"Business Insider followed the auction of a Mercedes-Benz Maybach S650, kicking the tires in person and watching the virtual action as it sold online to its 115th bidder, for $63,000. The sale shows just how easy it is for buyers to purchase - sight unseen - the cars, motorcycles, even the cast-off wall sconces and used vacuum cleaners of the nouveau poor. All that's needed is an internet connection and the winning bid."
"The Mercedes-Benz was once the shiny new chauffeured conveyance of Miles Guo, who declared Chapter 11 bankruptcy in early 2022. Guo was arrested a year later and remains in jail pending his Manhattan sentencing for a $1.3 billion fraud and racketeering-conspiracy scheme. Court records show that Guo bought the car new in 2018, for $192,000, at a Mercedes-Benz showroom just south of Lincoln Center in Manhattan."
An armored Mercedes-Benz Maybach S650 owned by bankrupt Miles Guo sold online to its 115th bidder for $63,000. The car moved from a Manhattan showroom to a New Jersey tow lot before arriving at a Connecticut auction yard. Guo purchased the car new in 2018 for $192,000 and later declared Chapter 11 in early 2022; he was arrested and remains jailed pending sentencing for a $1.3 billion fraud and racketeering-conspiracy conviction. Online bankruptcy auctions allow buyers to bid sight unseen using only an internet connection and a winning bid. The sale required four years of work by lawyers, judges, appraisers, and auctioneers.
Read at Business Insider
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