At a recent bankruptcy auction, a bulletproof Mercedes-Benz Maybach S650 once owned by ex-billionaire Miles Guo was sold for $63,000. The luxury car was initially purchased by Guo in 2018 for $192,000. Guo, facing bankruptcy and legal issues, is awaiting sentencing for fraud and racketeering.

The auction process involved a team of professionals including lawyers, judges, appraisers, and auctioneers. It took four years to prepare the vehicle for auction, initially listed under a Hong Kong-based shell company registered in Guo’s son’s name.

Following Guo’s arrest, the car was found abandoned in a New Jersey tow lot and later moved to Connecticut for auction preparation. Despite low in-person interest, an online auction resulted in a winning bid of $63,000 in the final minutes.

The sale price aligns with the Kelley Blue Book value for a 2018 Mercedes-Benz Maybach S650, excluding custom armor plating and bullet-proof glass. Proceeds from the sale will be used to settle Guo’s vast debts, estimated to be around half a billion dollars.

The sale of Guo’s bulletproof Maybach shows that assets can be liquidated effectively to repay creditors in complex bankruptcy cases. This demonstrates progress in the debt recovery process and highlights the importance of proper asset management in such situations.

Read more at Yahoo Finance: Bulletproof Mercedes Once Owned by Billionaire Miles Guo Fetches $63,000 at Auction