$60m collection of rare cars and sneakers going on auction

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

Miles Nadal's items for sale include a racing suit signed by former Formula One ace Michael Schumacher and five classic red Ferraris worth a collective $20.25m.

Also for sale are a rare pair of Nike’s “Moon Shoe” that Mr Nadal bought for a record-breaking $437,500 in 2019.

They are part of the businessman's luxury collection that was previously on display at a private museum in Toronto.

In interviews with various media outlets, Mr Nadal said he put some of his collection up for auction to clear space and that he will donate proceeds to charity.

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

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

The items he has put up for auction are estimated to be worth a collective $60m.

They include an impressive sneaker collection - worth $2m - that Mr Nadal acquired more recently thanks to a big purchase he made in 2019.

“I was bored one day, sitting at my cottage in Muskoka, and I bought something called the ultimate sneaker collection from Sotheby's; it was 100 of the most iconic sneakers,” Mr Nadal said in his interview with BNN Bloomberg.

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

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

Car enthusiasts will likely recognise some - 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.

There’s also a 2008 Bugatti Veyron 16.4 for sale that formerly belonged to British TV personality and record producer Simon Cowell.

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

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

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

The company was once the subject of an expense investigation by the US Securities and Exchange Commission, in which Mr Nadal agreed to pay back $12.5m in expenses and retention pay.

He is also a noted philanthropist in Toronto, donating millions in the past to Mount Sinai Hospital and York University.