One of the rarest shoes in the world just sold for $437,500 at auction to a Canadian investor who had bought 99 other rare sneakers for $850,000

These Nike shoes just sold for $437,500 at auction.

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These Nike shoes just sold for $437,500 at auction.
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Sotheby’s

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.

Read more: Sotheby’s is auctioning off some of the rarest sneakers ever made, and some could go for more than $100,000

An avid car collector, Nadal plans to display his newly acquired pairs of shoes in his private Dare to Dream Automobile Museum in Canada, the Sotheby’s press release said. He also plans to share his collection with his friends and family, as well as with charitable organizations upon request.

“I have always been an avid enthusiast and appreciator of unique art and collectibles that represent innovative design, exceptional craftsmanship, and new and exciting trends in pop culture,” Nadal said in the press release.

“Acquiring such a range of contemporary classics is a unique opportunity to build a substantial sneaker collection of iconic proportions. The collection will be a wonderful complement to the Dare to Dream classic car collection, and I am excited to showcase these magnificent sneakers,” he added.

Though, according to the press release, Nadal originally offered to buy all 100 pairs, the original owner of the Nike “Moon Shoes” decided to keep the pair up for public auction. Constructed by one of Nike’s first employees and designed by Nike cofounder Bill Bowerman, these shoes got their name from the tracks they leave in the dirt, which are reminiscent of the foot pattern left on the moon in 1969.

Bids for the “Moon Shoes” started at $80,000 and were expected to fetch up to $160,000. The pair that sold is the only known unworn pair in existence.