Family’s Donation of 35 Classic Cars Sold for $2.3 Million

UPDATE 1/10/23 5:20 p.m.

The 35 classic cars donated to Northwood University by an Isabella County businessman have been auctioned off and are bringing in $2.3 million to the university.

The cars were a unique donation by Mike and Diane Morey for the school to use however they wanted. They were auctioned off in Florida last Friday.

The most expensive car was a 1967 Shelby GT-500 fastback and sold for $330,000. A 1970 Plymouth Hemi ‘Cuda sold for $275,000.

The school says they are using $1 million of the donation to upgrade the campus, and the rest will go into the scholarship endowment.

12/1/22 5:40 p.m.

Northwood University is getting some renovations after a unique donation from a local family.

Morey family of Mount Pleasant is donating 35 classic cars to the college, 34 of which will be auctioned off early next year. The one car that won’t be auctioned off, a 1958 Chevrolet Corvette, will be displayed on campus.

Northwood University’s Chief Development and Engagement Officer Justin Marshall says the donation is unbelievable.

“Sometimes I have trouble believing it myself. And it’s such a unique gift, such a personal gift, we couldn’t be more grateful to the Morey family,” Marshall says.

The cars have been appraised for just under $2.5 million, but after the auction they could be worth much more than that.

“All it takes at an auction is two people wanting a single car to take that price to a level far beyond it’s appraisal,” Marshall states.

The money Northwood makes from the auction will be used to renovate the courtyard between Jordan Hall and the Strosacker Learning Center. Plus, any money left over will be used to expand their endowment, and offer more student scholarships.

“So, moving forward there will always be financial support for students, because of the Morey family and these cars,” Marshall says.

The Morey family founded Bandit Industries. Mike says they’re donating their collection to give students the opportunities they’ve had.

“Why do it? Well, my wife and I have been lucky enough to make several dollars. And when you get to that age, there isn’t much you want,” Mike admits. “It’s great. It tops off all the fun I’ve had.”

Northwood says the donation will have a lasting impact on the college for years to come.

“These cars have been with them through their lives. The generosity of someone willing to take all of that collection, all that hard work and say, ‘we’re going to hand it off, and we’re going to start a new chapter in our lives, helping the students.’ It’s really unbelievable,” Marshall states.

The auction will be held Jan. 6, 2023.