Lottery Winners’s Weird Purchases Include Lunar Real Estate, Demo Derby
Lottery winners’ weird purchases can be lesson on what to do with your windfall. Or what not to do.
Lottery Winners: What You Should Do
If you score a big jackpot, the first thing to do is assemble a professional team. Folks like an estate or tax lawyer to protect your assets, an accountant[adsfdf] to handle tax liability issues, and a financial advisor to help you manage and maintain your long-term fiscal health.
Lottery Winners’ Weird Purchases: What Not to Do
Well, some of these purchases were nice gestures, and you can feel good if you do the same. But that doesn’t mean they’re not weird.
One early million-dollar lottery winner was fairly restrained in his spending. But David Copeland did spend $148 in 2000 to buy an acre of land on the moon.
UK winner Michael Carroll was just 19 years old when he won the equivalent of $13 million in 2002. Like a lot of lottery winners, he bought several expensive cars, and a mansion. Unless most of them, though, he also built a racetrack in his mansion’s backyard, where he crashed cars in massive demolition derbies.
Another 19-year-old, Jonathan Vargas, won $35.3 million thanks to Powerball in 2008. A lifelong wrestling fan, Vargas created his own TV show about women's professional wrestling called Wrestlicious Takedown. Alas, the show lasted one season.
Anne Canavan of Northern Ireland used her jackpot to fund her own inventions. Within five years of her win, she was working on 26 different projects, the most successful of which proved to be the Snotblot, a wristband that stores tissues.
British lottery winner Sarah Cockings won a $4 million Lotto jackpot in 2005 at age 21 and decided to share the wealth with family. “Just after I won, I bought my two sisters boob jobs,” Cockings has said. “But now – I’ve had one myself, because mine were wrecked by breastfeeding. It’s my two-year boob birthday. I love them.”
Lottery Winners’ Weird Purchases: What Definitely Not to Do
After winning $1.3 million in the California Lottery, Denise Rossi filed for divorce from her husband Thomas Rossi 11 days later – without telling him about it – in an effort to keep all the cash to herself. But after he found out, Thomas sued Denise, and because she had violated state asset disclosure laws, he was awarded every cent of her jackpot.
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Here’s a guide to the taxes you’ll pay on a lottery win.
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