- Loren Krytzer was broke, living in a shack on disability checks when he saw an episode of Antique Roadshow with a blanket that he had from his grandmother
- He went to several auction houses that turned him away before being directed to John Moran Auctioneers
- The blanket was sold for $1.5million after a quick bidding session- leaving Krytzer astonished and in tears
- He bought two homes, but the property taxes and insurance are quickly dwindling whats left of his windfall
- Family members have also come out of the woodwork asking for money- including his sister who threatened to sue him for a cut
Published: 22:18 EST, 30 December 2017 | Updated: 23:55 EST, 30 December 2017
A man who was down on his luck and living in a shack in California got a new lease on life when he discovered a ratty old blanket that belonged to his grandmother was worth $1.5million, but now he is dealing with greedy relatives and tax troubles.
Loren Krytzer, who lost his foot in an automobile accident, was living off paltry disability checks when he walked into a California auction room and came out a millionaire, thanks to the rare Navajo blanket that was almost thrown out after his grandmother died.
Krytzer was watching Antiques Roadshow when a blanket that looked identical to his appeared on the screen. He had tried various auction houses and was turned away several times before he was directed to John Moran Auctioneers in Monrovia, California, according to CNBC.
Loren Krytzer realized his grandmother's blanket (pictured, with wife Lisa holding it) could be worth something after watching Antique Roadshow and an identical one appeared
Krytzer was in tears when the auction was over- bidding reached $1.5million. He originally thought he could maybe get $5,000 to $10,000 for it
The Antiques Roadshow episode Krytzer fortunately caught showed Ted Kuntz (left) who was also in tears when Don Ellis, dealer of Native American artifacts (right) reveals that his blanket is worth over $500,000
A photo that was provided by Krytzer of his great-great-grandfather John Chantland (right) and his Mayville, ND trading post, boosted intrigue for the artifact
The sale of the blanket 'gave me a new lease on life,' Krytzer said. 'It truly did.'
He was living off just $200 a month from his disability checks after the accident, which left him unable to work as a carpenter.
But now, he is finding that the unexpected windfall has brought its own challenges along with it, including high property taxes.
'It's not like it was 40 or 50 years ago,' he says. 'If I'd have gotten $1million 50 years ago, I'd be rich right now. I would literally be rich.'
He bought two homes in Central California, but he is out about $10,000 a year in insurance and property taxes alone.
Krytzer also bought a new car and a custom motorcycle.
'I never had nothing like that, so I wanted a nice car, and I did, I bought one,' he says.
He also lost his disability eligibility, so he has no income. Krytzer says he is looking to sell his home and relocate to Idaho where life is more affordable.
'We're getting taxed to death here. I can't afford it,' he says. 'I'm from California, I grew up here, but without working, it's just hard to survive.'
Family members have come out of the woodwork asking for a piece of the pie. He says his sister even threatened to sue him.
That old thing: The rare Navajo blanket was the highest priced item ever sold by John Moran Auctioneers
Krytzer bought some new toys after the auction, but now he's seeing how quickly money runs out
'I had people calling me and bugging me and stuff,' Krytzer says. 'People you haven't seen in years, family members that don't talk to you. . . . You get some money and they're like 'Where's mine?''
He also has a hard time explaining to his children that the $1.3million he received isn't enough to buy them whatever they want.
'When I first got the money, I helped them out,' Krytzer said. 'But now it's like I can't do it, I don't have it, and they are like 'You have millions of dollars, you're being selfish.''