Loren Krytzer walked into a California auction room broke and unemployed, surviving on disability checks. Seventy-seven seconds later, he walked out a millionaire — all thanks to a blanket.
His life changed forever when he discovered that a forgotten old family heirloom, a Navajo blanket from the 1800s that had been sitting in his closet for seven years, was actually worth $1.5 million. And just in time, too. He had been scraping by, living in a shack on the edge of California's Liona Valley, having lost a leg to a near-fatal car accident. Now he's living in a $250,000 home.
The sale of the blanket "gave me a new lease on life," Krytzer tells CNBC Make It. "It truly did."
But that new lease on life hasn't come without its own set of new unexpected challenges, including tax hurdles and family drama. As Krytzer explains, those are some of the biggest downsides to a windfall.