Over 240 car collection and 50 motorcycles owned by accused fraudster Najeeb Khan has been auctioned off for $44.4m (N17.1billion)
The auctioned cars included Ferrari 225 S Berlinetta; Aston Martin DB5; a 1963 Jaguar E-Type; 1969 Lamborghini Miura P400 S; and a 1955 Mercedes-Benz 300 SL Gullwing.
Last year, millionaire CEO of Interlogic Outsourcing Inc, Najeeb Khan, was accused of a multimillion-dollar fraud and eventually declared bankruptcy.
With former clients claiming Najeeb Khan owes them millions of dollars, his car collection was sold off for $44.4 by RM Sotheby’s during a bankruptcy auction last month. Proceeds will go toward paying debts he owes to creditors.
With 2,500 bidders from 53 countries, Najeeb Khan’s former car collection called ‘The Elkhart Collection‘, was expected to fetch between $35 million and $40 million.
The fraudsters collection auctioned off consisted over 240 vehicles ranging from modern supercars, classic cars, 30 motorcycles, trucks and trailers.
Some of the iconic cars in Najeeb Khan’s collection includes a restored 1964 Aston Martin DB5, a 1963 Jaguar E-Type; a 1969 Lamborghini Miura P400 S; and a 1955 Mercedes-Benz 300 SL Gullwing.
Others includes a 1924 Bentley, a Pur Sang replica of the 1927 Bugatti Type 35 Grand Prix; a 1930 Rolls-Royce Phantom II Shooting Brake, 1968 M274 A5 ½-Ton 4×4 “Mule”; and a 1936 White Model 706 tour bus.
The Ferrari 225 S Berlinetta fetched nearly $3 million; while the extremely rare 1952 Ferrari 225 S Berlinetta by Vignale sold for $2,810,000.
A 1955 Cooper-Jaguar T38 Mk II, one of only three examples in the world, was sold for $1,765,000.