A collection of 240 rare and old cars by American businessman Najeeb Khan, who for many years was the envy of motorsport lovers, was auctioned off in late October 2020 due to his owner’s multimillion-dollar debts.
Khan was CEO of Interlogic Outsourcing and in 2019 was charged with fraud and filed for bankruptcy. To help pay off some of the debts estimated at about $100 million, a car auction company, RM Sotheby’s, sold its collection of cars, ranging from modern supercars and classic sports cars to one-off specimens.
The revenue was expected to reach between $35 to $40 million, but total sales exceeded expectations by more than $44 million. 2,500 participants from 53 countries took part in the auction.
From the collection, more than eight cars were sold for a price of more than a million dollars. One of the star cars at the auction was a 1952 Ferrari 225 S Berlinetta race car from Vignale, which was extremely rare, fifth of the 21 copies built, which sold for $2,810,000.
Followed by 1953 Fiat 8V Supersonic from Ghia, one of 15 manufactured, which sold for $2,040,000. Another racing car, the 1957 Jaguar XKSS, was sold for $1.9 million. Two more Jaguars, a 1963 E-Type Lightweight and 1955 D-Type, sold for $1,710,000 and $1,325,000 respectively.
Another rarity was one of only three copies in the world, the 1955 Cooper-Jaguar T38 Mk II, which sold for $1,765,000.
“We are very pleased with the results, especially considering the complexities and challenges of running such a high-profile auction with multi-components in today’s market environment”
said RM Sotheby’s President Kenneth Ahn, cited by The Elkhart Truth newspaper.