The former owner of IOI pay in Elkhart will have his fleet of collectors vehicles auctioned off. A judge has officially authorized the sale his more than 200 vehicles as Key Bank and more than a hundred other companies attempt to recover more than $100 million they are owed.
Sotheby’s will be handling the auction. His collection includes several very valuable cars like a Ford GT that was once owned by Wayne Gretzky. In his Chapter 11 filing his vehicles total worth is estimated at around $31.3 Million.
Khan’s trouble started in 2019 when Keybank filed a lawsuit for transactions that his company didn’t have funds to cover. After that lawsuit other businesses piled on for unpaid taxes and other issues.
The auction will be in Elkhart in May.