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[chron]Winner of $315 million jackpot has problems money can't solve

Discussion in 'BBS Hangout' started by tinman, Sep 14, 2007.

  1. tinman

    tinman Contributing Member
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    i guess people go pacman jones with the lotto

    http://www.chron.com/disp/story.mpl/headline/nation/5133900.html
    Sept. 13, 2007, 11:23PM
    Winner of $315 million jackpot has problems money can't solve
    His efforts at philanthropy are overshadowed by antics, tragedy

    By SHAYA TAYEFE MOHAJER
    Associated Press


    MOUNT HOPE, W.VA. — In his darkest moments, Jack Whittaker has sometimes wondered if winning the nearly $315 million Powerball game was really worth it.

    The jackpot that was the stuff of dreams turned into a nightmare: His wife left him and his drug-addicted granddaughter — his protege and heir — died. He endured constant requests for money.

    Almost five years later, Whittaker is left with things money can't cure: His daughter's cancer, a long list of indiscretions documented in newspapers and court records, and an inability to trust others.

    "I don't have any friends," he said. "Every friend that I've had, practically, has wanted to borrow money or something and, of course, once they borrow money from you, you can't be friends anymore."

    $93 million after taxes
    Whittaker was a self-made millionaire long before he became a lottery winner, having built a pipeline business worth $17 million. Then he hit the Powerball in December 2002. It was then the largest-single jackpot ever.

    The prize was worth $314.9 million. Whittaker opted for the lump-sum payout of $170 million — $93 million after taxes.

    He still has plenty of money. And instead of retiring, the 59-year-old starts his day at 5 a.m., juggling ventures in construction, real estate, used cars, even movies. Work is the last remnant of his old life.

    Winning the Powerball was a different kind of wealth that brought instant celebrity status.

    Whittaker's struggles with drinking, gambling and philandering became public, and tales of his transgressions were retold with relish.

    His home and car were repeatedly burglarized. At a strip club, thieves broke into his Lincoln Navigator and stole a briefcase stuffed with $245,000 and three $100,000 cashiers checks. The briefcase was later found, with the money.

    Whittaker was charged twice with driving while under the influence and sued repeatedly, once by three female casino employees who accused him of assault.

    In all, Whittaker says, he's been involved in 460 legal actions since winning.

    His daughter, Ginger McMahan, has battled cancer for years. The disease is in remission, though she remains in poor health.

    Whittaker says he hasn't been stingy. The Jack Whittaker Foundation has spent $23 million building two churches. His family donates food, clothing and college scholarships to local students, "but all the big work with the foundation is completed," he said.

    Whittaker is also done with boozing — which, on his worst days, involved a fifth of vodka. He says he drank in part because he was worried about granddaughter Brandi Bragg, who shared his independent, headstrong personality and knew from a young age she wanted to run her Paw Paw's businesses.

    "She was going to inherit everything," Whittaker said. "Everything that we have was built in a way that it went to her on her 21st birthday."

    She never saw that day, dying at 17 after struggling with drug addiction.

    He says he hired sheriff's deputies to track Bragg, personally hunted down and reported her drug dealers, and repeatedly sent her to rehab.

    Unwanted legacy
    He remembers their last conversation, when she was packing up to move to his home. "I told her, 'I'll come and get ya. I'll come and get ya right now if you're ready to come.' "

    But she wasn't. Her body was found two weeks later wrapped in a sheet and plastic tarp, hidden by a boyfriend who panicked when he found her dead.

    Whittaker has little doubt as to his legacy:

    "I'm only going to be remembered as the lunatic who won the lottery. I'm not proud of that. I wanted to be remembered as someone who helped a lot of people."
     
  2. Mr. Brightside

    Mr. Brightside Contributing Member

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    I remember when this guy won the lotto. He was already a millionaire or something due to his construction business. He was saying how he would finally buy that helicopter he wanted to.

    Then they showed him on 20/20 last fall. They talked about all his problems and his daughter dying. He and his family seemed like real country yokels for some reason.

    He seems about 350-400lbs and doesn't look like he would last much longer due to his drinking and health problems.
     
  3. baller4life315

    baller4life315 Contributing Member

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    His family problems are unfortunate but come on, everything else is his own damn fault!

    But then again if I had a dime for everytime I went to the strip club with almost $350,000 in valuables in my backseat...... :eek:

    [​IMG]

    It's like God himself flies down from the sky and says, "Here's your dream life on a silver platter" and the guy still managies to screw it up. No sympathy.
     
  4. Kyakko

    Kyakko Contributing Member

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    just $93 million after a $314.9 mil jackpot??? damn! the government rapes ya.
     
  5. kaleidosky

    kaleidosky Your Tweety Bird dance just cost us a run

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    read the article--he took a lump sum payout which was 170 mil, which was then redeuced to 93 mil after taxes. Yeah, 40-45% is a ton and it's still the govt raping..but I expected that much for the high bracket
     
  6. J DIDDY

    J DIDDY Member

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    goddam Uncle Sam really ****ed.
     
  7. J DIDDY

    J DIDDY Member

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    .................him
     
  8. conquistador#11

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    i remember reading an article on GQ about this guy, about 3 years ago. not that i subscribe to GQ, i was actually at the salon waiting for a hair cut appointment :p Sad how things turned out with his daughter :(
     
  9. Rocket River

    Rocket River Member

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    Seems like he got ripped from the beginning

    Rocket River
    :D
    SHE WANTS HALF EDDDDDIIIEEEEIE!!!
     
  10. macalu

    macalu Contributing Member

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    ok, isn't the Chronicle about 2 years too late? i remember already reading this exact same story .
     
  11. IROC it

    IROC it Contributing Member

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    I believe Frank said it best...


    "Luck be a lady.. toooo-night."

    Luck comes from the same root word as Lucifer ya' know. ;)

    Shame about his daughter... that was not luck, but a bad culmination of bad choices and company.

    True, money can't fix much.
     
  12. GRENDEL

    GRENDEL Contributing Member

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    Isn't there a fairly long line of stories like this? People win the lotto and their life goes to crap
     
  13. JuanValdez

    JuanValdez Contributing Member

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    Not really. That's just the time value of money. Assuming the $315 million number is based on equal annual payments over 20 years (without him earning interest on the unpaid portion), the government is discounting at around 6% to get that $170 million present value. That's reasonable.

    And then the taxes are about 45%. That's pretty high, but you should probably expect lottery winnings to be taxed more heavily than just about anything.

    I keep hearing about how lottery winners end up less happy after the money. That leaves me wondering why the jackpot keeps going to people who can't get their crap together. I guarantee if I win $100 million today, I will not have problems with alcohol abuse, robberies at strip clubs, assaults at casinos, or loans to deadbeat friends. Of course, not a lot you can do to avoid loved ones dying of cancer or drug-addiction.
     
  14. peleincubus

    peleincubus Member

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    come on that is still less then a 1/3 of the money you supposedly won. i understand what your saying but Still...
     
  15. JeeberD

    JeeberD Contributing Member

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    #15 JeeberD, Sep 14, 2007
    Last edited: Sep 14, 2007
  16. lost_elephant

    lost_elephant Contributing Member

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    4815162342...4815162342...4815162342
     
  17. Hippieloser

    Hippieloser Contributing Member

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    I believe it was Oscar Wilde who wrote, "Mo money, mo problems."
     
  18. macalu

    macalu Contributing Member

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    one day you're making $50,000/year, the next you're a multi-millionaire. i think having a lot of money only makes you more of what you already are. if you're already an alchoholic, you're just drink more. if you're a philanthropist, you'll just give more.

    i can see how family and "friends" can put a burden on you. everyone wants a handout when you're rich.
     
  19. swilkins

    swilkins Contributing Member

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    Sucks to be you, Dude.

    Sincerely,
    [​IMG]
     
  20. EssTooKayTD

    EssTooKayTD Contributing Member

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    uh no...p diddy and biggie said it. duuuuuh! hahhah jk
     

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