$1,000-a-month lifetime lottery ticket auctioned for $40,000

Comment #15

JoshUK — Sun, 10 Jan 2016 21:27:14 GMT

I was reading the thread title and was seriously confused at first -- only $40,000 for a $1,000 week for life? But then I saw that it is only valid as long as the guy who won it is alive.... kind of an odd situation.

Comment #14

DELotteryPlyr — Sun, 10 Jan 2016 19:13:52 GMT

See this is why I am saying its a family member (maybe close friend of family) who won the auction, they would be the only ones who really know his health and know if he is gonna be around that long.

Comment #13

One-Day — Sun, 10 Jan 2016 14:37:34 GMT

If I were the winner of that auction I'd be sending this guy multivitamins every month and reminding him of his doctor's appointments all the time. lol.

Comment #12

ckrakowski — Sun, 10 Jan 2016 02:06:51 GMT

Thank you I did not realize that. I thought he had a 30 year old ticket.

Comment #11

WesleyThomas — Sat, 09 Jan 2016 21:00:16 GMT

Yes It is

Comment #10

MaximumMillions — Sat, 09 Jan 2016 16:03:23 GMT

I agree, also somewhat morbid because you have to hope the original winner doesn't croak. AND you have to come back each year. Not worth the hassle and risk methinks.

Comment #9

VenomV12 — Sat, 09 Jan 2016 06:01:28 GMT

This is seriously creepy.

Comment #8

gatorsrok — Sat, 09 Jan 2016 04:42:43 GMT

Article says:

The winning bidder, whose offer of $40,026 will be certified by the court, will see the purchase turn a profit after 40 months assuming Magett lives that long. Payments on the ticket will end with his death.

Comment #7

nist7seven — Sat, 09 Jan 2016 03:57:43 GMT

Wait so this means it'll only pay out as long as that dude is alive? I thought it could transfer to the winner of the auction...I was gonna say this seems like a great deal but maybe not so much...

Comment #6

gatorsrok — Sat, 09 Jan 2016 03:54:43 GMT

He cashed in the ticket years ago and was receiving the life annuity since then. The auction is for the rights to the remainder of the annuity during Magett's life. Hopefully the Bankruptcy Court put a contempt order in effect for the benefit of the auction winner. Most life annuity payments require you to prove you are still alive to get the payments like Michigan. Magett may have no incentive to help the auction winner get the annual $12,000 payment once the Bankruptcy case is over.

It may... [ More ]

Comment #5

ckrakowski — Sat, 09 Jan 2016 01:13:39 GMT

Donald Magett, a former Kalamazoo police officer and owner of a security firm who bought a Michigan Lottery ticket that pays $1,000-a-month in February, 1984.

How can he cash in a ticket he bought over 30 years ago

Comment #4

rgse90 — Fri, 08 Jan 2016 17:52:31 GMT

Had I known I think I would have bid on this. I did not even know this was being auctioned would have been fun to bid.

sam

Comment #3

Raven62 — Fri, 08 Jan 2016 15:15:54 GMT

Maybe one of the Cash Now Institutions wouldn't Touch It.

Comment #2

DELotteryPlyr — Fri, 08 Jan 2016 14:30:57 GMT

Ok, so the 'bet' is that this guy will live PAST the 40 months and you get more than your investment - WOW! Not an investment I would make. Wonder if its someone close to this guy that won it

Comment #1

mypiemaster — Fri, 08 Jan 2016 14:26:19 GMT

So Sad!!!.

$1,000-a-month lifetime lottery ticket auctioned for $40,000

Lottery Post — Fri, 08 Jan 2016 14:11:19 GMT

An online auction for a lottery ticket that pays $1,000 a month for the rest of a 73-year-old Kalamazoo man's life went into overtime on Thursday, Jan. 7, ending with a winning bid of more than $40,000.

The auction was held on behalf of the U.S. Bankruptcy Court to pay off the debts of Donald Magett, a former Kalamazoo police officer and owner of a security firm who bought a Michigan Lottery ticket that pays $1,000-a-month in February, 1984.

The winning bidder, whose offer of $40,026 will... [ More ]