Struggling man living on disability check learns the mind-boggling value of his 'worthless' blanket on 'Antiques Roadshow'

A Californian man named Loren Krytzer was down on his luck until he experienced a miracle that turned his life around, per CNBC Make It. Krytzer had a hard life after getting involved in a car accident back in 2007. It brought an end to his career as a freelance carpenter and he had to spend a long time on dialysis, recovering from nerve damage and microfracture in his left foot that was infected. Krytzer was struggling to survive being unemployed and relied on disability cheques. But fate was about to turn for Krytzer in 2012 when he went to an auction house, carrying a family heirloom that his grandmother passed down.

It turned out to be a Navajo blanket dating back to the 1800s and it was actually worth $1.5 million. "The sale of the blanket gave me a new lease on life," Krytzer told the news outlet about the blanket which he thought was worthless. The whole idea of bringing the blanket to the auction came to Krytzer when he was watching an episode of "Antique Roadshow" in 2011. He saw an elderly man getting his First Phase Navajo Blanket appraised by Native American gallery owner Don Ellis, who confirmed that the blanket was worth $500,000. Krytzer matched his blanket with the ones that were shown on TV and found they were nearly identical. 

After getting turned away from various antique buyers and shops, Krytzer was pointed toward John Moran Auctioneers, a local family-run auction company that had built up a reputation for selling Native American artifacts. “I looked them up online and they had an ad for bringing in items, like an open appraisal day,” Krytzer recalled. “A lot of times a blanket or something will come to us and we won’t know the history of it,” Jeff Moran explained to the outlet. With some help from Krytzer, it was revealed that the blanket was handed down in his family for generations, starting with Krytzer's great-great-grandfather, John Chantland, who was a Dakota tradesman from the 1800s.

Joshua Baer, a noted appraiser confirmed that Krytzer's blanket was one of the finest and rarest Navajo chief's blankets in the world. Krytzer was told that the blanket might fetch him around $200,000 but he needed the money as soon as possible. “I immediately went into crisis mode with him,” Moran told CNBC Make It. “I said, ‘I’ll tell you what, I’m gonna give you an advance.’” So Moran gave Krytzer $9,000 in advance. When Krytzer showed up at the auction, it lasted only 77 seconds as a bidding war broke out. The bids for the Navajo blanket went from the opening price of $150,000 to $500,000 and eventually crossed $1 million. The final bid was $1.5 million.

“They had to bring over water and stuff to me and wipe the sweat off my head,” Krytzer recalled about the life-changing moment. After paying the auction house fees, Krytzer was still left with $1.3 million for a blanket he initially considered worthless. Immediately after the auction, Krytzer's sister threatened to sue him but she backed down and several of his relatives asked for a cut of that money. Krytzer got anxiety attacks and spent 5 days alone in a hotel room to process the event. “It’s like, I never had money before but okay, what do rich people have? When they have this money, what do they do?” Krytzer wondered, adding how he purchased a 2012 Dodge Challenger SRT8.

He went on a cruise to Mexico with his wife and 3 daughters and invested in stocks and properties. However, a lot more things changed after Krytzer auctioned off the blanket. His disability payments stopped and he had to start paying large sums of taxes. “I firmly believe I’m here because years ago I turned my life around,” Krytzer continued. “The things I’ve been through, I tell people it’s a strong faith and a strong mind. Without those things, you’re not going to make it.” As for Don Ellis, the gallery owner who obtained the Chantland blanket, he went on to sell it to Charles and Valerie Diker Collection for a greater amount. Krytzer's story was also featured on the official YouTube channel of CNBC Make It.