Scott Coles with his second wife, Ashley
Scott Coles’ family will auction off the deceased millionaire’s fine art and memorabilia collection on December 16 -- at the same mansion where Coles took his life last June.
Coles death shook the Phoenix business community this past year. He left behind three children and a young wife, as well as a loyal and highly-respected ex-wife. Following his death we wrote about Coles' rise and fall, as well as his intricate business dealings.
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In all, Coles’ company, Mortgages Ltd., took about $1 billion of private-investor money and dumped it into real estate projects. Mortgages Ltd. filed for bankruptcy after Coles’ death, and a number of investors have since sued the company -- in an effort to retrieve the money they entrusted to Coles.
The auction will take place at Coles’ largest and favorite mansion at 4954 E. Rockridge Road in Phoenix
“There’s about $1.5 million to $2 million worth of stuff: sculptures, bronze, countless sports memorabilia, some music memorabilia, signed Hendrix guitars and Beetles memorabilia,” says John Nuccio of Higgenbotham Auctioneers.
“Mr. Coles estate is going to be selling 400 to 500 items from the home on Rockridge,” Higgenbotham added. “Nobody has stopped to think about the family. We’re trying to help the family regroup.” -- John Dickerson