---
title: "Alleged Fraudster’s Incredible Car Collection Sells for $44M in Bankruptcy Auction"
description: "The money will be used to repay his nine-figure debts."
date: "2020-11-01"
modified: "2020-11-01"
authors:
  - name: "Steve Cole Smith"
    job_title: "Weekend Editor"
    link: "https://www.thedrive.com/authors/steve-cole-smith"
url: "https://www.thedrive.com/news/37392/alleged-fraudsters-incredible-car-collection-sells-for-44m-in-bankruptcy-auction"
categories:
  - "Culture"
  - "For Sale"
  - "News"
---

# Alleged Fraudster’s Incredible Car Collection Sells for $44M in Bankruptcy Auction

![](<https://www.thedrive.com/wp-content/uploads/images-by-url-td/content/2020/11/elkhart-collection-final.jpg>)
*\<em\>www.thedrive.com</em>*

At least Najeeb Kahn, [a man very much interested in money and cars](<https://www.thedrive.com/news/33218/alleged-fraudsters-leno-level-car-collection-goes-to-auction-with-no-reserve>) who stands accused of perpetrating a nine-figure financial fraud scheme, knows how much his just-wonderful [car collection](<https://www.thedrive.com/news/18258/this-unbelievable-car-collection-hides-in-plain-sight-in-an-office-parking-garage>) is worth: $44.4 million. At least, that's how much R.M. Sotheby's was able to rustle up in October after it liquidated the majority of [his 281-strong collection in a bankruptcy auction](<https://rmsothebys.com/en/home/lots/el20>) that will help repay some of Kahn's immense debts.

In August of 2019, Kahn, CEO of Interlogic Outsourcing, a payroll processing firm based in Elkhart, Indiana, was accused of causing a $90 million overdraft at KeyBank NA by directing a series of wire transfers. By October, the accusations grew to $122 million in overdrafts, and failing to pay income tax for his clients. The company was sold that month to a Pennsylvania firm.

With all this alleged overdrafting, it’s surprising Kahn had time to accumulate [one of the most joyfully eclectic car and memorabilia collections in the country](<https://www.thedrive.com/news/33218/alleged-fraudsters-leno-level-car-collection-goes-to-auction-with-no-reserve>). But last weekend, that collection was dissolved in a no-reserve Sotheby’s auction of 240 cars and boxes and boxes of...stuff. Some prime, very desirable memorabilia stuff, other boxes of just stuff.

https://youtube.com/embed/VXKgrp1s-kI

It’s still less than half of what Khan owes to KeyBank and 120 other companies and individuals. Sotheby’s was guessing the collection would go for $35 to $40 million, so it proves there’s money out there for nice things.

Nine cars went for $1 million or more. A 1952 Ferrari 225 Sport Berlinetta by Vignale went for $2.8 million, and a 1953 Fiat 8V Supersonic by Ghia sold for $2.04 million. A trio of Jaguars—a 1955 D-Type, a 1963 E-Type Lightweight and a 1957 XKSS—sold for between $1.3 and $1.9 million. And a 1955 Cooper-Jaguar T38 Mk II, number two of only three made, sold for $1.7 million.

![message-editor%2F1604272704392-khan55gullwing.jpg](<https://www.thedrive.com/wp-content/uploads/content-b/message-editor/1604272704392-khan55gullwing.jpg>)
**RM Sotheby's**

![message-editor%2F1604272723683-khanferrari52.jpg](<https://www.thedrive.com/wp-content/uploads/content-b/message-editor/1604272723683-khanferrari52.jpg>)
**RM Sotheby's**

![message-editor%2F1604272740931-khan66amphicar.jpg](<https://www.thedrive.com/wp-content/uploads/content-b/message-editor/1604272740931-khan66amphicar.jpg>)
**RM Sotheby's**

![message-editor%2F1604272759264-khanfiat.jpg](<https://www.thedrive.com/wp-content/uploads/content-b/message-editor/1604272759264-khanfiat.jpg>)
**RM Sotheby's**

![message-editor%2F1604273080705-jagelkhart.jpg](<https://www.thedrive.com/wp-content/uploads/content-b/message-editor/1604273080705-jagelkhart.jpg>)
**RM Sotheby's**

![message-editor%2F1604273097182-citroenelkhart.jpg](<https://www.thedrive.com/wp-content/uploads/content-b/message-editor/1604273097182-citroenelkhart.jpg>)
**RM Sotheby's**

![message-editor%2F1604273121246-buselkhart.jpg](<https://www.thedrive.com/wp-content/uploads/content-b/message-editor/1604273121246-buselkhart.jpg>)
**RM Sotheby's**

![message-editor%2F1604273147557-shelbyelkhart.jpg](<https://www.thedrive.com/wp-content/uploads/content-b/message-editor/1604273147557-shelbyelkhart.jpg>)
**RM Sotheby's**

The Elkhart auction drew more than 2,500 live and remote bidders from 53 countries. “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,” understated Sotheby President Kenneth Ahn.

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## Author
The Drive's resident Florida Man, Steve is a veteran motorsports and automotive journalist who's had staff roles and bylines at numerous publications including Autoweek, Automobile, Road & Track, Car and Driver and more. A native of Memphis, he now lives in the Sunshine State with his wife and multiple cats.

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