How to spend a $587M Powerball jackpot
Perhaps the biggest decision the winners will face is where to spend the rest of their days.
This post comes from Quentin Fottrell at partner site MarketWatch.
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.
More on MarketWatch and MSN Money:
That is way too much money for one person to handle. In Canada there is Lotto MAX which is a top prize of 50 million. All other money from ticket sales go into extra draws of 1 million each. Also new numbers are drawn for each extra million. I think this increases every ticket buyers chances of winning something. I think last week there were at least 20 extra million to be won. This is a good way to distribute money from ticket sales. Also lottery Canada gives a percentage of their surplus to fund charity organizations.
The best thing to do with the money if you have it and don't know what to do with it is to pay off your debts and get an education (if you don't already have one) so you can know what more to do with this money. You've got the money....and now the time it takes to get the money through a 9-5 job is essentially eliminated.
To me, this article is a advertisement to drive these people into spending their winnings on things that are unnecessary.
so much need in the world or even here in the USA. why waste the money on that stuff. Helping
those less fortunate would be much more satisfying and fulfilling.
Make sure you save plenty for taxes.Your chances of winning are about as good as
dating a supermodel.
With a pile of money this size and the right legal team, someone could be instrumental in returning Christian ethics into our school system and government. In the 60's and 70's anyone free of a hateful demeanor knew in our hearts that the rulings by the supreme court establishing seperation of church and state were a gross misinterpretation of the intention of the constitution. Now 50 years later so many people are blind to the truth because that's all they've heard - seperation of church and state over and over again. Children move further away from the teaching of their parents because they are told, or led to believe, the opposite in school. Our country has lost our strongest binding concepts and we may well destroy ourselves because of it. God has blessed this land with greatness and in thanks we are turning away from Him- very foolish I think. All the damage can't be turned around in a day as it took years to fall this far, but we must push back using ' the system' in a way to gain ground in small ways at first. What better way to use such a windfall.
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
ABOUT SMART SPENDING
LATEST BLOG POSTS
When it comes to dealing with debt and clearing your credit, what you don't know really can hurt you.