“A fool and his money are soon parted.”
source: Business Insider
The Canadian investor and collector Miles Nadal spent $850,000 on 99 pairs of the world’s rarest sneakers, a press release from Sotheby’s announced on July 17.
Nadal then bought the 100th sneaker — the Nike Waffle Racing Flat “Moon Shoe,” arguably the rarest of the group — for $437,500 at auction on Tuesday, Nadal told Business Insider in a phone interview.
Sotheby’s rare-sneaker auction was set to close on Tuesday at 2 p.m. ET, but it ended up closing at 2:11 p.m. The collection, which was compiled in conjunction with Stadium Goods, featured 100 of the world’s rarest shoes, including the automatically lacing Nike Mags, which were based on a pair from the 1989 film “Back to the Future Part II,” and a rare pair of Derek Jeter Air Jordans.
Nadal resigned as CEO and chairman of MDC Partners in 2015, when he was involved in a Securities and Exchange Commission probe into his extravagant expense bills. He is now the CEO of Peerage Capital, a multibillion-dollar investment firm.