BYRON CENTER (WKZO-AM) — The winning bid has settled at just over $40,000 for a $1,000-a-month scratch-off formally held by a Portage man.
The 1984 “Cash for Life” ticket was seized by Donald Magett’s creditors. Magett is a 73-years-old ex-convict who is $1.7 million in debt.
Buyers were assuming a significant amount of risk, because the winning ticket only pays out if Magett is still alive. It will be three-and-a-half years before the winning bidder, whose name was not released, will see a profit.
The former security company owner was convicted of embezzlement in 2007.
– John McNeill
