Have you ever wanted to live the life of a professional baseball player?
Who wouldn’t want to get paid to play a sport they love? Well now you can get paid and you don’t even need to be able to play, though it will require you to have at least $550,000 available.
Yesterday the IRS announced that they will be auctioning the remaining annuity from the deferred portion of Darryl Strawberry’s 1990 salary. His 1990 salary with the Mets contained a $1.8 million team option but it was broken up and $700,000 was deferred, being put in to an annuity with a 5.1% APR. Over the years the investment went to his ex-wife in a divorce settlement but she lost it to the IRS when she filed bankruptcy because the couple still owed $542,572 in back taxes from Darryl's playing days. Since then payments owed by Strawberry to the IRS have been missed and the big wigs decided to close the case and collect their back payments through selling off the annuity.
The auction begins January 20, 2015 with an opening bid of $550,000 (the amount owed plus auction fees). The current value of the deferred contract is $1.28 million and will be paid by Sterling Mets LP, the NY Mets parent company, following the closing of the auction on May 1, 2015. The payments will be made over the next 18 years as 223 monthly installments of $5,739.91 each.