Matt Murphy, a 21 year old college student from NY, caught what is probably the most historic baseball in MLB history – the ball Barry Bonds hit to break Hank Aaron’s 33 year old MLB home run record. This is an historic baseball, and one that just about any collector would love to have in his collection. Murphy, in fact wanted to keep the ball, but there was speculation that he may have to pay extremely high taxes based upon the perceived value of the baseball.
The estimated value of the ball is $500,000-600,000, and there were several official quotes on record stating the ball would be counted as earned income for the full estimated value of the baseball. If, in fact, that were to have happened, that level of earned income would put Murphy in the highest tax bracket, and leave him with a hefty tax bill of about $210,000, regardless of whether or not he sold the ball. Most college students don’t have that kind of cash lying around, and he decided the best thing for him was to sell it. Besides, it’s tough to pass up an estimated $500,000+ payday, even if you have to pay taxes on it! 
So Murphy is now putting the ball up for auction, through Sotheby’s/SCP Auctions. The auction begins Aug. 28 and runs through Sept. 15. The starting bid has not been determined, and auction officials estimate the ball would bring at least $500,000. Some estimates place the closing value higher than $600,000. Either way, it looks like this will be a nice payday for Mr. Murphy!
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{ 2 comments… read them below or add one }
This is kind of like winning a house in a raffle, where you’d have to take out a mortgage-sized loan just to pay the income taxes. It’s a great payday for Matt Murphy, and also a good one for the IRS. Win win.
No doubt! I wouldn’t mind winning a house in a raffle like that, but I would turn right around and sell it. Same thing with the ball. That kind of money can change a life forever if it is used properly.