• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

Archived

This topic is now archived and is closed to further replies.

Did anyone in FL go to this IRS comic auction?

Started by TopNotch,

16 posts in this topic

TopNotch

TopNotch

Posted
Posted

Sorry if this was already posted, I couldnt find it.

http://members.jacksonville.com/news/metro/2014-10-28/story/irs-fails-find-buyer-jacksonville-former-lottery-winners-comic-books

 

"Robert Sage won the lottery in 2001 in Jacksonville, bought a house, and expanded his comic book collection. But he didn’t pay all his taxes, and now the federal government came for what it thought was most valuable: his comic books."

 

"After bidding off the comic books in 22 separate bins, the bidders said they were willing to part with only $5,100 for all the comic books. The owner refused, and the IRS closed the auction and rejected the bids."

 

"Sage said the stores offering him $30,000 would turn around and sell it for $200,000, and that doesn’t seem fair."

 

 

We got the solicitation and list from the IRS a couple months ago. Did anyone here actually go to this thing? What a colossal waste of time and money it was trying to get $129k for this drek. And who were the two IRS hired appraisers who valued his collection at $200,000??

Link to comment
Share on other sites
Mr 9.8

Mr 9.8

Posted
Posted

 

"Sage said the stores offering him $30,000 would turn around and sell it for $200,000, and that doesn’t seem fair."

 

Has the guy ever been to a comic shop before that point? Or watched Pawn Stars? :roflmao:
Link to comment
Share on other sites
CKB

CKB

Posted
Posted

I hate ...**hate** ... poorly written articles like this one.

 

"After winning the lottery, he agreed to receive $345,000 after taxes every year for 30 years rather than receive $7 million in a lump sum payment.

 

But he used the money as collateral, and the 45-year-old said he doesn’t receive the same amount he used to, but he didn’t say exactly how much. It’s not enough to pay his taxes, he said."

 

That makes no sense and doesn't begin to tell me what is going on. If he is getting $345,000 per year after taxes, why does he owe any taxes at all? I can't imagine the lottery commission is not withholding taxes from his payments. What does collateral have to do with taxes? Just awful.

 

 

 

Link to comment
Share on other sites
wombat

wombat

Posted
Posted
I hate ...**hate** ... poorly written articles like this one.

 

"After winning the lottery, he agreed to receive $345,000 after taxes every year for 30 years rather than receive $7 million in a lump sum payment.

 

But he used the money as collateral, and the 45-year-old said he doesn’t receive the same amount he used to, but he didn’t say exactly how much. It’s not enough to pay his taxes, he said."

 

That makes no sense and doesn't begin to tell me what is going on. If he is getting $345,000 per year after taxes, why does he owe any taxes at all? I can't imagine the lottery commission is not withholding taxes from his payments. What does collateral have to do with taxes? Just awful.

 

 

 

I assume the taxes were on something else, not his lottery winnings.

Link to comment
Share on other sites
Ares

Ares

Posted
Posted
I hate ...**hate** ... poorly written articles like this one.

 

"After winning the lottery, he agreed to receive $345,000 after taxes every year for 30 years rather than receive $7 million in a lump sum payment.

 

But he used the money as collateral, and the 45-year-old said he doesn’t receive the same amount he used to, but he didn’t say exactly how much. It’s not enough to pay his taxes, he said."

 

That makes no sense and doesn't begin to tell me what is going on. If he is getting $345,000 per year after taxes, why does he owe any taxes at all? I can't imagine the lottery commission is not withholding taxes from his payments. What does collateral have to do with taxes? Just awful.

 

 

 

I assume the taxes were on something else, not his lottery winnings.

 

 

Or he took out a loan to buy stocks or property which generated income

Link to comment
Share on other sites
Half-Gringo

Half-Gringo

Posted
Posted

Thermal, one of our own boardies, went and was one of two bidders. From what he told me, the initial price for each bin of mostly drek comics started at $5000 and after dropping opening bids by increments, the auctioneer asked what a good starting price was...$200 was suggested. The other bidder was our area's snake oil/used car salesman type of fella named Joe Peace.

 

Sending Thermal the link to this thread.

Link to comment
Share on other sites
Go to topic listing