Bankruptcy Trustee auctions lotto prize

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.

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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.