Warren Buffett offers $1B prize for 'perfect' March Mania bracket


DETROIT, MI -Warren Buffett, Chairman and CEO of Berkshire Hathaway and Co-Chairman of Goldman Sachs 10,000 Small Businesses Program, attends a press conference at which Detroit was named the 11th city to be included in the $500 million Goldman Sachs initiative at Ford Field November 26, 2013 in Detroit, Michigan. Under the program, small businesses in Michigan will be eligible to receive $20 million in loans. The initiative was designed to help small business entrepreneurs create jobs and grow their businesses.(Photo by Bill Pugliano/Getty Images)

Detroit-based Quicken Loan has joined forces with Warren Buffett and Berkshire Hathaway to offer a chance at a $1 billion prize for completing the perfect bracket in this March's men's college basketball championship tournament.

Any qualified entrant who correctly enters the contest and predicts the winners of every game in the tournament will share the total $1 billion prize paid in 40 annual installments of $25 million.

"We've seen a lot of contests offering a million dollars for putting together a good bracket, which got us thinking, what is the perfect bracket worth? We decided $1 billion seems right for such an impressive feat," said Jay Farner, president and chief marketing officer of Quicken Loans. "It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill."

In addition to the potential grand prize, Quicken Loans will award $100,000 each to the contest's 20 most accurate "imperfect" brackets submitted by qualified entrants in the contest to use toward buying, refinancing or remodeling a home.

For contest updates, and to share what you would do with a billion dollars, visit www.facebook.com/quickenloans and on Twitter using the hashtag #billionbracket.