The founder of Quicken Loans, Dan Gilbert, and Warren Buffett have teamed up and plan to offer $1 billion for the perfect NCAA March Madness bracket.
Berkshire Hathaway, Warren Buffett’s holding company, is going to ensure the grand prize. The prize will be shared by any of the individuals who qualify as contest participants. They need to predict the winner of every game in the men’s college basketball tournament. This tournament will begin on March 18. The winner will receive 40 annual payments of $25 million each.
Or the winner(s) have the opportunity to receive a one lump sum payment of $500 million – or their equivalent share if there are multiple winners.
Additionally, besides the grand prize, Quicken Loans is going to award $100,000 for the 20 most accurate, yet imperfect brackets, which can be used toward remodeling, refinancing or buying a home.
Quicken is also going to donate $1 million to educational organizations of a nonprofit variety in Detroit and Cleveland. The company is headquartered in Detroit.
Dan Gilbert, who also happens to be a billionaire, is the owner of the NBA’s Cleveland Cavaliers.