Money doesn’t always buy happiness. In fact some lottery winners have experienced bankruptcy, divorce, jail time and have even been murdered.
Experts say that if you win and don’t approach a reputable tax professional and a reputable investment advisor, you could land yourself in major financial trouble. If your first step is to tell family and friends that you have won, this can lead to people close to your life demanding money. Lottery winners who aren’t equipped to save their millions wisely often blow through their cash.
While it may seem impossible to blow a billion or even millions of dollars, below are some of the worst American lottery winning horror stories.
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1. William Budd Post. Post won the $16.2 million jackpot in Pennsylvania in 1988, Beaver County Times reported. This was the start of a series of unfortunate events for the post. His ex-girlfriend sued him for his share of the winnings, and his brother hired a hitman in an attempt to obtain his share of the cash. Other relatives spent months demanding money. Within a month of winning, Post filed for bankruptcy and was owed $1 million in debt.
2. Zenite Lee. St. Louis Post Dispatch informed of Janet Lee, a South Korean immigrant, worked in a wig shop before winning $18 million in the Illinois lottery in 1993. Lee was slated to receive an annual payment of $620,000 and took the opportunity to buy a million dollar home for his family. . But later he sold his rights to his annual cheques for the lump sum amount. Ten years later, at the age of 60, Lee filed for bankruptcy and was owed $2.5 million in debt.
3. Abraham Shakespeare. In 2019, Shakespeare won $30 million in the Florida Lottery, and was murdered three years later. The 47-year-old was shot twice in the chest by Didi Moore, who had befriended Shakespeare after winning the lottery. ABC News. Moore was convicted of first-degree murder in 2012.
4. Denise Rossi. In 1997, Rossi won $1.3 million in the California Lottery and immediately filed for divorce from her husband, People informed of. Two years later, Rossi’s husband finds out he has won the lottery and takes her to court. She sued Rossi for not disclosing her victory in the divorce, and the judge awarded her every cent.
5. Jack Whitaker. Before winning $315 million in West Virginia in 2002, Whitaker was already a millionaire, according to Time. Exactly four years later, the chairman of the then construction company claimed that it was broken. Tragedies shook his life. His granddaughter and daughter soon died of drug overdose. Whitaker was then robbed of $545,000 while sitting in his car at a strip club.
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