Warren Buffett and Dan Gilbert will pay $1 billion to the person(s) that fills out a perfect NCAA bracket

Posted Jan 22, 2014

Warren Buffett’s Berkshire Hathaway and Dan Gilbert’s Quicken Loans are going to award anyone that fills out a perfect 2014 Men’s NCAA Tournament bracket with $1 billion. The prize is going to be paid in 40 annual installments of $25 million. If there is more than one winner, the prize will be shared. The winner or winners can also ask for a lump sum payment.

“It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill,” stated Jay Farner, President and Chief Marketing Officer of Quicken Loans: “We’ve seen a lot of contests offering a million dollars for putting together a good bracket, which got us thinking, what is the perfect bracket worth? We decided a billion dollars seems right for such an impressive feat.”

Quicken is also going to award $100,000 each to the contest’s 20 most accurate “imperfect” brackets submitted by qualified entrants in the contest to use for buying, refinancing, or remodeling a home.

Quicken Loans is also going to donate $1 million to inner-city Detroit and Cleveland non-profit organizations. There is a 1 in 9.2 quintillion chance of getting the bracket right, but hey it’s worth a shot. The NCAA March Madness bracket starts on March 18th.

[Source: BusinessInsider]