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Who’re the lottery winners who aren’t exactly the brightest people?! You guys hear about Michael Carroll and his antics? Or how about one of the biggest winners ever, Jack Whittaker?! Find out about the spending habits of lottery winners who went broke in this video!
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Here are lottery winners who went completely broke!
9 - David Lee Edwards
Can you guys imagine being on both ends of life? A life where you’ve been in jail, but where also you flew in a private plane between your homes? Well, that basically describes David Lee Edwards, a convicted felon from Ashland, Kentucky, who won a $27 million dollar lottery jackpot back in August 2001.
But his ridiculousness free-spending ways left him and his wife broke and living in a storage unit within just FIVE years of winning 27 million dollars! If you’re wondering how someone can blow 27 million in 5 years, you’re definitely not alone.
Let’s do some really quick math here. In his first year as a millionaire, Edwards spent TWELVE MILLION. SOMEone didn’t do their math right! So yeah there goes almost half his money right there.
Edwards bought a $1.6million, 6,000-square-foot house in a private tennis and golf community in Palm Beach Gardens, Florida. He spend $600,000 on another home nearby. He paid $1.9 million for a LearJet, bought three losing racehorses, and bought a fiber optics installation company and a limo business for $4.5 million. I’m gonna guess he probably didn’t exactly to do the discounted cash flows for THOSE acquisitions. Oh yeah, he also bought his daughter a $35,000 Hummer golf cart to drive around because she couldn’t actually drive at the time.
At one point, he had a million dollars in vehicles parked in front of his house. His neighbors complained that his house in the upscale community started to look like a car dealership!
You guys know the end. Because of his reckless YOLO spending, he lost every last penny of his $27 million fortune and died owing thousands of dollars to friends.
8 - Callie Rogers
Callie Rogers was just a 16 years old kid living in foster care when she won 1.9 million pounds in the lottery in 2003. As you guys can expect, her spending spree began prrrretty much immediately!
Callie forked out £11,500 pounds on not one, but TWO boob jobs, £300,000 pounds on clothes, make-up and tattoos. Well, at least she only spent £85,000 pounds on sports cars. Buuuuut hold up, she did spend a quarter of a million pounds on uh….nose candy.
Callie spent an additional £250,000 pounds on vacations around the world, and get this, she also spent £118,000 pounds on gifts to her former boyfriends! I mean…..who and what DIDN’T she spend on her money on?
Basically, as expected, she spent all her money, and in 13 years, she just has around £2,000 pounds left in the bank. She actually called her win a curse, because she said that she felt the pressure of having to live it up with the expectation of having a party lifestyle after winning the lottery. More money more problems I guess, because she now lives with her three kids and says she’s “happier than ever”.
7 - William Post
Way back in 1988, William “Bud” Post III was the winner of a Pennsylvania Lottery jackpot worth $16.2 million dollars. On the day he won the jackpot, he had just two dollars and forty six cents in his bank account! I guess when you have that little money in your bank account, you feel like a little over 16 million In the two weeks after Post collected the first of his 26 annual payments of almost $500 thousand dollars, he spent more than 300,000 dollars on gifts and investments. Those investments included things such as a liquor license, a lease for a restaurant in Florida, and a used-car lot.
He also bought an airplane to fly around in, even though he didn’t have a pilot's license. Well, at least it wasn’t a private jet. In just three months, his debts totaled $500,000 dollars! That’s a million dollar turnaround in the wrong direction!
But listen to this story. I guess he and his brother weren’t exactly on friendly terms, so his brother actually had it out for him. His brother actually hired someone to go after him and his SIXTH wife!