BYRON CENTER (WKZO-AM) — Bidding is about to start on a winning lottery ticket formally held by a Portage man.
Donald Magett’s 1984 “Cash for Life” ticket was seized in bankruptcy after the former security company owner was convicted of embezzlement and fell nearly $1.7 million into debt.
Now the scratch-off and its $1,000-a-month prize will go to the highest bidder on Thursday.
Repocast President Duane Mingerink says there’s a catch, though.
“He is 73 years of age,” Mingerink said. “So, the ‘life’ is on the debtor and is not transferable to the buyer.”
Bidding opens at $30,000, which means the the ex-convict would have to reach his 76th birthday before the buyer can break even.
You can view the auction here.
– Anthony Pollreisz
