When your bankruptcy case is complicated enough, even selling a car becomes a four-year project. That's what happened with Miles Guo's bulletproof Mercedes-Benz Maybach S650, which finally found a buyer at $63,000 in a recent online auction.
The luxury vehicle, originally purchased by Guo in 2018 for $192,000, attracted serious last-minute interest. The winning bid came from the 115th bidder during the final five minutes of bidding. Not exactly the return on investment Guo might have hoped for, but then again, he's got bigger problems right now.
Guo filed for Chapter 11 bankruptcy in 2022 and is currently detained, awaiting sentencing for orchestrating a fraud and racketeering-conspiracy scheme totaling $1.3 billion. Getting this single car to auction required an entire team of lawyers, bankruptcy judges, appraisers, and auctioneers.
According to Business Insider, the vehicle's path to the auction block was anything but straightforward. Initially listed as an asset of a Hong Kong-based shell company, the car was registered in the name of Guo's son and briefly, his chauffeur. After Guo's arrest, authorities found the Mercedes abandoned in a New Jersey tow lot. From there, it was moved to the Hamilton Group's yard in Clinton, Connecticut, for auction prep.
Despite offering public viewings, not a single person showed up to inspect the car in person. The online auction, however, drew plenty of attention.
Here's the interesting part: the $63,000 sale price matches the Kelley Blue Book value for a standard 2018 Mercedes-Benz Maybach S650. All that custom armor plating and bulletproof glass Guo installed? Apparently worth nothing on the resale market.
The proceeds will go toward settling Guo's debts, estimated at approximately half a billion dollars. One luxury car down, plenty more assets to go.
