Winning the lottery is a dream come true for many people. Well, getting an influx of money just by buying a casual ticket can end up making you a millionaire; this is a dream for anyone. However, for a man in the US, this turn of events ended up leaving him $1 million in debt even after winning a prize of over $16 million.
A lottery winner who won 16.2 million gets into debt a year later
In 1988, Will Post III won a prize of $16.2 million (which would be over Rs 100 crore today), but ended up drowning it down the drain. He won the prize when Post bought a ticket to the Pennsylvania lottery game.
Amazingly, within a year of winning the big lottery, Post was $1 million in debt (more than Rs 8 crore). According to The Washington Post, at the time of winning the lottery, Post opted to receive his winning prize in annual payments of $497,953.47.
Once he received his first payment, Post obtained a liquor license, a restaurant for rent in Florida for his two brothers, and a used car lot along with a fleet of vehicles for another of his brothers. According to reports, the man on top still didn’t stop and even bought a twin-engine plane despite not having any clue or license to fly a plane.
His frivolous spending wasn’t Post’s only problem, however.
The landlady and the man’s affair sued him for a third of his jackpot
One of Post’s brothers tried to hire a hit man to kill the man and his wife. Because of this horrible detail, Post’s landlady, Ann Karpik, who was also his on-and-off romance, tried to sue him for a third of his fortune in the lottery.
After winning the suit, Post told reporters that he only had $2.46 left in his bank account. Post later recounted the incident, saying, “I wish it had never happened. It was a nightmare.”
He added: “I was much happier when I was broke.” In an interview with The Washington Post, the man said: “Everyone dreams of making money, but no one notices the nightmares that arise or the problems.” He later died in 2006 of respiratory failure.
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