Bulletproof Mercedes Once Owned by Billionaire Miles Guo Fetches $63,000 at Auction

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At a caller bankruptcy auction, a bulletproof Mercedes-Benz Maybach S650 erstwhile owned by ex-billionaire Miles Guo fetched a winning bid of $63,000.

The luxury car was sold successful an online auction, with the winning bid placed by the 115th bidder. The conveyance was initially bought by Guo successful 2018 for a sum of $192,000. Guo, who filed for Chapter 11 bankruptcy successful 2022, is presently detained, awaiting sentencing for a fraud and racketeering-conspiracy strategy amounting to $1.3 billion.

The auctioning of the car was a analyzable process that progressive a team of lawyers, bankruptcy judges, appraisers, and auctioneers.

As per the study by Business Insider, it took them 4 years to acceptable the conveyance for auction. Initially, the car was listed arsenic an plus of a Hong Kong-based ammunition company, registered in the sanction of Guo’s son and for a little period, his chauffeur.

Following Guo’s arrest, the car was discovered abandoned successful a New Jersey tow lot. It was subsequently moved to the Hamilton Group’s yard in Clinton, Connecticut, for auction preparation. Despite the nationalist being allowed to presumption the car successful person, nary 1 turned up.

Nonetheless, the online auction attracted important interest, with the winning bid of $63,000 placed successful the last 5 minutes.

The merchantability terms aligns with the Kelley Blue Book value for a 2018 Mercedes-Benz Maybach S650, excluding the customized armor plating and bullet-proof solid installed by Guo.

The income generated from the merchantability volition beryllium utilized to settee Guo’s debts. His bankruptcy debts are estimated to beryllium astir fractional a cardinal dollars. The merchantability of the car is simply a important measurement successful the process of indebtedness recovery.

Despite the analyzable and lengthy process of preparing the conveyance for auction, the merchantability demonstrates that assets tin beryllium efficaciously liquidated to wage disconnected creditors, adjacent successful analyzable bankruptcy cases.

Shutterstock/VanderWolf Images

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