8 classic cars top $1-million each in bankruptcy auction
Private collection of 240 classic cars forced to auction by bankruptcy and fraud charges
Published: November 11, 2020, 5:00 AM
Updated: October 11, 2021, 8:57 AM
The Elkhart Collection
RM Sotheby’s recently auctioned off the assets of the Elkhart Collection in Indiana, grossing $44,385,420 (US) in sales. The collection, which comprised 240 cars and 30 motorcycles, as well as memorabilia and equipment, was formerly owned by businessman Najeeb Khan, who was accused of fraud and filed for bankruptcy. The auction was conducted on behalf of the U.S. Bankruptcy Court.
(Photo by Teddy-Pieper ©2019 Courtesy of RM Sotheby's)
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1969 Lamborghini Miura P400 S by Bertone - $1,160,000 (US)
Believe it or not, this spectacular 1969 Lamborghini Miura P400 S was the lowest-priced of the eight, million-dollar-plus Elkhart Collection cars, selling for $1,160,000 (US). Widely regarded as the progenitor of the modern supercar, the mid-engined Miura remains one of the world’s most beautiful vehicles, more than 50 years on.
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1955 Jaguar D-Type Continuation - $1,325,000 (US)
Jaguar’s D-Type earned its status as an icon by winning Le Mans for three years running, from 1955 through 1957. This isn’t one of those 75 originals but one of 25 continuation models produced more recently by Jaguar Classic, built in Warwickshire to the original engineering drawings and using many of the original materials and methods. It's $1,325,000 (US) selling price proves the value of that undertaking.
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1955 Mercedes-Benz 300 SL Gullwing - $1,495,500 (US)
It’s a measure of the depth of quality of the collection that a legendary Mercedes-Benz 300 SL Gullwing garnered only the sixth-best selling price, of $1,495,500 (US). This one was originally delivered to Ferrari Grand Prix driver, Umberto Maglioli, and its subsequent owners included Can-Am series veteran, Lothar Motschenbacher. Some provenance!
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1955 Cooper-Jaguar T38 Mk II - $1,765,000 (US)
Fifth on the top-sellers list was a very rare race-car, a 1955 Cooper-Jaguar T38 Mk II, which sold for $1,765,000. It was the second of just three examples of this Cooper- designed car, powered by Jaguar’s racing-specification XK engine, and it was a race-winner, with six victories at Goodwood and Silverstone in the 1956 and 1957 seasons.
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1963 Jaguar E-Type Lightweight Continuation - $1,710,000 (US)
Another continuation-series Jaguar, a 1963 E-Type Lightweight Continuation model, ranked fourth on the sales-price list. Known as “Car 0”, it was the first of seven built by Jaguar Classic true to the 1963 specification and it was used as the North American press car to promote the continuation project. It sold for $1,710,000 (US).
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1957 Jaguar XKSS Continuation - $1,985,000 (US)
The third-highest price of the auction, $1,985,000 (US), was paid for another continuation model Jaguar – this one an XKSS. Only 16 of 25 planned XKSS models were built originally, effectively created by converting left-over racing D-Types to road cars. Nine continuation models were produced to complete the original plan.
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1953 Fiat 8V Supersonic by Ghia - $2,040,000 (US)
A 2-Million-dollar Fiat? Believe it! $2,040,000 (US) to be precise. This jet-age Ghia-bodied 8V Supersonic is one of only nine built. Two other 8Vs in the collection, with more conventional Vignale bodies, sold for $907,000 and $775,000 each, confirming the desirability of the rare V-8 powered Fiat sports cars. Who knew!
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1952 Ferrari 225 S Berlinetta by Vignale - $2,810,000 (US)
Not surprising, perhaps, the top seller was a Ferrari; specifically a 1952 Ferrari 225 S Berlinetta with body by Vignale, which hammered sold for $2,810,000 (US). The fifth of an estimated 21 examples built, this one has a legitimate racing provenance, finishing 2nd at the 1952 12 Hours of Casablanca, 4th at the 1952 Monaco Grand Prix, and 10th at the 1952 Mille Miglia.
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1967 Toyota 2000GT - $912,500 (US)
While those eight million-dollar-plus sellers were the focus of most attention, there were plenty of other significant cars in the collection that also achieved significant prices. One such was this 1967 Toyota 2000GT, one of 62 original left-hand-drive, U.S.-market examples, which sold for $912,500 (US).
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1967 Mazda Cosmo Sport - $128,800 (US)
Even rarer is this 1967 Mazda Cosmo Sport, which was one of only 343 Series I examples built. As such, the Cosmo was the world’s first production car with a twin-rotor rotary engine and the precursor of what became a long line of rotary-powered Mazda RX models. It sold for $128,800 (US), which seems a relative bargain considering its significance.
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1959 Cadillac Eldorado Biarritz - $229,600 (US)
Of course, there had to be a Cadillac in the collection. This high-finned 1959 Cadillac Eldorado Biarritz, which may be the most iconic car of both the brand and the era, sold for $229,600 (US).
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1966 Shelby GT350 H - $274,400 (US)
Equally as much an icon of the next decade was the Mustang, especially the Shelby GT 350 version. This example is one of just 85 early examples of the legendary Hertz 350 H “Rent-A-Racer” that was delivered with a four-speed manual transmission. Who could have imagined $274,400 (US) for a rental car!
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1948 Tatra T87 – $302,000 (US)
Among the rarest cars in the collection was this Czechoslovakian Tatra T87. Designed by Hans Ledwinka and Introduced in 1936, the T87 featured a streamlined monocoque body with swing-axle suspension and a rear-mounted, air-cooled, magnesium alloy, hemi-head, OHC V-8 engine. If you ever wondered where Tucker got his inspiration...! This example sold for $302,000 (US).
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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1936 White Model 706 'Glacier National Park' Tour Bus - $450,500 (US)
The Elkhart Collection was nothing if not eclectic, as illustrated by this 1936 White Model 706 Bus, one of 500 built between 1936 and 1939 for use specifically in America’s national parks. They featured roll-back canvas convertible tops over their 17-passenger interiors, accessed by no fewer than eight doors, and were styled by the noted industrial designer Count Alexis de Sakhnoffsky for coachbuilders Bender of Cleveland. This one, which had served at 'Glacier National Park', sold for $450,500 (US).
(Photo by Darin Schnabel ©2019 Courtesy of RM Sotheby's)
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