The auction dubbed "The Ultimate Sneaker Collection" is over. And one man purchased 100 of the rarest and most sought after sneakers of all time — international collector, philanthropist and entrepreneur Miles S. Nadal — for a whopping $1,287,500.
From July 11 to 23, sneaker and streetwear marketplace Stadium Goods partnered with renown auction house Sotheby's (BID) partnered for the first a first-of-its-kind online-only sneaker auction. On July 17, Nadal shockingly purchased 99 out of 100 shoes for an astounding $850,000.
The collection featured coveted and rare models such as 2011 and 2016 versions of the Nike Air Mags, which were featured in "Back to the Future Part II" and the ultra-rare Chanel x Pharrell x Adidas NMD Hu TR - 1-of-1 for Karl Lagerfeld.
Nadal paid $437,500 for the most exclusive shoe in the collection, the handmade Nike “Moon Shoe.” Nike (NKE) co-founder, Olympic team and the University of Oregon famed running coach Bill Bowerman made only 12 pairs of the shoes for runners at the 1972 Olympic trials. He made the the shoe’s soles by pouring rubber into his wife’s waffle iron. This pair was estimated to sell anywhere from $110,000 to $160,000.
Nadal, who is the founder, chairman, and CEO at Peerage Capital, plans to display his newly bought sneaker collection at his Dare to Dream Automobile Museum in Toronto, Canada (He also collects classic cars.). He wanted to purchase all of the shoes in the collection at once, but Sotheby's and Stadium Goods officials decided to keep the last pair available in public auction.
"I am thrilled to acquire the iconic Nike's Moon Shoes, one of the rarest pairs of sneakers ever produced, and a true historical artifact in sports history and pop culture. When I initially acquired the 99 other pairs in this auction last week, I just knew the Nike's had to remain part of this remarkable collection, and I couldn't be happier with the result. I think sneaker culture and collecting is on the verge of a breakout moment,” Nadal said.
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.