A collection of luxury cars confiscated by Geneva authorities from a son of the president of Equatorial Guinea is estimated to fetch 18.5 million Swiss francs ($18.67 million) this weekend, Bonhams auction house said on Friday.
Swiss prosecutors said in February that they had closed an inquiry into Teodoro Nguema Obiang for money-laundering and misappropriation of public assets with an arrangement to sell the cars to fund social programs in the former Spanish colony.
Twenty-six Ferraris, Lamborginis, Bentleys, and Rolls-Royces owned by the vice president and former agriculture minister known as Teodorin are displayed at Bonmont golf and country club in the Swiss village of Cheserex, 30 km (19 miles) from Geneva, ahead of Sunday’s sale.
In all, 75 prestige cars, mostly post-war, will be on the block at a 12th-Century abbey where telephone banks await bidders.
“We do have a collection of cars from the state of Geneva. It’s a great setting,” James Knight, Group Chairman of Bonhams Motoring Department who will conduct the auction, told Reuters.
Billed as the “Supercar Collection”, the Obiang cars do not have a minimum reserve price and have drawn interest from collectors in Europe, the United States, Middle East, and Far East, he said.
Teodorin is the son of President Teodoro Obiang Nguema Mbasogo, who has ruled the west African state for four decades.-Standardmedia