All the posts about buying new cars reminds me of the last big local lottery winner in this area - I think he won $27M. He took his winning lottery ticket to the local Ford dealer and drove off with a new Explorer - hadn't even claimed the prize - just showed the manager the ticket and they agreed to let him drive the car off the lot and return a few days later with the money. Or something like that.
Last edited by BrianC; 11-28-2012 at 02:20 PM.
- lawyer(s) on retainer
- tell current financial adviser to kick rocks
- hire new financial adviser
- gather family and friends, and employ the "Chris Stack Rule"
- leave the country for a few years
- return to midwest and purchase a healthy portion of land (modest house, extravagant garage and race track)
- die happy
The key to winning the lottery seems to be to win a small amount. Shoot for the $1M prize, not the $600M prize, because it will ruin your life.
Like others said, the best thing you can do if you win $600M is:
- Hire a lawyer.
- Drop off the face of the earth. Don't set people up with cash and gifts. Don't give or take anything from anyone you knew before you won. As soon as anyone with whom you have any emotional involvement thinks you owe them anything, it's all over.
Splinter - Team Post-Killing Ninja
I don't practice llanteria
With $500 million and assuming I'd put at least $100 million in my pocket after paying taxes....
The ultimate skiing is heli-skiing with Canadian Mountain Holidays. I'd buy a helicopter, hire a full time pilot, hire a full time guide, and build a 10 bedroom mountain home in the British Columbia Rockies with a helipad for me and my friends. I'd work a deal with CMH to use their permitting in exchange for use of my helicopter, pilot, and guide when I'm not using them.
I sail and also like to blast around on a power boat.
I think a 70 foot yacht like an Ocean 71 with a professional captain would do the trick for sailing.
The power boat would be a 34' Hinckley picnic boat
I'd go with 3 homes. The British Columbia mountain + heliport home. The waterfront home with boat dock in my home town. A tropical island beachfront home. I'd probably do St Johns to keep it on US soil.
Well, since the OP was asking what *wouldn't* we buy -
I would not buy anything lavish, exotic, flashy, or expensive.
What I would do is set my family (including extended) up for life and then I'd probably set up some philanthropic ventures (fund some medical research, build a school or hospital or something, things of that nature).
I read an article that interviewed past winners of VERY large lottery winnings and most said the one thing they wished they would have done different before claiming the prize is: create a company/LLC, hire a law firm, and have the funds funneled into that company account without their name getting released to the public. Let the lawyer stand up there with the fake check for the cameras.
Many said to be prepared to lose all your friends regardless of whether you give them any $ or not. Same goes for your extended family. If your kids are grown, expect them to become vampires for life. They recommended to live off a "very" nice fixed-income from the interest earned from their shell company would be the only way to do it without losing your sanity due to the greed that will follow you everywhere you go...
So that's what I would do...of course after the collection of 959s, 458s, Lambos, American muscle cars, homes on islands, mountain property, etc...
I don't think it is legal to have some other entity claim your prize. There was a recent case where the member of a financial advisory team tried to claim the jackpot of a recent lottery win, but it turns out he was fronting for the actual winner (his client). That was a violation of lottery rules and the winner was out of luck.
Your best bet is to just buy your ticket in a state that allows winners to remain anonymous. Even then, many people will know who you are (obviously all the state lottery agency employees where you go to collect), your bankers, financial advisers, lawyers, their wives, administrative assistants, kids, etc etc. It would really be tough to remain completely under the radar, and to just 'drop off the face of the earth' as others have suggested here - while financially feasible, is really not practical for a host of reasons.