Alleged Fraudster's Car Collection Auctioned for $44 Million
Najeeb Kahn, who stands accused of perpetrating a nine-figure financial fraud scheme, has just had his cars sold at a bankruptcy auction for $44.4 million.
While that's not even half of the money Kahn, ex-CEO of Interlogic Outsourcing owes for allegedly causing a $122 million overdraft at KeyBank NA via a series of unlawful wire transfers and failing to pay income tax for his clients, at least the rest of us get to enjoy pictures of his impressive collection before it was set free.
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Over 230 motor cars
The 218-strong collection, which was sold via auctioneers R.M. Sotheby's in October, was originally estimated to earn between $35 and $40 million.
Hagerty gained insider access to the collection, which is described as sporting "over 230 motor cars, 30 motorcycles, trucks, trailers, and select memorabilia and equipment offered almost entirely without reserve."
As The Drive points out, nine cars from the collection sold for $1 million or more, including a 1952 Ferrari 225 Sport Berlinetta by Vignale that sold for $2.8 million and a 1953 Fiat 8V Supersonic by Ghia sold for $2.04 million.
Three Jaguars — a 1955 D-Type, a 1963 E-Type Lightweight, and a 1957 XKSS — sold for between $1.3 and $1.9 million. A 1955 Cooper-Jaguar T38 Mk II sold for $1.7 million.
The auction reportedly saw more than 2,500 live and remote bidders join from 53 countries.
'Extremely pleased with the results'
"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," explained Sotheby President Kenneth Ahn.
Have a look at Hagerty's video of the Elkhart collection below, including clips of a 1955 Jaguar D-Type Continuation, a 1968 Iso Grifo GL Series, and a 1960 F.M.R. Tg 500 'Tiger' in action.
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