A collection of rare cars and sneakers valued at $60 million is auctioned

A $60m (£47m) collection of sports memorabilia, rare trainers and luxury cars owned by a Canadian businessman will be auctioned at RM Sotheby’s on Saturday.

Miles Nadal items for sale include a racing suit signed by former Formula One ace Michael Schumacher and five classic red Ferraris valued together at $20.25 million.

Also on sale is a rare pair of Nike “Moon Shoe” that Nadal bought for a record $437,500 in 2019.

They are part of the businessman’s luxury collection that was previously exhibited in a private museum in Toronto.

In interviews with several media outlets, Nadal said he put part of his collection up for auction to free up space and will donate the proceeds to charity.

“I’m 66 years old, I want to enjoy the fruits of my labor and try to make the world a better place,” he told BNN Bloomberg earlier this year.

Nadal, once one of Canada’s highest-paid CEOs, said he began collecting rare cars and other memorabilia more than 25 years ago.

It is estimated that the items he has put up for auction are worth a combined $60 million.

They include an impressive collection of sneakers, valued at $2 million, which Nadal most recently acquired thanks to a large purchase he made in 2019.

“One day I was bored, sitting in my cabin in Muskoka, and I bought something called Sotheby’s latest sneaker collection; They were 100 of the most iconic sneakers,” Nadal said in his interview with BNN Bloomberg.

The collection included original Air Jordan sneakers signed by basketball legend Michael Jordan and another Nike pair inspired by the movie Back to the Future, one of 89 pairs worldwide.

Also for sale at RM Sotheby’s auction are more than 100 rare cars that were once on display at Nadal’s Dare to Dream museum in Toronto.

Car enthusiasts will probably recognize a few: one of each of the “Big 5” Ferraris: the 288 GTO, F40, F50, Enzo and LaFerrari, as well as a 2015 McLaren P1, one of only 350 in existence.

Also for sale is a 2008 Bugatti Veyron 16.4 that was previously owned by British television personality and record producer Simon Cowell.

Nadal has described his collection as a result of “emotional investments” he has made in items that genuinely interested him.

But he added that it has become difficult to maintain, so he decided to put some up for auction.

Nadal made his fortune after founding the advertising firm MDC Partners Inc.

The company was once the subject of an expense investigation by the U.S. Securities and Exchange Commission, in which Nadal agreed to repay $12.5 million in expenses and retainer payments.

He is also a prominent philanthropist in Toronto, having donated millions to Mount Sinai Hospital and York University in the past.

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