Skip to comments.SD MAN IN FINANCIAL PERIL WINS $232.1M POWERBALL
Posted on 06/05/2009 1:55:15 PM PDT by ConservativeStatement
PIERRE, S.D. -- A 23-year-old rancher whose family has fallen behind in their taxes and recently had a mobile home repossessed has claimed a $232.1 million Powerball jackpot on Friday, one of the largest undivided jackpots in U.S. lottery history.
(Excerpt) Read more at nypost.com ...
Good luck to him.
He is about to have a bunch of new best friends.
So help me if he says “ I’m gonna keep my job” I’m gonna puke. Otherwise, Good on Him!!!!!
I hate that. Its not right.
Right after he hires an attorney to tell all of his friends and family he will NOT loan them a dime, he needs to hire a competent financial planner to insure he’s not in financial peril again in a couple of years...
I can only imagine the sheer magnitude of the mobile home he’s already planning to build.
“Wanless said he intends to continue ranching, albeit on a larger plot of land.”
I think I might be his third cousin twice removed.
And we were close.
After Barry O et.al. (not to mention myrid childhood friends and ne’er-do-well relatives of Mr. Winner) get done helping mister Winner with his earnings, the headline next year will read “SD MAN WHO WON $232.1M POWERBALL IN FINANCIAL PERIL”
I just added him to my address book
Oh, what a relief for this man and his family.
Good luck. Enjoy the stress free life and have fun.
Mark my words.
Good for him, increase that carbon footprint and feed America
Good. Now don’t go nuts and fritter it away
Triple wide, at least.
Good for him. Good.
I have been to Winner hunting. Nice little town.
Largest John Deere dealership in the world there, or something like that.
The way it works is that he had a choice: take the $232 million spread over 20 years or take a one time lump sum payout of $118 million. After the taxes, that's $88 million. It's still the smart play, which is why almost every big lottery winner does it that way.
As we speak, The Usurper is appointing a Lottery Czar to “redistribute” this guys winnings to more deserving Americans who didn’t have the advantage of living in South Dakota where they could have bought lottery tickets.
I read somewhere that 97% of lottery winners of $1,000,000 or more do quite well managing their money. The remaining 3% have newspaper articles written about how they squandered the money.
I also read that 97% of all lottery winner stories are about how the winner squandered their winnings.
PS, 68.3% of all statistics you read on the internet were made up on the spot. LOL
It’s the smart play if he uses it to buy Gold Bullion, ammunition and canned goods.
They advertise he won $200 million and give him $80. It fraud pure and simple.
The government does not get more than him.
The value is discounted for the lump sum to about half - I’m guessing roughly $115 to $120MM in this case, and then the govt(s) get their cuts, and then his take home is $80MM.
The discount is because the lottery deposits a sum with an annuity which is invested, and from that annuity the winner get the yearly payments. When you take the lump sum you get the value that they would otherwise deposit to back the annuity.
Same out of pocket to the lottery. I will leave it to the $$ gurus to say for certain whether the yearly or the lump sum is a better value. In an era where income taxes are likely to rise on margin I would suspect lump sum is the way to go.
Good fortune to him.
Sadly, I’d bet a buck that he’s broke again in five years.
Yes, and all lottery tickets are bought with AFTER-TAX dollars. Uncle Sam and Governor Ripoff have taken their share from your paycheck, and then you buy the lottery ticket.
Then you win, and SHAM-WOW!!
There’s Uncle Sam and Governor Ripoff taking their share AGAIN.
The government is your silent partner in all transactions.
And it still isn’t enough.
Great story! Thanks for the post.
If he wanted to take the 25 year payouts it would amount to, before taxes, the $200MM plus. Because he opted for the lump sum he gets less overall (see my post above) but he gets it all NOW and can invest/spend it as he chooses.
It is not fraud, it is the pre-published and understood rules of the ‘game’.
He should move to a country where he will be allowed to keep his money.
So thanks to his luck (at taking home $88 million) I can breath a sigh of relief at recalling that "just lost" name.
True..about 20 years ago, some clown named Curtis something won $50 mill or so in the NY lottery. He showed up the next day,wearing a tuxedo, spats, in a limo, with his wife AND his girlfriend..press had a blast for a week. He filed bankruptcy a few years ago..
Dad, is that you?
I just sent him an e-mail about that jackpot winner murdered by his sister-in-law and welcomed him to the big league ....
i think he will be stunned by the number of law suits filed against him just to get his $$$$
He’s only 23. I hope he doesn’t let the money destroy his life. I wish him luck.
Trying to manage a windfall like that will be anything but stress free. He's gonna be in for a helluva ride!
My neighbors know the Wanless family. They are from near Winner. Said they are a really good, hard-working, CONSERVATIVE bunch. I’m very happy for Neal and his family. It’s pretty cool to finally have a winner from Winner, SD.
I have a 22 year-old, beautiful, blue-eyed, blonde, granddaughter.......who just happens to know how to ear-tag and castrate a calf......hmmmmmm...........
I know a college professor who has done a study of young lottery winners. If Wanless’s experience is typical he will now have trouble fitting with his peers and may have to relocate just to get away from those hounding him. However if he has good South Dakota values he will do just fine. I would wish him luck, but that would be redundant.
I am glad he won that one and not me! Where in the world would you put $88 million dollars right now? The banks are out, you can’t keep or carry cash anymore without the fear of it being confiscated, and a million dollars worth of Rolexes in the safe doesn’t make a dent. Does anyone else lose sleep over things like this?:>)
If I won the lottery I would not publish my name. I would form a LLC and have the co.claim the money...I would hope I could keep it quiet.
Oh to dream !!!!
In almost all the acounts of lottery winning "rags to riches to rags" stories I've read, the winner's extended family is the main reason for the downfall.
He and his family were having financial problems but he still bought lottery tickets. He deserves to be sued by us taxpayers to recoup any money that he received through government entitlement programs. I have no sympathy for people with money problems that waste money on lottery tickets, cigarettes, beer, etc.
Oh for God’s sake LIGHTEN UP
“Take home only 80 million. Why does the government get morn than him?”
Actually, you lose approxiamtely 45% if you want the money now in lieu of an annuity over twenty years. You lose another ~40% to federal, state, local, municiple taxes.
If it is a big ranch, he will be able to continue ranching for 20 years or so.