Posted on 08/17/2014 11:20:40 AM PDT by Hojczyk
L.T., or Big L.T. as some call him, was put on disability after suffering terrible foot injuries from a car crash. Since then, he has struggled to make ends meet.
One day while watching television, he saw an episode of Antiques Roadshow in which a Navajo First Phase Weaving Blanket was featured. His family had kept a similar one that had been passed down through generations. Seeing the value of the blanket on TV, L.T. decided he would see if his family’s blanket could fetch similar results.
Once verified that it was in fact an authentic Navajo weaving blanket, L.T. took it to auction. Appraisers stated their expectations for the blanket’s market value which were quickly blown out of the water. Watch this man’s life change forever in one minute…
(Excerpt) Read more at ijreview.com ...
Watch the video
Wow! Almost brings you tears watching the bids come in and the look on his face.
Compelling and wonderful story.
Navajo rugs don’t come cheap these days.
1.5 million for a blanket.Not bad.
Nice to see someone who appears to be a good guy come out on top!
Wow. What a great story there...
This brought tears to my eyes! So glad for this couple.
"In Philadelphia, it's worth fifty bucks."
Uncle Sam’s take is 38%, they always do real good too.
Thanks...I needed that.
Let’s now hope that “BIG” L T will use some of the money at a weight loss clinic.
I was a prime candidate for a knee replacement when my doctor - a good friend - said “Loose some damn weight and see what happens.” I went from 212 to 190 - that’s been 8 years ago; the knee is fine.
There’s something in my damn eye....
Capital gains is 38 percent now?Ouch.
Nice. I still wonder what he keeps.
If the auction house keeps 30% then that is $450,000 for them.
So the seller gets the remaining $1,050,000.
What is the tax on this. Is it capitol gains of 25% or is it income tax for Fed and State?
Sounds like he keeps $600,000 to $750,000 which is still a huge windfall for a poor man buried in debt, but not $1.5 million in his pocket.
This is the beauty of auctions. Items you can’t price will price themselves. If they tried to sell it for $250,000 it would have gone immediately and they would never have known how much more it was worth and gotten much more, even after fees and taxes.
Definite feel good story!!! Thanks for posting!
The auction house gets a half million for their trouble so that is a nice take for 5 minutes worth of work.
I am assuming the auction fee is 30%. I don’t know first hand. Just saying, the guy did great, but it must be nice to run an auction house that does nothing but bring together buyers and sellers and skims all the cream off the top.
That is a great story to encourage the hoarders in all of us
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