CEO Accused of Fraud Forced to Auction Exquisite Car Collection
Former millionaire and ex-owner/CEO of Interlogic Outsourcing Najeeb Khan has been forced to sell off his entire car collection after declaring bankruptcy last year. Accusations of fraud from former clients and businesses partners really put Mr. Khan through the financial wringer. Multiple lawsuits claim the company failed to hand clients’ tax money over to the Internal Revenue Service — encouraging Khan to sell his business to Pennsylvania-based payroll firm PrimePay. While that certainly sounds suspicious, any determinations on his guilt are best left to the professionals.
Since Khan’s company has little to do with the automotive sphere, we’re not overly concerned with the details of the alleged monetary malfeasance, anyway. The important issue, from our perspective, is he now has to sell off his remaining assets. That includes investments made into various businesses, multi-million-dollar homes, and 281 vehicles — many of which are highly valuable and incredibly rare.
Referenced in an article from the the South Bend Tribune in November of 2019, Khan reportedly got into contact with RM Sotheby’s and other auction houses to begin plotting the sale of a collection valued around $31 million. That arrangement has been finalized for a while; however, complications stemming from the global pandemic stalled their entry onto Sotheby’s website up until recently.
Known as the Elkhart Collection, the sale encompasses 230 cars, 30 motorcycles, some trucks, excavation equipment, a few military vehicles, and more collectible automotive paraphernalia than any single person could ever truly enjoy. Even the spare parts list is mind boggling. Want a brand new Dodge Demon hood? How about an engine for a Jaguar D-Type? Interested in some loose Ferrari components? Fresh Jaguar XJ220 Pirelli P Zero tires piquing your interest?
They’re all up for grabs, sans reserve, and but a paltry sampling of the automotive buffet Sotheby’s named after the town where Mr. Khan ran his business and stored his collection.
Speaking of cars, that’s the best part of the Elkhart Collection. Khan’s taste definitely favored a specific era (’50s to ’60s) and skews European, though there’s no shortage of magnificent models from all periods and continents. The group ranges from a 1903 Clément 12/16 HP Rear-Entrance Tonneau to a 2011 Tesla Roadster Sport R80.
Your author is particularly enamored with an adorable little 1993 Suzuki Carry imported from Japan. Enthusiast will probably gravitate toward the more flashy inclusions, like Khan’s Jaguar XJ220 hailing from the same year. Too modern? Don’t worry, five seconds of browsing through the throng of vehicles is all it takes to find something that’ll scratch you under the chin. Here’s a not-so random sampling:
1969 Alfa Romeo 1750 GT Veloce
1974 Alpine-Renault A110 1600 VD
1966 Amphicar 770
1964 Aston Martin DB5
1935 Auburn Eight Supercharged Speedster
1924 Bentley 3-Litre (converted to 4½)
1954 Buick Roadmaster Convertible
1957 Chevrolet Bel Air Convertible
1959 Cadillac Eldorado
1958 Chevrolet Corvette
1966 Citroën DS21 Décapotable
1937 Cord 812 Supercharged Cabriolet
1981 DeLorean DMC-12
1949 DeSoto Custom Convertible
2018 Dodge Challenger SRT Demon
1972 Ferrari 365 GTB/4 Daytona Spider
1998 Ferrari 550 Maranello
1967 Ford Bronco
1966 Honda S600
1969 Honda S800
1968 Iso Grifo GL Series I
Despite skipping over everything that won’t elicit involuntarily, positive sounds from our readers, we’re not even halfway through the alphabet and I’ve already realized I’m going to have to tell you about the insane number of continuation and original Jaguar models Mr. Khan had in storage. It also feels wrong to skip the “lesser” models included in the Elkhart Collection. Among the ultra-desirable cars (a lot of which have twins and individual lots for all their spare parts) were four Ford Coritina Lotus Mk1s, tons of vintage Fiats, several Hudson Hornets, Lotus products galore, and a bunch of Austin-era Minis.
But if you want to hear about the 1958 Zündapp Janus 250 or 1945 Willys MB, you’ll have to check the collection for yourself. It’s massive and is beset on all sides by vintage items you can either use to maintain these vehicles or spruce up the garage. A lot of that stuff should be pretty reasonable, but you might even snag yourself a new car, as almost everything is available without reserve. Fortunately, Sotheby’s doesn’t plan on auctioning anything off until October 23rd (10:00 AM GMT), all thanks to the coronavirus — giving you plenty of time to browse.
[Images: RM Sotheby’s]
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- Ajla "The upgrade is permanent" 🤔Journos really should be calling out the automakers like Mercedes that are attempting to make this sort of thing subscription only because it obviously doesn't need to be."with a one-time price tag of $1,195"This also shows the poor consumer "value" of Mercedes wanting $1200 per year for a 60hp jump on the EQE350.
- Dukeisduke Will the next owner have to pay up, too, like with Tesla? What's the starting price of the Polestar 2? I saw a clean used one listed locally the other day, and it was under $50k. I wasn't sure if that was a deal or not.
- Buickman what about EMFs from riding on a giant battery?is there a vax for that?
- ScarecrowRepair $1.2M at $1K per car is only 1200 cars, and if you spread that over 5 years, 240 cars per year, roughly one per work day and one more every weekend. Sell another every weekend for the interest. That seems plausible to me.
- FreedMike There are the guys charging $20000 over sticker for a F150 Lightning. They won’t go broke.