A museum's collection of classic cars thought to be worth £1.5m is set to go under the hammer.

Frank Loft, 73, had hoped to sell the Moretonhampstead Motor Museum as a going concern but has now confirmed that his impressive collection of cars and motorbikes will be sold by auction.

The building is on the market for £445,000 and its 150 cars are set to be auctioned by Charterhouse Auctioneers in Sherborne, Dorset over three days, May 14, 15 and 16.

A special viewing day takes place on May 14 from 10am to 4pm. The first auction is on May 15 with motorbikes and automobilia the first lots at 11am.

On Friday, May 16 the cars will be under the hammer, also from 11am. Viewing on both days begins at 9am.

Frank started the collection as a retirement project and he is now looking forward to a ‘second retirement’ with his car collection in new loving hands.

He is keen that the vehicles be bought by “someone who will dote on them and enjoy them for what they are”.

He will keep the Jaguar XK150 and rare Ariel motorcycle is another prized possession which will not be sold.

Frank admits: “It’s been a difficult and emotive decision to make.”

The collection consists of mostly British vintage cars and motorcycles which Mr Loft considers are design classics.

He said car and bike designers had a freer hand in past decades but today they were restricted by the constraints of aerodynamics – so uniformity rules and cars look like each other.

It is fitting that the auction will take place at Charterhouse, as Frank has bought many of his cars, motorcycles and automobilia from them over the past 20 years.

The auction house reports on its website: “In the collection, there is a vast array of vehicles and automobilia, some of which are on the button and some of which will need some recommissioning.

“They date from the past 110 years from an Austin J40 pedal car to a vintage charabanc and pretty much everything else in between.”