Lamborghini, Ferrari, 23 other cars owned by a President’s son is auctioned to fetch the country $18.5m

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An auction house in Switzerland is set to sell 25 luxury cars including Ferraris, Rolls-Royces and Lamborghinis that Geneva authorities seized from Teodoro Nguema Obiang Mangue, son of Equatorial Guinea’s president for-life in a money-laundering probe.

Swiss authorities say the sale Sunday by auctioneer Bonhams is expected to fetch some 18.5 million Swiss francs (dollars), with the proceeds going to a charity to benefit the people of oil-rich Equatorial Guinea.

The auction comes after the Geneva prosecutor’s office announced in February it had closed a case against the son of President Teodoro Obiang, and two others following a probe of money laundering and mismanagement of public assets.

Swiss authorities seized the cars and ordered the sequestration of a yacht in 2016.

The yacht was released in the arrangement announced in February, under which Equatorial Guinea agreed to pay Geneva authorities 1.3 million Swiss francs “notably to cover procedural costs,” the prosecutor’s office said.

The standout lot in the auction is a white-and-cream Lamborghini Veneno roadster, one of only nine such versions produced, that has been driven only 325 kilometres (201 miles), Bonhams says.

It is expected to fetch at least 5.2 million francs.

A Ferrari “LaFerrari” – featuring Formula 1 and GT inspiration – is set to fetch at least 2.6 million francs.