-figure financial fraud scheme, Khan has been forced to liquidate his 281-strong exotic car collection that features some of rarest vehicular creations of all time.
Just recently, R.M Sotheby's was tasked with auctioning off Khan's impressive collection with no reserve. But despite this lack of reserve, no bargains were had as the collection fetched upwards of $67 million when the last hammer fell.
No matter your taste in cars, there was something for everyone in this collection, ranging from a handful of vintage Ferrari and Lamborghini models, to European oddballs, and a NASCAR driven by Jeff Gordon.
Nine cars went for over US$1 million. A 1952 Ferrari 225 Sport Berlinetta by Vignale sold for U$2.8 million, and a 1953 Fiat 8V Supersonic by Ghia went for US$2.04 million. A trio of Jaguars—a 1955 D-Type, a 1963 E-Type Lightweight and a 1957 XKSS—sold for between US$1.3 and US$1.9 million. And a 1955 Mercedes-Benz 300 SL Gullwing which went for US$1.49m.
“We are extremely pleased with the results, especially considering the complexities and challenges of executing such a high-profile auction with multiple constituents in the current market environment,” said Kenneth Ahn, President and CEO, RM Sotheby’s.
“I believe this auction highlighted RM Sotheby’s key strengths and capabilities as a global market leader for achieving successful results for private collections. The Elkhart Collection auction was also another case study for the power of ‘no reserve’ collection auctions, with many of the lots seeing incredible results.”
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