Man auctioning off his ‘Cash for Life’ lottery winnings — but there’s a catch

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

BYRON CENTER, Mich. -- A Michigan man's dream come true could become a dream come true for someone else -- if they bid high enough.

WXMI reports that the "Cash for Life" lottery earnings won by the man back in the 1990s is will hit the auction block this week.

The man filed for bankruptcy back in 2005, and recently he decided to auction off his lottery earnings in an attempt to pay off all his debts. The winnings equal about $1,000 per month.

But there is a catch.

"The main question that we've had throughout this whole thing is, 'how long am I going to receive these payments? My life or the debtor's life?,'" Repocast.com auctioneer Duane Mingerink told WXMI.

Mingerink said the pay-out will last as long as the debtor will live. The debtor is 73 years old -- and there's no information about his health.

"It's like gambling. Who knows? You know, you're taking a risk. I mean, the gentleman actually could die next week. He could die in 20 years, 30 years. We just don't know," Mingerink said. "If he makes it 10 years, you've done very well. It's been a great investment."

The initial bid for the lottery winnings starts at $30,000. Bids will then increase in $25 increments.

The auction is set for Thursday between 8 a.m. and 8:30 p.m.