In 2000, the Mets agreed to buy out the remaining $5.9 million on Bobby Bonilla's contract. But instead of paying $5.9M upfront, the Mets agreed on annual payments worth nearly $1.2 million for 25 years starting on July 1, 2011, including a negotiated 8% interest. Payments end in 2035. Mets owner Fred Wilpon thought he'd make more money by investing the $5.9 million with Bernie Madoff than he would end up having to pay out to Bonilla. Instead, Madoff's hedge fund collapsed in 2008. Bonilla's contract has already earned him over $16 million from the Mets, and the team still owes him about $12 million. Bonilla also agreed on a deferred contract with the Orioles. He set up a deal with the Orioles to pay him $500,000 every year on July 1st starting in 2004, lasting through 2028. Bonilla will earn a little over $42 million from the Mets and Orioles after playing his last game in 2001. He earned a little over $46 million during his playing days. Bonilla will be 72 when the payments end.
