The Dark Secret of the Elcart Collection

Former owner accused of financial fraud

In October, RM Sotheby's will hold a tender for a collection of unique cars. The bad news about this event is that the cars belonged to the alleged scammer.

Once again, RM Sotheby's will offer for sale at auction a one-of-a-kind collection. On October 23 and 24, bidders will fight for 260 old and new cars and motorcycles, as well as for countless equipment and souvenirs. In fact, the event was originally scheduled for early May, but an outbreak of the coronary virus pandemic forced the auction house to postpone it. It is clear to everyone that a collection of similar value and quality should, if possible, be sold to a live audience. And RM Sotheby's hopes that at the end of October they will again be able to organize such tenders.

Suspicions of Fraud and Huge Debt

The official name of the collection is Elcart Collection. It is named after the city of Elcart, Indiana. The cars were assembled there and there will be an auction for them. However, the collection can also be called the Cannes collection because all these cars belonged to a gentleman named Najib Khan. However, this will certainly cause negative associations. Because Mr. Kang is accused of fraud for several million dollars - a case that not only regional media are happy to write about.

Najib Khan managed an already bankrupt company in Elcard, which carried out tedious activities for other companies, such as payroll, tax consultations, hiring and dismissal of personnel, accounting of working hours and the like. But obviously, many operations were against the law, so several clients accuse Kahn of fraud. And since he also accumulated $ 126 million in debt, the court confiscated most of his property.

Treasures without a minimum price

The most important part of the Cannes property is the collection of cars presented here, which will be sold out by RM Sotheby's in October. By the way, in press releases, the auction house does not name the former owner - as you know, discretion is something common to the community of collectors of exclusive cars. In response, it is reported that most of the cars will be put up for auction without an initial minimum price. For hunters and collectors of valuable specimens, this is a clear signal that they can count on bargains here.

But who cares about the allegedly illegal business of the previous owner when such car decorations hit the market? Do you want examples? How about a 5 Aston Martin DB1964 Vantage? That's right, that Aston, car 007! Or for a 2000 Toyota 1967 GT? Also on display is a 350 Shelby GT1966 H, as well as an entire gang of racing cars, including a 225 Ferrari 1952 S Berlinetta Vignale, a 38 Cooper-Jaguar T1955 Mk II, and a 2014 Toyota. and modern supercars such as the Jaguar XJ220 or the Ford GT (2006) - Heritage Edition were owned by hockey superstar Wayne Gretzky. It's all sweetened with candy like the tiny Subaru 360 police car or the equally cute Mini Pickup. As well as many other four-wheel and two-wheel treasures.

Hack and predictor Aviator

RM Sotheby's is not very transparent about the origin of the Elkart collection. But what - after all, the cars are not to blame for the alleged suspicious actions of their previous owner. Many interesting models will be offered at the auction. And, as we know, a story with a criminal flavor most often increases the value of a car. Therefore, I'm not sure that you can make a really good purchase - despite the lack of a minimum price.

For ardent fans of automotive classics, we show in the gallery all the cars and motorcycles from the Elkart collection. We pass on the model names as claimed by RM Sotheby's. The auction will be held in Elcard, Indiana, October 23 and 24 from 10.00. Exhibits will be available for viewing from 9.00 to 20.00 on October 22.