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Year-old Indiana Lottery jackpot finally won

Year-old Indiana Lottery jackpot finally won

Posted: 11/15/2007 10:13:58 AM

Indiana Lottery

Retired steel worker opts for $40 million cash option

A retired steelworker is the recipient of the Indiana Lottery's infamous jackpot, which has been mysteriously building over a period of more than a year.  Hoosier Lotto is typically won about a half-dozen times per year.

The family's rush to confirm their winning $54.5 million Hoosier Lotto ticket caused a brief scare before they all realized the good news.

Peter Gilbert, 62, East Chicago, appeared at Hoosier Lottery headquarters in Indianapolis yesterday to claim his winnings.

Gilbert said he would take the cash option instead of annual payments, meaning he will receive $40.4 million before taxes.

With Gilbert were his wife, Ann, and son, Tony Gilbert, a detective with the East Chicago Police Department.

The drawing was Wednesday. Tony said his mother called the next day and told him to come to their house right away.

"I jumped in my car and I'm flying over there," he recalled today. "I was actually thinking something had happened to my dad, because my dad's health hasn't been that good."

He was about halfway there when he called his mother to see if they had gone to a hospital emergency room.

"'No,'" she said. "'It's good news. Hurry up and get over here.'"

The younger Gilbert arrived at his parent's house, where they had him double-check the numbers.

"I looked at the ticket forward and backward, and I said, 'We're rich now.'"

Tony Gilbert plans to quit his job with the police department and join his parents on several trips. Las Vegas is their first stop, the family said. They've also talked about Hawaii and Jamaica.

Peter Gilbert bought the ticket at a Mobil gas station on Columbus Drive in East Chicago. Like other grandparents, he used his grandchildren's ages to pick some of the numbers.

One other number on the ticket meant something special, Gilbert said — the age of his pit bull, Caesar.

Peter (from left), Ann and Tony Gilbert talked about how they planned to spend their jackpot winnings today at the Hoosier Lottery headquarters in Indianapolis.

Fast facts: Hoosier Lotto

  • The winning numbers for the Nov. 7 Lotto jackpot were 8, 15, 16, 17, 35, 39.
  • It was the first Hoosier Lotto jackpot hit since Oct. 21, 2006.
  • The $54.5 million pot broke the previous record jackpot of $42 million.

Source: Indianapolis Star, Lottery Post Staff

JackpotWanna's avatar - squiz
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Posted: November 15, 2007, 10:31 am - IP Logged Bottom Top

WTG on your win!!!!

 

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Bradly_60's avatar - disney37
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Posted: November 15, 2007, 11:17 am - IP Logged Bottom Top

Can anyone tell me why the cash option was so high?  I mean it is almost 75% of the annuity value.  Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones.  I mean interest rates aren't that low.

Brad

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Posted: November 15, 2007, 11:34 am - IP Logged Bottom Top

Congratulations to that guy.  He's a retired steelworker; probably worked very hard most of his life.  I hope he can rest and play golf every day.  I also hope his family doesn't screw him over the money.

JackpotWanna's avatar - squiz
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Posted: November 15, 2007, 11:55 am - IP Logged Bottom Top

"and son, Tony Gilbert, a detective with the East Chicago Police Department."  - I don't think many people will bother them.

 

"Gilbert said he would take the cash option instead of annual payments, meaning he will receive $40.4 million before taxes."  - Pretty high for cash value.  Must be a typo.

 

"Las Vegas is their first stop, the family said" - No! No! Should be last stop.

RJOh's avatar - chipmunk
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Posted: November 15, 2007, 1:59 pm - IP Logged Bottom Top

I like his system, grand children ages and the age of his dog, although he seems young to have grand children of ages 35 and 39.

* Trying is the first step toward failure *
homer J. Simpson

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Posted: November 15, 2007, 2:09 pm - IP Logged Bottom Top

Can anyone tell me why the cash option was so high?  I mean it is almost 75% of the annuity value.  Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones.  I mean interest rates aren't that low.

Brad

With over one year before it has been won there could be a couple reasons.

The jackpot pool money could have been put into an interest bearing account after each draw until the jackpot is won.

Could be there was not much lower tier prize money paid out and that money was added to the next jackpot pool.

Exact order chaser  Mad

RJOh's avatar - chipmunk
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Posted: November 15, 2007, 2:13 pm - IP Logged Bottom Top

Can anyone tell me why the cash option was so high?  I mean it is almost 75% of the annuity value.  Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones.  I mean interest rates aren't that low.

Brad

Maybe they don't buy an annuity but just put the money an a saving account  that pays 3% API and write yearly checks until it all gone.

Or maybe they do buy regular annuities, but they are only obligated to pay out the advertised jackpot amounts so they also make some additional profit off the investments. 

* Trying is the first step toward failure *
homer J. Simpson

4thquarterbabe's avatar - spherewall2
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Posted: November 15, 2007, 3:14 pm - IP Logged Bottom Top

Congratulations to the Gilberts

WTG!!! Party

As the world turns, so does luck, believe and it shall return to you!! Let the party BEGIN!!

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Posted: November 15, 2007, 4:11 pm - IP Logged Bottom Top

congratulations to these winners. they look very happy