Alleged Fraudster’s Leno-Level Car Collection Goes to Auction With No Reserve

He’s guilty of one thing—stealing our hearts with this incredible car collection!

byJames Gilboy| UPDATED Apr 29, 2020 12:42 PM
Alleged Fraudster’s Leno-Level Car Collection Goes to Auction With No Reserve

Former payroll processing executive Najeeb Khan filed for bankruptcy last summer, after being accused by KeyBank and several ex-clients of committing multi-million-dollar fraud—and racking up over $126 million in liabilities, according to South Bend Tribune. As a result, a court seized Khan's biggest asset: A colossal stash of more than 230 vehicles, which was dubbed the "Elkhart Collection" for its location in Elkhart, Indiana. The assortment of cars, bikes, memorabilia, and more includes some of history's most noteworthy and valuable vehicles, and almost all of them will be sold at an auction without a reserve this October.

Khan's bewildering hoard varies as wildly in its makeup as it does value, encompassing everything from sub-$100 wall banners to rare classics now worth seven figures, and includes eccentricities such as a pre-war National Park tour bus, multiple Teslas, 30 motorcycles, transport trailers and more. We've picked out some of the most noteworthy or unusual of the 567 auction lots listed by the auction's consignor, RM Sotheby's, which will host the sale of everything you see here on October 23 and 24, in Elkhart, Indiana.

Most of the seized vehicles will be sold without reserve, meaning there will be no minimum price for each of these cars to sell when they go through the block on May 1 and 2. Of course, if you think that means you'll get that ex-Gretzky Ford GT for Pontiac Fiero money, think again; parasitic financial speculators alike will circle this auction like sharks, ready to outbid everyone but the most desperate of real car enthusiasts. 

“The culmination of decades of careful and targeted collecting of some of the finest motorcars by a single owner, the Elkhart Collection comprises some of the most exceptional marques and models in automotive history,” the auction release said.

At the end of the day, we just hope each one of these incredible cars goes to a nice home. Don't you?

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