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The Kitchen Table

23 year old wins $232million lottery in SD

17 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
17 years ago
WOW !
alisande
17 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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NP. Didn't realize I transposed. My fault. I'm not saying OP is like my SM. But I want OP to have the perspective of a SKID rather than another stepmother. Some adult SKIDS don't know when to get out of their parents business and are really brutal to their SM/SF. It's my opinion that the OP and DH are perfectly within their rights to marry and have kids - but the DH's kids have the right to not like the SM. BUT... the DH needs to set boundaries for his wife so that she is treated with respect as being dad's choice of partner. That's what my dad DIDN'T do. He made it clear he was wishy-washy, I never expected them to marry as he *just wasn't that in to her*, and she was really not nice... So, being in my early 20's I stood up for, and protected, my dad. Which was not my place. But kids will do that before they realize better :) And my dad did play both sides but it took me years to figure that out. HA! Two years ago he was visiting with out her and he said all this stuff about her... blah blah blah... and I kept quiet. Finally he stopped. And indicated he wanted a response from me. And I said... do you want my opinion? Or are you just venting? Because I could see the difference. And it IS inappropriate for him to talk to me about her. But welcome to my relationship with my father, lol. Not much OP can do though. Sounds like Skids are pretty set in their opinion of her. So my advice is not to let your child be in any situation where people/family would be venomous but do make every effort to have him know his siblings. If SD's won't let you stay in their home, you and DH should stay somewhere else. I really dislike my SM (but she has been incredibly mean and vindictive and selfish) and I still allow her to stay in my home, make her feel welcome and do my best to treat her as a guest when she visits. So either you've been REALLY HORRIBLE or your SKIDS aren't grown up enough to bite their tongues and take one for Dad's team. So. #1 priority is keeping your son safe and in a good environment. #2 priority is your relationship with your DH and #3 priority is doing your best :) to encourage a good relationship between DH and DS and the rest of the family. Not much you can do to change their minds but to live your life and try not to hold a grudge. I hope they come around. It would be a shame for your son to miss out on knowing his siblings and nieces and nephews.
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susanjf_gw
17 years ago
know what my advice would be...hire a lawyer, accountant and dissapear!
kayjones
17 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
17 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
17 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
17 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
17 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
17 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
17 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
17 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
17 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
17 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
17 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
17 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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