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!
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.
- 2010 Alfa Romeo TZ3 Stradale Zagato
- 1964 Aston Martin DB5 "Vantage"
- 1955 Cooper-Jaguar T38, one of three built.
- 1955 Ferrari 225 S Berlinetta race car
- 2006 Ford GT Heritage Edition, formerly owned by hockey star Wayne Gretzky
- 1966 Ford Mustang Shelby GT350 H
- 1966 Amphicar 770
- 1993 Jaguar XJ220
- 1969 Lamborghini Miura P400 S
- 1955 Mercedes-Benz 300 SL Gullwing
- 1970 Subaru 360 Police Car
- 2011 Tesla Roadster
- 1967 Toyota 2000GT, one of only 62 left-hand-drive units built
- 2014 Toyota NASCAR
- Multiple Segways and children's pedal cars
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?
Got a tip? Send us a note: firstname.lastname@example.org
- RELATEDFake Ford Shelby Mustangs Seized From Defrauding Collector Up for AuctionHorsepower, big money and alleged fraud.READ NOW
- RELATEDChevrolet Salesman Accused of Kidnapping, Robbing, and Forcing Drugs on Disabled CustomerThe victim's recent workplace injury settlement allegedly caught the eye of the salesman.READ NOW
- RELATED$1 Million Mercedes-Benz 300 SL Roadster Unearthed After Owner Parked It for 40 YearsA single-owner put less than 15,000 miles on this rare collectible before tucking it away somewhere in Indiana.READ NOW
- RELATEDPorsche Classic Upgrade Finally Brings Apple CarPlay To Old-School 911sPorsche's updated classic stereo line offers Apple CarPlay from the earliest 911s all the way though the extremely nineties 996 era.READ NOW
- RELATEDThis Enormous 300-Car Barn Find Has Everything From Classic Muscle to Rare SupercarsThere's even a Ford Pinto!READ NOW