PORTAGE, Mich. (WWJ/AP) – An unusual auction in Michigan will turn the top bidder into an instant lottery winner on Thursday.
A bankruptcy trustee is auctioning a lottery prize that pays $1,000 a month, before taxes. But there’s a hitch: The money is paid only for as long as a 73-year-old man stays alive.
The auction takes place online from 8 a.m. until 8:30 p.m. Thursday, January 7. Bids may be placed now at this link.
Donald Magett of Portage won the “Cash for Life” game in 1984. The winnings lately have been going to bankruptcy trustee Tom Richardson to pay Magett’s debts. It’s the main asset.
The auction has been approved by a federal bankruptcy court judge. The opening bid is $30,000, which means Magett would need to live a few more years for the winner to at least break even.
Richardson said the winner is definitely taking a gamble.
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