$1 million lottery ticket for sale

Discussion in 'Classifieds' started by austinp, Jan 21, 2007.

  1. An accquaintance of mine was diagnosed with lung cancer late last year, given +/- one year to live. He promptly quit smoking & drinking, cleaned up his act and started preparing for what lay ahead.

    Last week he bought an instant-win scratch off ticket that won $1 million dollars, $50,000 annual for twenty years on annuity. Talk about two of the biggest emotional peaks possible in someone's life!

    This man is looking into selling his winnings (transferrable) for lump sum settlement, obvious reasons. He has no children, no long-term relationship and wishes to seek further medical advice at the Mayo clinic or somewhere comparable.

    He is asking $400k for the ticket, which after taxes (Federal and NYS) would probably make the after-tax true return of something like +/-$600k in twenty years.

    If anyone is seriously interested in buying a guaranteed-return note like this, please PM me with an offer and I'll pass it along. I have no idea what such a guaranteed return instrument is truly worth... investors seeking some type of % return could structure that based on purchase price.
     
  2. He should donate the ticket to a cancer charity!
     
  3. If i ask my bank a loan to buy the ticket for 400 k, the 30k income per year will not be enough to payback my loan.
    I think that says enough about the proposition.
    I don't want to offend anyone, but i'm very sceptical about the story.
     
  4. zdreg

    zdreg

    when your acquaintance bought the ticket did he have a choice of buying a ticket
    with a lump sum payment?


    do an internet search search .
    keywords:lump sum settlement purchase of an annuity

    eg. result
    http://www.jgwentworth.com/Client/AnnuityPurchase/Default.aspx
     
  5. EricP

    EricP

    I'm skeptical about the story as well. However, if true, there are firms that make a business out of dealing with clients such as this. JG Wentworth is one such firm that advertises on television. Their commercials seem slimy to me, but they can be used to get a rough approximation of the minimum current 'value' for such a ticket. Do some Google research on them to find out more.
     
  6. If I can make 10% compounded on my 400k, not an unreasonable goal, I would have 2 1/2 million in 20 years. I think your going to have hard time finding someone to take that deal. Obviously he is not going to a commercial because they would not give him near that.
     
  7. zdreg

    zdreg

    you are suggesting that he buy another lottery ticket.

    the man in question has has obviously not given up on his life. if he feels that using the money at the mayo clinic is his best shot at living that is what he should do.

    people should be very careful when giving advice. any advice given with an exclamation is absurd from the start.
     
  8. zdreg

    zdreg

    it is worth spending sometime to see if there is a private offer greater than the commercial offer.


    a riskless return of 10 percent a year is a doable deal. it should not be difficult to find out if it is possible,
     
  9. IT WASNT ADVICE!
     
  10. zdreg

    zdreg

    if this is not advice what is it?
     
    #10     Jan 21, 2007