“Cash For Life” Winner is Auctioning Off His Lottery Prize
Forget the Powerball tonight, winning the lottery is boring, even for $450 million. This is interesting.
73-year-old Donald Magett of Kalamazoo, Michigan won a "Cash For Life" prize on a scratch-off Michigan Lottery ticket several years ago. It pays him $1,000 per month until he dies. But now, he needs more money to pay off his bankruptcy debts and the slow pace isn't cutting it. So he's auctioning off his winning lottery ticket.
The only catch is, it's only going to keep paying out until he dies. He's 73. Anyone who's bidding on the ticket has to balance out how long they think he'll be around, with how much they're willing to spend.
The opening price for the auction is $30,000, so right there, you'd need him to be alive for at least three years just to break even after taxes. On the bright side, Donald says he's in good health.
The auction starts at 8:00 A.M. Eastern tomorrow on the RepoCast.com, if you're interested. It ends at 8:30 P.M. The head of that site says, "In 32 years of [the auction] business, I've never come across this."