42 replies to this topic

[rcgs59]

Hey guys take a look at this a WSOP main event bracelet up for sale on ebay, who's it is
it's Peter Eastgate

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewI...ESELX%3AIT#shId




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World Series of Poker Main Event Bracelet 2008
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World Series of Poker Main Event Bracelet 2008Listed for charity
Item condition: Pre-owned
Time left: 8d 19h (Nov 25, 201006:04:20 PST)
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[HighwayStar]

I wonder who won the main event in 2008.

I guess we'll never know..

[wsox8]

[FCP Bob]

It's Peter Eastgate's

He's selling it to raise money for UNICEF

[ajs510]

http://www.pokernewsdaily.com/peter-eastga...bracelet-16845/

According to the above article it's Peter Eastgate's...which would make obvious sense since the auction says it's the '08 Main Event bracelet and the seller's name is petereastgate.

He says he's donating the proceeds to charity, not busto. The article makes it pretty clear that the guy just doesn't have any interest at all in being a poker celebrity, he was just looking for the money and now that he has it he's done.

*Edit* Late, whatevs. <grin>

[rcgs59]

It's Peter Eastgate's

He's selling it to raise money for UNICEF

I see that, wow. to give that away. Not sure if I can do that one, other things but not that bracelet. Well best of luck to him and I do applaud his efforts.

[Brian Aka Brian]

The amount he's going to make for charity by selling the Bracelet he's better off keeping it and just donating cash. By him selling it he's creating the celebrity he doesn't want, plus it's better as a tax write off when you make a cash donation to a charity.

[Mercury69]

Just donate the cash. It's not like you don't have some...

[Skeleton Jelly]

The amount he's going to make for charity by selling the Bracelet he's better off keeping it and just donating cash. By him selling it he's creating the celebrity he doesn't want, plus it's better as a tax write off when you make a cash donation to a charity.

He's not donating the bracelet to charity, he's donating the proceeds from selling it. Proceeds = cash.


Basically, the bracelet is worth more to others than to him. He doesn't care about it. But, since it has value to others, he can sell it and give that money to charity. And yet somehow he still gets criticized. I hate people.

[Mercury69]

He's not donating the bracelet to charity, he's donating the proceeds from selling it. Proceeds = cash.


Basically, the bracelet is worth more to others than to him. He doesn't care about it. But, since it has value to others, he can sell it and give that money to charity. And yet somehow he still gets criticized. I hate people.

I just think it's a strange way to give. Perhaps he has offered to match the amount from the auction and give that also? For me, it just seems cheap for someone with 9 mil to do and publically as well. I'm just saying I would have done it differently. 20K is peanuts compared to what Eastgate won and this, technically, isnt even coming out of his own pocket.

[outsider13]

Some rich guy who like memorabilia will prob snatch it up. I think it's a great idea for him, seeing as he obviously doesn't give a shit about the bracelet and it's something that has value to somebody. It may seem strange to somebody who'd cherish having a bracelet, but he doesn't.

[El Guapo]

I just think it's a strange way to give. Perhaps he has offered to match the amount from the auction and give that also? For me, it just seems cheap for someone with 9 mil to do and publically as well. I'm just saying I would have done it differently. 20K is peanuts compared to what Eastgate won and this, technically, isnt even coming out of his own pocket.

This is why SJ hates people. First off, he does not have 9MM, unless he did really well in cash games or the stock market. Half of his winning went to taxes. So lets say he has $5,000,000. Since he is in his early 20's he needs this money to last the rest of his life and grow. So a sustainable withdrawal rate will be around 3% a year, which is about $150,000. Depending on how his accounts are set up, he could have significant taxes every year on income he doesn't use. So let's say his net is $100,000 a year, while that is good money, it is not a lot either.

Also, he doesn't have to do anything.

[Brian Aka Brian]

He's not donating the bracelet to charity, he's donating the proceeds from selling it. Proceeds = cash.


Basically, the bracelet is worth more to others than to him. He doesn't care about it. But, since it has value to others, he can sell it and give that money to charity. And yet somehow he still gets criticized. I hate people.

Not sure what part of my statement confused you I said the amount he is going to make by selling it he is better off keeping the Bracelet and donate cash. I understand he doesn't care if he has the Bracelet or not and doesn't want the poker celebrity but selling his WSOP Main Event Bracelet brings all the attention to him he doesn't want for a very minimal amount of money.

[Mercury69]

This is why SJ hates people. First off, he does not have 9MM, unless he did really well in cash games or the stock market. Half of his winning went to taxes. So lets say he has $5,000,000. Since he is in his early 20's he needs this money to last the rest of his life and grow. So a sustainable withdrawal rate will be around 3% a year, which is about $150,000. Depending on how his accounts are set up, he could have significant taxes every year on income he doesn't use. So let's say his net is $100,000 a year, while that is good money, it is not a lot either.

Also, he doesn't have to do anything.

For having an opinion?

w/e, Mr. Financial Planner...I'm just saying what I would do. At least he's giving something and some doofus who didn't earn the bracelet will have paid for it.

Edit: Agree with Imakeyoufamous about the attention thing. Seems like a real attention grabber for someone who doesn't want it. Call bullshit?

[Skeleton Jelly]

Not sure what part of my statement confused you I said the amount he is going to make by selling it he is better off keeping the Bracelet and donate cash. I understand he doesn't care if he has the Bracelet or not and doesn't want the poker celebrity but selling his WSOP Main Event Bracelet brings all the attention to him he doesn't want for a very minimal amount of money.

The part where you don't make any sense.

[FCP Bob]

This is why SJ hates people. First off, he does not have 9MM, unless he did really well in cash games or the stock market. Half of his winning went to taxes. So lets say he has $5,000,000. Since he is in his early 20's he needs this money to last the rest of his life and grow. So a sustainable withdrawal rate will be around 3% a year, which is about $150,000. Depending on how his accounts are set up, he could have significant taxes every year on income he doesn't use. So let's say his net is $100,000 a year, while that is good money, it is not a lot either.

Also, he doesn't have to do anything.

Eastgate's tax bill was probably even larger than that.

Denmark has a top tax rate of 75% on casino winnings and while Eastgate didn't have to pay the US any taxes he might have paid over 70% of his win to the Danish Tax Authority

[El Guapo]

Eastgate's tax bill was probably even larger than that.

Denmark has a top tax rate of 75% on casino winnings and while Eastgate didn't have to pay the US any taxes he might have paid over 70% of his win to the Danish Tax Authority

Oh wow, I did not realize that.

[Skeleton Jelly]

For having an opinion?

For assuming he hasn't also donated money besides this.

For calling bullshit on not craving attention just because he's bringing attention to something that will generate more money for charity.

For criticizing someone who is doing a good thing.

[CaneBrain]

Oh wow, I did not realize that.

Yeah, I think I read somewhere that he only ended up keeping 3.8 million or so......not that 3.8 mill is chump change but still. Yikes.

[Mercury69]

Eastgate's tax bill was probably even larger than that.

Denmark has a top tax rate of 75% on casino winnings and while Eastgate didn't have to pay the US any taxes he might have paid over 70% of his win to the Danish Tax Authority

Ouch

For assuming he hasn't also donated money besides this.

For calling bullshit on not craving attention just because he's bringing attention to something that will generate more money for charity.

For criticizing someone who is doing a good thing.

I'm calling "outraged" on YOU, sir! You wear it like that bad cologne you gave your dad for Christmas when you were 7.

Besides, I'll agree with you, in part: I'm assuming he hasn't donated otherwise. I hope you're right about the attention bringin more money to Unicef; I still say he could have done this "good thing" in a better way.

PS: If it makes anyone feel any better, I'm growing a rather unflattering moustache in support of Movember, Prostate Cancer Awareness month. I've also donated...