Bankruptcy trustee auctioning $1,000-a-month lottery prize
PORTAGE, Mich. — A bankruptcy trustee is auctioning a lottery ticket that will pay $1,000 a month — until a 73-year-old southwestern Michigan man dies.
Donald Magett of Portage won the “Cash for Life” game in 1984. But the winnings lately have been going to trustee Tom Richardson to pay Magett’s creditors. It’s the main asset.
Richardson has a judge’s approval to hold an online auction Thursday through www.repocast.com. 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.
If the winning bid is higher, the break-even point is even longer. And don’t forget about taxes.
Richardson says he’s been told Magett is in good health. Magett couldn’t be reached for comment Monday. A phone number isn’t listed.
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