At a recent bankruptcy auction, a bulletproof Mercedes-Benz Maybach S650 once owned by ex-billionaire Miles Guo fetched a winning bid of $63,000.
The luxury car was sold in an online auction, with the winning bid placed by the 115th bidder. The vehicle was initially bought by Guo in 2018 for a sum of $192,000. Guo, who filed for Chapter 11 bankruptcy in 2022, is currently detained, awaiting sentencing for a fraud and racketeering-conspiracy scheme amounting to $1.3 billion.
The auctioning of the car was a complex process that involved a team of lawyers, bankruptcy judges, appraisers, and auctioneers.
As per the report by Business Insider, it took them four years to ready the vehicle for auction. Initially, the car was listed as an asset of a Hong Kong-based shell company, registered in the name of Guo’s son and for a brief period, his chauffeur.
Following Guo’s arrest, the car was discovered abandoned in a New Jersey tow lot. It was subsequently moved to the Hamilton Group’s yard in Clinton, Connecticut, for auction preparation. Despite the public being allowed to view the car in person, no one turned up.
Nonetheless, the online auction attracted significant interest, with the winning bid of $63,000 placed in the final five minutes.
The sale price aligns with the Kelley Blue Book value for a 2018 Mercedes-Benz Maybach S650, excluding the custom armor plating and bullet-proof glass installed by Guo.
The income generated from the sale will be used to settle Guo’s debts. His bankruptcy debts are estimated to be approximately half a billion dollars. The sale of the car is a significant step in the process of debt recovery.
Despite the complex and lengthy process of preparing the vehicle for auction, the sale demonstrates that assets can be effectively liquidated to pay off creditors, even in complicated bankruptcy cases.
Shutterstock/VanderWolf Images
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This article Bulletproof Mercedes Once Owned by Billionaire Miles Guo Fetches $63,000 at Auction originally appeared on Benzinga.com
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