Jan 21, 2014, 12:44 PM EDT
You may know Cleveland Cavaliers owner Dan Gilbert best for his use of an awful font on the his team’s website when LeBron James decides to jump ship and head to the Miami Heat. Or perhaps you know him best for his son, that kid with the bowties.
Here’s another thing worth remembering him for: the Cavs owner has teamed up with Warren Buffett to offer a remarkable $1 billion — yes, BILLION — prize to anyone who can pick a perfect March Madness tournament bracket.
Buffett’s Berkshire Hathaway will be insuring the grand prize. It would be shared by any qualified contest participant who predicts the winners of every game in the men’s college basketball tournament, which is set to begin on March 18. The billion dollars would be paid in 40 annual installments of $25 million each.
Gilbert will use the opportunity to promote his Quicken Loans business with 20 of the closest people to a “perfect” bracket also receiving $100k for a new home loan.
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