Bankruptcy court forces sale of classic car collection worth millions

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ELKHART, Ind. (WNDU/NBC) – This is bound to be a banner week for car sales in Elkhart, Indiana.

Starting Friday morning a 230 classic car collection went on auction.

The collector, Najeeb Khan is in bankruptcy court and is accused of defrauding clients of his payroll processing business.

Officials say “several” cars will likely fetch more than $1 million.

“Well the Mercedes Gull-wing here (1955) to my right is always at the top of everyone’s list. It could reach two and a half million,” said Gene Von Gunten, a freelance automotive writer who toured the venue today. “But there’s some one-off cars here that were basically styling exercises by Italian styling studios. It’s hard to say what the market is on those cars because they’re so seldom sold. So this auction will set some benchmarks for the value of those cars.”

The inventory ranges from a 1929 Austin Healy to a 2010 Alfa Romeo, from race cars to children’s pedal cars.

“This is undoubtedly one of the very best collections in the country. It’s offered for almost completely without reserve and there are hundreds of incredible automotive lots,” said Alain Squindo with RM Sotheby’s.

“This is the culmination of 30 years of dedicated collecting but really more than collecting, more really curation and looking for very specific high water marks in the automotive history and chasing the very best examples in those categories.”

The auction also features automotive memorabilia from vintage gas pumps to bar stools, signs, and collectibles.

The bidding started Friday and continues Saturday.

Although the auction venue is sold out, people still can register to participate online or over the phone.

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