A retired banker has left a collection of cars, believed to be worth about £1.5million, to the RNLI.

Robert ‘Bob’ Furniss Riding, retired to the island after a career in banking, which included a time as group treasurer of the Royal Bank of Scotland.

Having made the island his home, Mr Riding, who was a passionate sailor, switched his attention to motorcars and assembled an astonishing collection.

Among the collection are a stunning, 1937 Rolls-Royce Phantom III, a quirky 1924 Bentley Vanden Plas Tourer and a 1932 Rolls-Royce 20/25 Drophead Coupe once owned by American Formula 1 World Champion Phil Hill.

The auction is being held by H&H Classics at the Imperial War Museum, Duxford on October 19.

Paul Cheetham, who curated the collection for H&H Classics, said: ‘They are a marvellous cross-section of some of the best of the last century’s most sought-after cars. And their sale will benefit one of Britain’s most beloved institutions, the RNLI.

‘His cars were regularly campaigned at rallies for the appropriate marque and were often deserved winners of various trophies. He also got involved in the relevant enthusiast clubs, usually ending up as chairman – and his list of appointments included the chairmanship of the Manx Classic Car Club and the Manx Motor Racing Club.

‘Bob was always a keen supporter of local charities, particularly maritime and those involving young people, and many will have cause to remember with gratitude his generosity and his apparently bottomless well of technical knowledge on “quality cars”, so freely shared.

‘Mr Riding, who had homes in Derbyhaven and Smeale, left his estate predominantly to charity with the RNLI being the residuary beneficiary. Thus, in effect, the entire proceeds of the sale of the car collection will be received by the RNLI.’

None of the cars has a reserve price on them, with a 1932 Rolls-Royce Phantom II Continental Sedanca Coupe, carrying the highest value going into the auction, with it believed to be worth £350,000.

In total, the 16 cars, dating between 1924 and 1991, are believed to be worth £1.47m.