Darryl Strawberry had a successful career and a contract extension with the New York Mets that involved a $7 million dollar post-career deal deferred with monthly payout over 30 years. However, the Internal Revenue Service is auctioning off the right to receive those payments on January 20, 2015 as part of the settlement of Strawberry’s unpaid tax liabilities from 1989, 1990, 2003 and 2004. The monthly checks start at about $3,346.84 and set to increase steadily and cap at over $8000 per month. The minimum bid is set for $550,000 and the recipient will have the right to receive the remaining payments of $1.28 million.
Deferred compensation arrangements like Strawberry’s have long been out of favor in sports, said Robert Raiola, a certified public accountant at O’Connor Davies who specializes in taxes for athletes. Source.
Although Darryl Strawberry has not played since 1999, his legacy as a former Met, Dodger, Giant and Yankee stands out more than the substance abuse, cancer, divorce, tax evasion and other personal issues. Whether auction goers choose to bid on the rights to Strawberry’s deferred compensation agreement for the investment or for the star power, it is available until January 20, 2015 in Fairview Heights, Illinois.
You can find more information to bid on rights to Darryl Strawberry’s deferred compensation agreement or other IRS Auction items.
To learn more about Darryl Strawberry and his current path, you can check out Strawberry Ministries.
If you have unpaid tax liabilities and want to keep the IRS from seizing assets and auctioning them off to cover your debt, consider giving us a call. We can help!