It is most people’s dreams at one point or another growing up to collect a paycheck from a professional sports franchise, and now you have a chance to achieve such a dream!
There is a caveat though, most people’s dreams to collect a paycheck from a professional sports franchise involves in being a professional athlete, unfortunately, while you will be able to collect a check from Sterling Mets LP (the parent company of the New York Mets), it is unlikely you will suit up and swing a bat for them.
How would you accomplish this task?
Well Darryl Strawberry has gotten himself in trouble with the United States Internal Revenue Service.
He failed to pay taxes on things such as autographs and memorabilia and has tax liens for federal tax debts from the years of 1989, 1990, 2003 and 2004.
And how did this come about?
Well the Mets were infamous for offering payments to their players in deferred contract (they were investing money with Bernie Madoff at the time and were making great returns).
Darryl Strawberry signed a $7.1 million contract between 1985 and the 1990 seasons, almost 40% of his $1.8 team option in 1990 ($700,000) was deferred and put into an annuity with a 5.1% interest rate annually.
When Strawberry divorced his wife in 2006, he was forced to give a portion of this deferred money to his wife, but the payments were never made.
Then in 2010, Charisse, his ex-wife, filed for Chapter 7 bankruptcy protection, and as part of the proceedings, asked for what was owed.
In September this year, a judge in the Northern District of Florida ruled that the annuity in fact was property of the IRS, because Darryl had not settled up for his tax debt yet.
The annuity is worth around $1.28 million, in 223 monthly installments, assuming a realistic sale close date of May 1st.
Bidding begins at $550,000 with a 20% down payment required ($110,000).
A judge would also have to approve the deal before the buyer starts collecting.
Auction information can be viewed here: http://www.treasury.gov/auctions/irs/fhil_fina_7636.htm