MDC founder Miles Nadal just spent more than US$1.2 million on a collection of rare sneakers in a sale managed by Sotheby’s.
Nadal completed the acquisition in two different transactions, first spending $850,000 on 99 pairs of rare sneakers in a private sale on July 17. He then spent $437,500 on a single pair—a new record—in an auction last week. The collection was previously owned by Stadium Goods.
Nadal set the world record on the pair of 1972 Nike Waffle Racing Flat “Moon Shoes”—only one of 12 pairs made and the only pair never worn. Sotheby’s originally expected the shoes to go for about $160,000. The previous world record for a pair of sneakers was $190,373 for a pair of Converse worn by Michael Jordan at the 1984 Olympics.
The “Moon Shoes” were designed by Nike co-founder Bill Bowerman, who created the innovative soles by pouring rubber into his wife’s waffle iron ahead of the 1972 Olympics.
Awesome day . Newfound passion for Sneakers!!! @stadiumgoods @Sothebys . Thank you Noah Wunsch & Yu Ming Wu . Great Partnership, Amazing Friendship. @PeerageCapital @PeerageRealty pic.twitter.com/v4IvWWEScg
— Miles S. Nadal (@milesnadal) July 23, 2019
After building MDC into one of the largest advertising holding companies in the world, Nadal was forced out in 2015 and repaid $12.5 million to the company for expenses, salary and bonuses in the midst of a Securities and Exchange Commission investigation. He’s now the CEO of investment firm Peerage Capital, with more than $8 billion in assets under management.
“I am thrilled to acquire the iconic Nike ‘Moon Shoes,’ one of the rarest pairs of sneakers ever produced, and a true historical artifact in sports history and pop culture,” Nadal said in a Sotheby’s press release. “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, and I hope Sotheby’s and Stadium Goods will continue to lead the way in this exciting new future.”
Nadal plans to display most of the shoes in his private Dare To Dream Automobile museum which showcases his classic car collection, but told Business Insider the Moon Shoes will be in his office at Peerage.
His car collection of 142 cars and 40 motorcycles includes the first motorized car from 1886 to the most modern super cars. The new shoe collection, meanwhile, includes artifacts like a pair of Air Jordan 11s created to commemorate the retirement of the New York Yankees’ star shortstop Derek Jeter. Only five pairs were produced and released via a lottery system at pop-up shops near Yankee stadium on the say of Jeter’s retirement.
The collection also includes a pair of Adidas NMD Hu TR shoes designed by rapper Pharrell Williams and given as a gift to iconic Chanel designer Karl Lagerfeld.