$220M lottery winner wants to be billionaire
Posted: 6/17/2005 9:30:00 AM
A man who won a $220.3 million Powerball lottery jackpot - the second-largest single-ticket Powerball winning - plans to invest the money and become a billionaire.
Brad Duke, 33, a regional fitness director for a health-club chain, said he hopes to build a $1 billion portfolio within 15 years.
"What better opportunity to have than me at my age with this money to build a billion-dollar empire to take care of my family and to give opportunities to the people who have given me opportunities," he said.
Duke chose to take a one-time payment of $125.3 million, rather than 30 annual installments of $7.4 million. He will get about $85 million after taxes.
Duke said he told his father and sister about the jackpot, but the rest of his family was unaware until Sunday, when he asked them to meet him in Sun Valley. He said they had assumed he was going to reveal a terminal illness, a multilevel marketing scheme or a wedding engagement.
Duke has assembled legal, financial and public-relations advisers to make business investments and charity donations, and is considering appearances on a reality-television program.
Other than a high-end racing bicycle, Duke has no plans for any large purchases.
"One of my goals is keeping my feet on the ground, not forgetting who I am and where I came from and staying active in the things I like now, like biking, the fitness industry, camping and rafting with my friends," he said. "Keeping my feet on the ground does not include going out and buying a yacht."
The state of Idaho will get an immediate $10 million boost to income tax revenues as a result of Duke's win, while the convenience store where he bought the ticket will receive $50,000.
Powerball is a Des Moines, Iowa-based lottery played in 27 states, plus Washington, D.C. and the US Virgin Islands. Duke bought the winning ticket at a Boise convenience store.
Source: AP
