has a $1 million dollar prize for anyone that can, under controlled conditions, demonstrate any paranormal ability whatsoever.
The prize has been up for quite some time, many have tried- none have succeeded, and some have been most surprised that they have not succeeded.
The prize is funded from personal pledges by people that agree that paranormal activities are not going on. If the prize were to be won, Randi would have to recover the money from the pledgers, but he has made arrangements to pay out the money straight away to the winner.
Some people have accused him of trying to set up the prize to be unwinnable, but the attempts that have been made seem to be under quite reasonable conditions; the only caveats are that Randi must make sure that it is extremely unlikely that he lose the prize purely by chance, and sometimes extensive conditions are there to rule out all known methods of cheating. (Randi, being a magician has extensive knowledge of these, and sometimes the conditions can seem arbitrary to the lay person.)