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.
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
Keep Phoenix New Times Free... Since we started Phoenix New Times, it has been defined as the free, independent voice of Phoenix, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Phoenix with no paywalls.