It happened Friday night around 8:00 at the man's Bloomington home.
75-year-old John Tornquist said the fire was an accident. He said he had been welding in his garage when he went into the house for dinner and head a "pop."
Many of his cars are more than 100 years old, and each are valued at more than $80,000.
Tornquist said he's remaining optimistic and he hopes he'll be able to salvage some of his collection. "I'm kind of a positive looking guy and I feel all these cars can be salvaged. You know, we're talking about 100 year history here. So I don't want to see the history lost and I believe all of these cars can be refurbished and brought back to life."
The Bloomington Fire Department estimates the loss is about one million dollars. Tornquist said he's thankful no one got hurt.