How to spend a $587M Powerball jackpot

This post comes from Quentin Fottrell at partner site MarketWatch.

Lottery winners have been known to lose their instant fortunes, but blowing Wednesday's $587.5 million Powerball prize will take some serious shopping.

If someone were to splurge on holiday gifts and purchase every single item listed in the Neiman Marcus catalogue, the tab would come to roughly $2.6 million -- less than 1% of the $384.7 million lump-sum jackpot, before taxes.

Officials confirmed that two winning tickets were sold, which means the record Powerball prize will be split.

But there are some gems inside the catalogue, such as $30,000 for a walk-on role in the Broadway production of "Annie: The Musical," a potential holiday pleaser for a young child. That price is split evenly between the dog rescue Pedigree Foundation and Pajama Program, which provides pajamas and books for children in need.

An outsize dinner party might be another way for a newly minted member of the 1% to launch himself or herself into high society. Neiman Marcus offers a $250,000 private dinner for 10 prepared by chefs Daniel Boulud, Thomas Keller, Jerome Bocuse and Richard Rosendale. Bertha Gonzalez, the world's first female "Maestra Tequilera," will kick off the evening with a Casa Dragones tequila tasting. This is limited to one customer, and all proceeds will benefit the Bocuse d'Or USA Foundation, an organization dedicated to inspiring culinary excellence in young professionals.

Of course, it's possible to spend nearly all the winnings on one item if only one person had purchased the winning ticket. The 840-pound Bahia Emerald, which was dug up in Brazil in 2001, was recently valued at $372 million, but was at one time listed on eBay at a buy-it-now price of $75 million, so there may be some room for bargaining, says Brent Shelton, a spokesman for deal site FatWallet.com. However, the emerald has also been the subject of different ownership claims in recent years.

For the more sporting inclined, the jackpot would also buy a decent stake in an NFL team -- more than 20% of the Chicago Bears, Shelton says.

Another big-ticket item, one that will forever eliminate the need to buy a plane ticket: a private aircraft. The online-listing site Jameslist.com, a Craigslist for the super-wealthy, has a Bell 41EP helicopter for $7.19 million and a 1996 Challenger 604 for $7.9 million. Before buying a jet or helicopter, retail analyst Jeff Green suggests, take a share in a jet through a site like FlexJet.

Those who prefer to stay on the ground, on the other hand, might opt for the fastest and most expensive production car in the world: the $2.4 million Bugatti Veyron Super Sport car.

Perhaps the biggest decision the winner will face is where to spend the rest of his or her days.

The largest single-family residence in the world is still 6121 Kirkstone Lane in Windermere, Fla. The design is (loosely) based on the Palace of Versailles. Conceived by David Siegel, the CEO of time-share giant Westgate Resorts, the partially built home is a massive 90,000 square feet. It is listed at $65 million unfinished, recently reduced from $75 million. The estimated taxes for 2012 are $65,400. Siegel has started construction again, adding exterior marble. "This will enhance our sales efforts," says Realtor Lorraine Barrett, who is selling the property.

For those who like their homes more ready-to-wear, there are several around the $80 million level. They include the $79 million Rancho Dos Pueblos in Santa Barbara, Calif., a working ranch that harvests macadamia nuts, cherimoyas and avocados, among other things, and covers 2,190 acres. It comes with 14 houses and more than 50 employees.

And those seeking the ultimate retirement might consider "Tranquility," a 38,000-square-foot home billed as Lake Tahoe's most exclusive property. This $75 million crib has its own private lake.

There are options for winners who fear the long lens of the paparazzi. A private island can be yours for less than 10% of the jackpot. Little Hawkins Island in Georgia costs $20 million, says Chris Krolow, the CEO of real-estate company Private Islands of Toronto. Shelter Island in Flathead Lake, Mont., can be yours for $78 million. Buck Island in the British Virgin Islands is "spectacular," Krolow says, and has a price upon request. That is, if you must ask, you probably can't afford it.

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