Now you might have a chance to collect $1.28 million in an annuity from the New York Mets. That is if you have at least $550, 000 to spare.
The Mets are owned by Fred Wilpon, who grew up in a Jewish family in Brooklyn.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
The money comes from deferred salary that was owed to the Team’s 1980’s Star Daryl Strawberry. In 1984 the former Major League outfielder signed a 6 year $7.1 million contract with the team. By today’s standards that figure seems paltry, but it was one of the biggest for baseball at the time and Strawberry signed it while he was still in a five year period at the start of his career when a player is still “owned” by his team.
The annuity began in 1990. Whoever gets it now will receive the funds in 223 monthly installments. It will be auctioned off to the highest bidder with minimum bids starting at $550, 000.
The question is, why would it be worthwhile for anyone to spend the 550K just for a $700, 000 profit over twenty years?
The annuity is now being auctioned off by the IRS. This is because it was included in a divorce settlement that Strawberry made with his ex-wife Charisse in 2006, but never paid. She declared bankruptcy in 2010, which is why the IRS now has control of the annuity.
Even though Strawberry had earned more than $30 million in a sixteen year career, he still owes the IRS $542, 572 in federal taxes for the years 1987-1990, and another $80, 000 from 2003 and 2004.
“Seizure and sale is the last thing we at the IRS want to do, ” said Michael Devine, spokesman for the IRS’ Division of Property Appraisal and Liquidation Specialists, according to ESPN. “This happens when a person doesn’t dispute that they owe the money but can’t or won’t liquidate the property.”
