Blowing through $113 million in 4 years

[DanS]

Powerball Jack managed to blow through $113 million in 4 years. This is in West Virginia, where that's real money.

Pretty impressive, I must say.

Published Saturday, January 13, 2007
Huge Powerball Victor: Fast Living, Steep Fall

The Associated Press

CHARLESTON, W.Va. - A man beset by problems since winning a record lottery jackpot says he can't pay a settlement to a casino worker because thieves cleaned out his bank accounts.

Powerball winner Jack Whittaker gave that explanation in a note last fall to a lawyer for Kitti French.

She accused him of assaulting her at the Tri-State Racetrack and Gaming Center, a slots-only casino near Charleston, according to a motion French's lawyer filed this week demanding payment of the confidential settlement.

Whittaker won nearly $315 million on Christmas 2002, then the largest undivided lottery prize in U.S. history.

He took his winnings in a lump sum of $113 million after taxes.

Since then:

He has faced his granddaughter's death by drug overdose;

He has been sued for bouncing checks at Atlantic City, N.J., casinos;

He has been ordered to undergo rehab after being arrested on drunken driving charges;

His vehicles and business have been burglarized;

And he has been sued by the father of an 18-year-old boy, a friend of his granddaughter's, who was found dead in Whittaker's house.

In the latest lawsuit, Whittaker told French's lawyer, John Barrett, that "a team of crooks" cashed checks in September at 12 City National Bank branches and "got all my money," according to the motion Barrett filed Wednesday in state court.

"I intend to pay but can't without any money," Whittaker wrote, according to the motion.

An official with City National Bank said Friday the bank is investigating "small discrepancies" in Whittaker's accounts.

Calls to Whittaker and his lawyers Friday were not immediately returned

[Kuciwalker]

The lottery is pernicious idiocy.

[DanS]

In another article, it was said that 90% of lottery winners blow through their winnings in 5 years. Amazing.

[DanS]

By the way, the powerball jackpot is at $240 million.

[Zkribbler]

Originally posted by DanS
In another article, it was said that 90% of lottery winners blow through their winnings in 5 years. Amazing.

Yeah, they could have the money paid out over time and have a comfortable life guaranteed, but they grab it all, exclaiming, "I can do better investing it myself!"

[Jon Miller]

Did he at lewast buy a sub??

JM

[DaShi]

I thought this would be about George Bush, but then I saw the number was too low.

[Odin]

What a moron.

[Cranky]

Yeah reeeeeaaalll impressive America at its finest.

[chequita guevara]

eep.

[GePap]

Originally posted by DanS
In another article, it was said that 90% of lottery winners blow through their winnings in 5 years. Amazing.

Why?

For the most past lottery participants are the kind of people who would never see large amounts of money, and they don't know how to manage it.

I doubt many of them seek a bunch of tax lawyers, regular lawyers, accountants and money managers to help them stash it away, invest it effectively, or find ways to protect themselves from a slew of tort possibly heading their way.

[Victor Galis]

I wouldn't blow through that much money in 4 years if I were given it

Then again, the finance minister in conspiracy with warm weather could have taken a huge chunk of it

[DanS]

Speaking of warm weather, I'm fascinated that he blew it all in West Virginia, rather than going to warmer locales like Florida or Las Vegas.

[Imran Siddiqui]

Originally posted by Zkribbler
Yeah, they could have the money paid out over time and have a comfortable life guaranteed, but they grab it all, exclaiming, "I can do better investing it myself!"

Well, if you are smart about it, you can. You can make far more money with a lump sum in the market than you would make taking the installment payments.

But we aren't talking about folks who'll invest 90% of a $113mil lump sum.

[MRT144]

1. West Virginia isn't known for the vast pools of intellect sitting around waiting to be gleaned by the national media.

2. People that play the lottery are by and large idiots, and I do include myself in that category (I buy lotto tickets when it exceeds 100 million)

3. When will West Virginia stop trying to beat Mississippi and Florida for idiocy?