Bankruptcy court auctions lottery winner's prize paying $1,000 a month for life
A winning bidder has agreed to pay $40,026 for a lottery prize that pays $1,000 a month for life to a Michigan man who is now 73 years old.
The lottery prize was auctioned by a bankruptcy trustee to help pay the debts of the ticket owner, Donald Magett, report the Associated Press and MLive.com. They money will help pay about $190,000 in back taxes owed by Magett.
The winning bidder was not identified.
Bankruptcy trustee Tom Richardson says Magett’s lawyer has told him Magett’s health is good, according to the AP story.
Magett, the former owner of a security firm, bought the ticket in 1984. He was convicted in 2007 of embezzling $650,000 from the company’s pension fund, according to the MLive.com story. He was released from prison in February 2012.