Lottery ticket worth $1,000 a month – for as long as seller lives – up for auction
The $12,000 annual payments will end when 73-year-old Donald Magett dies,according to a notice for the auction. The auction stems from a 2005 bankruptcy petition Magett filed, after he was sued by the federal government for misusing the retirement funds of a private security firm he owned and operated.
Donald Magett, 73, won ‘Cash for Life’ prize in 1984 which carried a $250,000 guaranteed payout. After a long career in the police force Mr Magett ran a private security firm working for public and private entities across the USA Midwest.
In 2007 Mr Magett was convicted of pension fund theft and several other convictions which led to his incarceration in a federal prison for 6 years. Part of his punishment was the repayment of $540,000.
Currently Mr Magett owes the IRS $190,000 in taxes and is hoping to auction his lotto ticket to raise funds. With opening bids set at $30,000 you would be better off trying your luck at Australian Powerball – entries start at just $10 AUD – with a prize pool of $70 MILLION!!!!