PAUPER’S BLANKET CHECK
$1.51.5M heirloom
This should cover him for a while. A broke California man is resting a little easier after he found out that his old family-heirloom blanket was actually a Navajo weaving from the 1800s worth $1.5 million.
Loren Krytzer was barely scraping by on disability checks after hhe lost his leg in a 2007 car crash. He was living in a shack in Leona Valley when he found out the blanket ththat had sat in his closet fofor seven years was worth a bundle.
He was watching PBS’s “Antiques Roadshow” when he saw a throw just like the one his grandmother had left him anand learned it could be worth hundreds of thousands of dollars. So six months later, he put it up for auction. The bidding started at $150,000, but eventually netted him 10 times that — $1.5 million. It “gave me a new lease on life,” Krytzer told CNBC. “It truly did.”
Now he has taken his wife and three daughters on a vacation to Mexico, invested a share of the windfall in stocks and bonds, bought himself a 2012 Dodge Challenger SRT8 souped up by the custom mechanic made famous on MTV’s “Pimp My Ride,” and scored two houses.
But the money is also raising some new issues: namely, a king-sized tax bill — and some johnny-come-lately relatives.
“We’re getting taxed to death here. I can’t afford it. I’m from California. I grew up here, but without working, it’s just hard to survive.”
Krytzer lost his disability as a result of the windfall, and now he’s on the hook for $10,000 to insure the homes and pay property taxes.
And then there are his long-lost relations.
“People you haven’t seen in years — family members that don’t talk to you,” he said. “You get some money, and they’re like, ‘Where’s mine?’ ”
Krytzer had to explain to his kids that the $1.3 million he got after taxes wouldn’t last forever.
“When I first got the money, I helped them out,” he said. “But now it’s like I can’t do it, I don’t have it, and they are like, ‘ You have millions of dollars. You’re being selfish.’ ”
Still, Krytzer says his life has taken a turn for the better. He and his family are mulling a move to Idaho, where things are more affordable and they can make their nest egg last longer.