Since it began in 1972, the Lottery has contributed nearly $19 billion to education in Michigan. Photo via fb.com
The high bidder during a bankruptcy auction for annual lottery winnings will have to wait more than three years to see if their gamble pays off.
A 73-year-old bankrupt man’s Cash For Life lottery earnings were auctioned off last week on repocast.com by order of the U.S. Bankruptcy Court as part of the liquidation of his assets. He has been receiving $12,000 annually since 1984.
The catch is that the winnings are tied to the 73-year-old’s lifespan, regardless of who receives the payouts.
The final bid of $40,026 means the winner is banking on another three-plus years of payouts. The bankruptcy trustee set the pre-bid minimum at $30,000.
Repocast.com President Duane Mingerink and Jeff Holyfield, director of public relations for the Michigan Lottery, both told the Business Journal that it was one of the most unusual auctions they’d ever seen.
Repocast.com is part of Byron Center-based Miedema Asset Management Group.