Irish Lottery winner giving away $44 million fortune

Aug 12, 2014, 3:59 pm (31 comments)

After the Big Win

A Northern Ireland woman who won €34 million (US$45.4 million) in the EuroMillions lottery is giving away a whopping €33 million (US$44.1 million).

The big-hearted Strabane woman Margaret Loughrey plans to keep just €1.25 million (US$1.7 million) of her massive fortune.  Since the windfall she's been handing out money to help people in need and has already parted with €17 million (US$22.7 million).

Margaret, who was unemployed when she won the massive jackpot, says she wants to use another €16 million to give her beloved home town a facelift.

(See EuroMillions jackpot makes poor woman one of Ireland's richest, Lottery Post, Dec. 9, 2013.)

In an interview with Sunday Life, she said, "As soon as I won the money I said it would go for the good of the town.

"I've already given half of it away. I always said one for me, and the rest for the town."

Margaret (48), who bought the "lucky dip" ticket on the way home from the Job Centre, has already spent around €1.25 million to buy the historic Herdman's Mill in Sion Mills.  She plans to transform it into a leisure and tourism destination.

However her plans to buy Strabane's vacant 22-acre business park site were turned down by Invest NI on the grounds that they didn't meet with criteria.

Margaret had been hoping to build a craft village but Invest NI said a business plan which focused on export growth was needed. But she won't let that deter her from turning Strabane into a focal point for tourism.

"You've got the American Folk park in Omagh, the walls of Derry, Donegal," she said. "There is so much in that area and Strabane could be the focal point for that.

"There is so much talent in the Strabane area, people just need to be given a chance. Everyone has the right to work for a living, to support their families, to buy their own home, to run their own business — these are things everyone should have a right to do."

Up until a few months ago, Margaret was unemployed and living on benefits of €70 (US$94) a week.

She said her previous circumstances had influenced her decision to help other people.

"I know what it's like to have nothing," she said. "That's why I'm giving it away — I can't miss what I never had."

News story photo(Click to display full-size in gallery)

Thanks to myturn for the tip.

Belfast Telegraph

Comments

MADDOG10's avatarMADDOG10

Good for her. May her good fortune be bestowed back upon her.   Good Story.....

maringoman's avatarmaringoman

This lady Margaret Loughrey has the big heart. I wish her the best.

DDOH937's avatarDDOH937

Interesting. Not sure how I feel about this. I think i get where she's coming from but i would definitely NOT take this approach. I think there are more sustainable ways to give back and have a real impact instead of just giving money away. For example, and this is just ONE example...How about maybe establishing a Trust that will gain interest as the years go on and serve as a scholarship fund for kids in her town that could last decades or Building a job training center for those unemployed....this would not only provide employment for those providing the training but give skills to those like her who were unemployed.

Kudos to her for the big heart and right perspective. But giving money just to give money normally yield very very poor results. Who is she giving the money away to? Will they be as responsible as she was or just fall into the trappings of new money? 

This is a hard one for me. I love her selfless huge heart, but not totally sold on the approach. Either way, good for her, she's doing what her heart is commanding her to do.

LottoMetro's avatarLottoMetro

Time to move to Ireland! Wink

HaveABall's avatarHaveABall

Margaret, congratulations on your EU Lottery jackpot win.  Banana

Please rethink your savings plan and keep at least €4 million for yourself; since you could live until you are 100!

mamamary517's avatarmamamary517

Hi Margaret, I'm Mary and I am Irish...lol     I love people like this!    When I win here in Brooklyn I am going to be just like that!

helpmewin's avatarhelpmewin

Good job Margaret LoughreyDance

user71926's avataruser71926

Aww congrat and bless you woman!  I am moving to your town Lol!

JoeBigLotto's avatarJoeBigLotto

This lady is suffering from easy come easy go sickness i think she needs therapy . Just because you are use to being poor doesn't mean you should not be rich for few yrs that's how long lotto riches last anyway but for her its like am not even going to fight spending gently am giving up and giving it all away what happens if you have a very expensive medical bill later you tell your doctor sorry i can't pay i gave it all away. And the worst part of this is all this people you helping won't even help you if you broke . l don't know if you really die and go to heaven but i will prefer to start enjoying my heaven today on earth lol give just  10 to 20 percent that is good enough . And she was unemployed so why not build a restaurant and employ people and feed people during holidays for free you will have more fun going to your restaurant and drink all night for free.Coffee

HaveABall's avatarHaveABall

Quote: Originally posted by JoeBigLotto on Aug 12, 2014

This lady is suffering from easy come easy go sickness i think she needs therapy . Just because you are use to being poor doesn't mean you should not be rich for few yrs that's how long lotto riches last anyway but for her its like am not even going to fight spending gently am giving up and giving it all away what happens if you have a very expensive medical bill later you tell your doctor sorry i can't pay i gave it all away. And the worst part of this is all this people you helping won't even help you if you broke . l don't know if you really die and go to heaven but i will prefer to start enjoying my heaven today on earth lol give just  10 to 20 percent that is good enough . And she was unemployed so why not build a restaurant and employ people and feed people during holidays for free you will have more fun going to your restaurant and drink all night for free.Coffee

I Agree!, JoeBigLotto!

Coin Toss's avatarCoin Toss

Sure now Margaret, good for you and may the leprechauns bless ya!

Lep

ThatScaryChick's avatarThatScaryChick

Wow, she is a very generous and kind woman.Yes Nod

noise-gate

Quote: Originally posted by ThatScaryChick on Aug 13, 2014

Wow, she is a very generous and kind woman.Yes Nod

I agree- l am reminded of an interview Willie Nelson had a bunch of years ago.He said that from time to time he would buy homes and cars for people in his entourage..but when the taxman come a knocking...NONE of those people who benefited from his good graces were anywhere to be seen or heard from. He said he learned a valuable lesson "When you down and out, your so called friends are AWOL"

One look at her outfit tells me that she probably likes her present lifestyle and only needs the bare necessities, and that is not necessarily a bad thing.

myturn's avatarmyturn

If she wishes to give it away, it is her choice. However, it was not a good move to go public. She will be badgered by people with sorrowful stories begging for money.

myturn's avatarmyturn

Quote: Originally posted by myturn on Aug 13, 2014

If she wishes to give it away, it is her choice. However, it was not a good move to go public. She will be badgered by people with sorrowful stories begging for money.

Especially as the UK lottery allows winners to remain anonymous.

sully16's avatarsully16

She's a real nice lady, wishing her Health and Happiness.

IPlayWeekly's avatarIPlayWeekly

Great heart, however, I think she's going about it the wrong way.  You cannot simply throw money at a problem and think its solved.  She should have set up a foundartion and focused on 3 major issues instead of trying to save the town.  At this rate, she'll be broke within 5yrs.

MrLeRoy's avatarMrLeRoy

Wow, i can relate to this, and i don`t regret anything. Good job woman !

MrL

lottolaughs's avatarlottolaughs

Good for her! I love to hear this. The eye of the needle is wide open for her...she will have no trouble passing through.

dpoly1's avatardpoly1

It is her money to give away, but her simplistic approach will not work.

She will most likely wish that she had kept more of the money.

mypiemaster's avatarmypiemaster

Charity begins at home. Good job, Woman. Please try not to go broke. Thumbs Up

mikeintexas's avatarmikeintexas

Quote: Originally posted by dpoly1 on Aug 13, 2014

It is her money to give away, but her simplistic approach will not work.

She will most likely wish that she had kept more of the money.

That's what I'm thinking.   I figured that if she lives 30 more yrs. and doesn't make a major purchase, the amt. she has decided to keep will allow her close to 1100 bucks/week, not factoring in any interest she'll earn.  That's over ten times what she was getting on the dole, so I wonder if she thinks since she survived on that smaller amt., 10x that will do her well. 

I'm not familiar with the cost of things in Ireland, but I reckon it's close to the same as is in England.  Nearly everything there is quite a bit more expensive than it is in the U.S., from gasoline to food to utilities.  About the only major expense I know is cheaper over there is high-speed Internet.  Everything is taxed, too...a value added tax (VAT) on items plus there's a tax on each TV you have in your house...it's unreal when my Brit friends tell me the price of things.   Just figure the minimum amt. you'd need to live over here and add 30-40% to live there at a bare subsistence level.

God bless her for wanting to do good with her new-found wealth, but I hope she keeps back more for her golden years.

Babes333's avatarBabes333

Great win!!!  I can appreciate the great heart and warmth of this lady...  A true blessing many ways!

Her concept of reality is she is still thinking she's poor  ...she believes she really doesn't deserve it and people will pick her dry like ravens>>>>

She needs to do 3  things now before its too late....once this money is gone she will regret it hugely and no one will help.

She can put ....2  million in her own high interest account acct and live on that!!!

 

She splits the remainder in 2 other accounts one is say 15,000,000.00 an untouchable account,  this is her forever safe gaurd on earth and never have to starve or worry....a beautiful amazing interest account she can buy and pay with of the interest of this account including taxes but never touch the principle of the 15,0000,0000 million.

 

The next account is her generousity account of trust hell she can name it that .... any need or interest of giving goes through this business...however their is one rule ....gifts are made based on the interest accumalated on this money only,  and she will and can always be a giving heart and we won't hear a sad story how she lost it all!!

 

Be Smart this is a huge amazing blessing!!!

SergeM's avatarSergeM

I seriously could use a part of that money.

noise-gate

Quote: Originally posted by SergeM on Aug 14, 2014

I seriously could use a part of that money.

What's preventing you from making contact- you not too far from her home base SergeM.

Find out beforehand if she is into " Skulls".

Lotteryclubpool

ok

Teddi's avatarTeddi

this is an amazingly generous and selfless act and I do hope that it results in good things for her. 

But her approach is wrong and very misguided and will only result in a short term boon for the community. This is a feed a man fish vs teach a man to fish cliche. If there are many unemployed people in that community and they aren't unemployed by choice then either there are a lack of jobs in the area or they aren't sufficiently skilled/educated to obtain the jobs available. That money would be much better spent setting up businesses and educational workshops. Teaching skill sets and providing gainful employment opportunities should have been her focus. Being the town's Santa Claus was not the smart way to handle this.

Eventually the money she's giving to people now will run out and they'll still be unemployed and right back in the same situation they are in now.

dallascowboyfan's avatardallascowboyfan

Aww what a good woman may God continue to bless you Mrs. Margaret.

Get paid's avatarGet paid

Pay it forward,good for margaret,I don,t think I would be that generous.But congrats on ur win. Its her money she can do what ever she wants with.

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