Randy Simpson watched Thursday as more than 200 people looked through the motorcycles and tools that have been his life for more than 25 years, and placed bids on them.
Simpson recently closed Milwaukee Iron, his Lynchburg machine shop known around the nation for its custom Harley-style choppers, due to the recession. On Thursday, North Carolina-based Asset Sales Inc. auctioned the company’s building and equipment.
Jerry Mannion, president of Asset Sales, said about 220 people came to the sale. A Leifeld spinning lathe sold for $275,000, and five custom motorcycles sold for about $20,000 each, he said.
Simpson said the building was sold for about $490,000.
At least one item did not sell. The Milwaukee Iron name was offered, but the bids only went as high as $400,000. Simpson said that wasn’t high enough for his product line and branding, so he did not sell it.
“I’m still Milwaukee Iron,” he said.
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