A payroll-processing CEO was accused of a multimillion-dollar fraud scheme and filed for bankruptcy, and now his enormous car collection will be auctioned off to pay the debts.
The ridiculous stash comprises more than 240 cars dating from 1903 to the present, and includes several vehicles worth $1 million or more. The priciest cars include a 1955 Mercedes-Benz 300 SL Gullwing, a 1952 Ferrari race car, a 1969 Lamborghini Miura, an Aston Martin DB5, and a 2006 Ford GT Heritage.
The assortment of cars, dubbed "The Elkhart Collection," will be sold through RM Sotheby's on October 23 and 24. A payroll-processing CEO was accused of defrauding KeyBank and former clients out of millions last year. Now, he's resigned from the company, declared bankruptcy, and hiswill be auctioned off to chip away at more than $100 million in liabilities.
Najeeb Khan — the founder and former head of Elkhart, Indiana-based Interlogic Outsourcing, Inc. — amassed a fortune totaling roughly $98 million, and Khan's 281-vehicle collection accounts for approximately $31 million of that, according to court records reviewed by
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