Lotto prize up for auction

An unusual auction in Michigan will turn the top bidder into an instant lottery winner.

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.

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.

Richardson has a judge's approval to hold an online auction Thursday until 8:30 p.m. EST. 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 says the winner definitely is taking a gamble.


Comments are pre-moderated to ensure they meet our guidelines. Approval times will vary. Keep it civil, and stay on topic. If you see an inappropriate comment, please use the ‘flag’ feature. Comments are the opinions of the comment writer, not of Castanet. Comments remain open for one day after a story is published and are closed on weekends. Visit Castanet’s Forums to start or join a discussion about this story.

More World News

London Webcam
Webcam provided by webcams.travel
Recent Trending
Soft 103.9
Castanet Proud Member of RTNDA Canada