July 1 is a great day for a former Major League Baseball player who hasn’t had a hit for the New York Mets since 1999. Friday, and every year on July 1 until 2035, he will be paid $1.19 million, the same amount he’s received every July 1 for the past 13 years.

Bonilla and his agent cut the Mets a deal back in the 2000 season when they agreed to take his remaining salary owed to him by the team in deferred payments. Because the team was struggling for cash and Bonilla wasn’t, it seemed to be a decent arrangement at the time for both sides. 

Since Bonilla received his first payment, he has collected $14,318,978.40 and will be making an additional $15,512,221.60.  $30 million in total compensation. 

Incredibly at the time of the deal, the Mets only owned Bonilla $5.9, but they spread the $1.2 million over 25 yearly installments with 8% interest included. 

The reason the Mets were cool paying more is because they had a lot of their owner’s money invested with a guy who was doing a heck of a job bringing him returns every year.  Yes, Mets ownership was invested in a Berne Madoff account that had been delivering double-digit returns. 

So count at least one person on the planet who is still a fan of Madoff since Bonilla will be banking million-dollar paydays until he is 72 years old. 

That’s one heck of a solid retirement plan. 

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