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The Kitchen Table

23 year old wins $232million lottery in SD

14 years ago

Did you read about the 23 year old single fellow who won the $232 million dollar Powerball? His lives with his parents on their 320 acre ranch in South Dakota and are behind in their property taxes. He wants to buy a bigger ranch for himself and his horse Eleanor and then repay his community for all the kindnesses they have shown his family.

I hope he has a full and happy life and handles his money well.

He took the lump sum so he'll get $88.5 million.

Here is a link that might be useful: lottery winner

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Comments (15)

bigack
14 years ago
WOW !
alisande
14 years ago
I think he could use some help managing his money. And I think we're just the people to provide it. Assuming we have 50 KTers and we take a modest 5% commission, we'd each make $88,000 per year. That would keep us in Crocs for sure. And we would surely earn that money. I know we'd give him lots of advice.
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susanjf_gw
14 years ago
know what my advice would be...hire a lawyer, accountant and dissapear!
kayjones
14 years ago
I think the 5% fee is a bit high - my financial adviser charges way less than that. I think this man is truely blessed - I heard the news on MSNBC this morning, and he sounds as if he's grounded and making good choices for now.
vicki_lv
14 years ago
I am happy for him. He and his family are struggling ranchers. I hope he spends/invests his money wisely. He can invest well and live very well off the interest.

I bet he gets some marriage proposals! Hope he chooses that wisely...and gets a pre-nup too.
chisue
14 years ago
Gosh, I hope it doesn't ruin his life. Maybe the media thinks we are perverse and want to hear that bad things happened to people who won big. Maybe big winnings really have hurt many. It's way more attention than I'd want to have! Suddenly you have a lot of people who want to be your new best friend.
patti43
14 years ago
I like that he lives in WINNER, SD! Considering his age, I think I would have taken the yearly amount. Unfortunately, it wasn't up to me to make that decision!!
pauline13
14 years ago
How wonderful for him! He seems like a really deserving young man. Unfortunately, this is not the best of times to have to figure out how to invest $88.5 million. Think about it. Handling that kind of money is no easy task even if you have spent your life doing it. You don't just go plunk it in a bank or stick it under your mattress. And, people will be coming out of the woodwork to requesting his help for anything and everything. My hope for him is that he be able to find honest and capable people to help him. Even then, it's going to be a challenge. He's got a lot of years ahead of him to deal with protecting those funds if they're going to last until he is an old man.
nodakgal
14 years ago
That area of SD is very close to poverty from what I've heard. I didn't know what he looked like, but before I saw the article in the paper yesterday I said I bet lots of girls think he suddenly got better looking! ;)
I think its great that someone who obviously needs it won! But I am sure he will have the usual problems, people coming out of the woodwork like Pauline said. Anyone and everyone will be interested in him now for one reason or another.
jenni_ca
14 years ago
That is just so cool. It's nice when someone that can really use the money wins.
I think maybe one of Lori's cowgirl daughters should be saddling up her horse and riding to South Dakota! LOL
zeetera
14 years ago
He's only 23, why did he take the lump sum?

Thought those large amounts were always won by pools, but good for him!

I've never played the lottery in my life but it might be time to start. Maybe we'll have a KT pool some day!
magic_arizona
14 years ago
Can someone please explain to me why he only gets 88 million from 232 million.

Even at a 50 % tax bracket he should get more than that.

And if you take it in installments don't you get the entire amount over 30 years or something?
nodakgal
14 years ago
Isn't that unreal thats what is left after taxes Magic?!
I thought if you take the installments, say something were to happen to you, like this kid gets bucked off his horse and dies. That's it. No more installments. Maybe that is why he took the lump sum?
magic_arizona
14 years ago
This is off the AZ lottery website:

PAYMENT OPTIONS
If you win the jackpot, you have 60 days to choose either a 30-year annuity or a lump-sum cash payment of approximately half the amount of the announced jackpot. If you do not select cash or annuity within the 60 days, your prize will be paid as an annuity.

So, if you take the lump sum, you only get half the jackpot and then they take the taxes out of that.

I still can't find anything on the annuity like whether or not is inheritable.
magic_arizona
14 years ago
Okay, This is from the NM lottery website

Can my heirs inherit the annuity payments from a Powerball or Hot Lotto jackpot?

A Lottery prize is like any other asset. Any remaining annuity payments can be passed on to heirs. The Powerball game will also cash out an annuity prize for an estate. This may make it easier for the estate to distribute the prize. It also may be necessary to cash out the annuity to pay federal estate taxes.

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