David Edwards spent $12 million in his first year as a millionaire
A Powerball winner has died broke and all alone in hospice care, just 12 years after raking in $27 million cash from a lottery jackpot.
David Lee Edwards, a convicted felon from Ashland, Kentucky, bought a mansion in a gated community, dozens of expensive cars and even a LearJet with the share of a record $280 million jackpot he won in August 2001.
But drug addiction and his free-spending ways left Edwards and his wife Shawna broke and living in a squalid storage unit contaminated with human feces within five years. Shawna left him not long after and remarried.
In the end, Edwards' first ex-wife and her husband drove him from Florida back home to Ashland. He died in hospice care Saturday at age 58.
Edwards' friends and family say his tragic story can serve as a parable about the corrupting influence of money. By the end of his life he had lost every last penny of his $27 million fortune and died owing thousands of dollars to friends.
Both Edwards and Shawna contracted hepatitis from their needle drug use and both were arrested multiple times and had numerous run-ins with police for possession of crack cocaine, prescription pills and heroin, Lottery Post reported in 2007. (See Lottery winner goes from rags to riches to rags, Lottery Post, Aug. 22, 2007.)
Shawna bounced into and out of drug rehab for addition to OxyContin and other drugs.
Shortly after winning, Edwards bought a $1.6 million, 6,000-square-foot house in a private tennis and golf community in Palm Beach Gardens, Florida. He spend $600,000 on another home nearby.
He paid $1.9 million for a LearJet, bought three losing racehorses and acquired a fiber optics installation company and a limo business for $4.5 million.
He paid his ex-wife $500,000 to hand over custody of his teenage daughter Tiffani. She couldn't drive at the time, but he bought her a $35,000 Hummer golf cart to drive around the community.
He collected cars - he treated himself to a $200,000 Lamborghini Diablo super car and a $90,000 Dodge Viper.
At one point, he had $1 million in vehicles parked in front of his house - so many that his neighbors complained that the upscale home in the upscale community started to look like a car dealership.
He invited in an NBC News TV crew and bragged that he was wearing a $78,000 diamond-encrusted gold watch and a $159,000 ring. He showed off his $30,000 plasma screen TV.
Edwards also amassed a collection 200 swords, armor and antiques — all of it cheap reproductions.
In his first three months as a millionaire, he spent $3 million. One year after his win, he had spent $12 million, the New Times estimates.
He lost every bit of it by 2006.
Edwards intended to do right. On the day that he publicly claimed his winnings, he promised to use his money responsibly.
"You know, a lot of people, they're out of work. Doesn't have hardly anything," he told reporters.
"And so I didn't want to accept this money by saying I'm going to get mansions and I'm going to get cars, I'm going to do this and that. I would like to accept it with humility.
"I want this money to last, for me, for my future wife, for my daughter and future generations."
Shortly after his win, he hired a financial adviser and a lawyer to look after his assets.
"If he followed my advice, he'd be pulling in about $85,000 a month for the rest of his life," financial planner James Gibbs said in 2007.
Instead, Gibbs says, Edwards sold off the stocks and bonds that Gibbs invested on his behalf.
On Tuesday, his daughter, Tiffani Lee Edwards, said that her father had left her with nothing — not even a life insurance policy.
"There is NO MONEY anywhere!!!!" she wrote on Facebook.
Tiffani, whom Edwards enrolled in a private college prep academy in South Florida during his short brush with wealth, now works as a clerk at an amusement park in West Virginia.
Before he won the lottery, Edwards was unemployed and living with his then-girlfriend Shawna, who is 19 years his junior.
He had spent a third of his life in prison after he was arrested for armed robbery.
He borrowed money from a friend to pay his water bill. After he got his water turned on, he used the rest to buy a pizza and $7 worth of lotto tickets from Clark's Pump-N-Shop.
He picked the winning numbers himself and shared the $280 million jackpot with three other winners. His $41 million lump sum portion came out to $27 million after taxes.
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Thanks to w794728 for the tip.
If you fail to plan you are planning to fail. RIP Mr Edwards.
May he RIP.
well put maringoman
but I'll always have a hard time having sympathy for him
by the same token thats the reason some of us will never win , if only cause the few of us have a game plan
Yes. Its like the decider of who wins the lottery has a great sense of humor. Some guy in SC decides to play PB for the first time and hit a $400M jp on 09/18/13. Then another guys wins a crazy jp and let their ticket expire. And then we the dillidgent ones cannot even win $1,000. Its crazy.
Blessed with money, cursed with addiction. He LIVED, the way he knew how. At least he had some fun. RIP
This article is missing some key pieces. I don't believe everything that I read. Something is not right about this article. He had cars, a lear jet and a house. What happenend to the those items? It is hard for me to believe that this man lost everything that he had. It is hard to read credible news articles these days.
I recall watching a documentary called the "curse of the Lottery" and it featured this guy, knew it was only a matter of time till his demise. RIP
You never purchase a Lear Jet!
You purchase hours on a FlexJet Card and only pay for the time that you use the jet!
Your other purchases must be made on the scale of the money that is won and any return on investments!
he lost the NICE mansion maybe due to taxes
He also owed the HOA a ton of money.
You right. Showing folk that you can afford a jet on a $27 mil win is ludicrous. Trying to maintain that bird is not cheap, its not like he bought a horse and could dump a bale of hay in front of it and say " Okay- eat through that one, there's plenty of that stuff!"
Millionaires living beyond their means. I sure would have hoped that he left his daughter at least a mil to start her life...but alas nothing.
I'll never understand big money and new found drug addictions
....of all the things there are to do in this world why would someone with that kind of money even do drugs to begin with?
No sympathy here either, I mean the guy knew he had a drug problem,
could'nt he have even made a trust fund for his daughter ?
I like cars and would surely buy more than a few, but I would buy a storage facility 1st.
But the worst thing this guy did is give his friends $ for drugs and then eventually pay for their funeral when they overdosed, whats up w/ that,
could have spent money to get them in rehab and helped other ways.
R.I.P. D.L.E.
seems like he was no stranger to Drugs and trouble long b4 he got that lucky
I think he was a druggie before he won !
He got 27 MILS. from a 280 MILS. JP and yet I don't recall ever hearing anything about the other winners.
ahhh..ok...well at the least why not get the best rehab in town?...I just dunno
Jammboogie,
Yeah, I think the article is missing a few things too. One of the first things he did was fly a bunch of friends to Vegas.
He also said, "You can't fix stupid".
He lost the house in Florida because he didn't pay the association fees.
I don't find it hard to believe he lost everything but there's certainly a message here.
Agree I pay every year then they hit us with a fence assessment
Are we supposed to feel sorry for him
His first expenditure should have been, to check into the best drug rehab that money can buy for him and his friends. He can afford it. Too late now. What happened to all the stuff that he purchased? Hope they were paid in full, just wishing.
He had lots of fun while he lived after winning. That's for sure!
Only he is one that took that winning to "health extremes". But, when you win it, it could be a terrible thing to accelerate habits. To each his own. Don't knock the guy down. He played, he hit big, and enjoyed the life he chose.
Many would love to have that opportunity. Many would do different and many will do the same.
Let the opportunity come first, then decide for yourself. Do what you want to after the fact.
Only "that" time will tell for all of us.
Maybe its because the " other winners" did not dabble with drugs or contraband. They kept their noses clean and invested well.
Sorry,but everyone in those photos from the wife,daughter and friend look to be on method or some other narcotic.
Wow- on face value is this not a case of the Kettle calling the Pot black?
Lord have Mercy..
I remember watching hiim on How Lottery changed my life what happeend was he owed taxes and so the IRS took it all to pay for back taxes and that's what happens when you live in a gated community no taxes no toys.
Sad though very sad.
In the movie WallStreet, Michael Douglas as Gordon Gecko told Charlie Sheen as Bud Fox "A fool and his money are lucky to get together in the first place". Clearly this wasn't one of those cases. A certain amount of people are not emotionally mature to handle winning or being given a large amount of money. Rich people maintain their wealth, because they know how to invest it and are mature enough not to flunder their wealth.
Yep, and the guy in SC is doing just fine......
it makes me sick. when he won, i was hoping to win enough to keep my family alive after they were poisoned by an illegall toxic waste dump. i paid every penny i had and then some to keep them alive with hospital care. i just couldn't swing the million dollars for transplants and they died screaming in agony. wonder why scum bags get the breaks?
A million bucks worth of luxary cars parked curbside at his $1.6 million mansion. What a clown.
Ya know, $27 million is alot of money, but, especially if that's a pre-tax figure, isn't ALOT OF MONEY, if you catch my drift.
And he didn't have the wherewithal to set up a trust for his daughter. That's unconscionable.
Between this story and the ones of unclaimed million-dollar jackpots, it's enough to scream to the Lotto gods..."Let me win, I'd do this right!"
what a loser
why do druggy convicted felons get to win? really.. they need to do a full background check before handing over that kind of money..
If I won a million I would make a budget of 25k a year.. (I'm living off 16.8k right now).. that would spread out for at LEAST 40 years!
dumb people with no brains
All the money in the world won't usually change who you are. Money is just a tool that let's you do a better job of being who you already are.
I just spent some time looking at his daughter's Facebook page; I really shouldn't comment on what type of person she seems to be by her posts and shares, but from what I saw, it looks like the apple didn't fall far from the tree. Her baby is due on the 11th of this month, I believe.
im no christian im an athiest. but i see it as hes his own destiny, made from the past, but the only one to guide his future. his past makes who he is now. but he can change it. he didnt have the strnghth of character to change and the money destroyed him. maybe he didnt have any friends stong enough tt vll him an idiot. and say thats stupid. you're an idiot. maybe all his friends had their hands out.
its a shame, a shame for him, his family. and that we dont have pity. lets hope we all have the strngth to call out our loved ones, or friends if they ever win if they go down this path.or that if we do , we have someone close who cares enough about us to save us from ourselves.
HOAs can be a blessing or a curse.
You move into a gated community like he was in mostly to get away from low class people (like him, sadly).
You're there because you don't want to deal with the hassle of dealing with all the usual traits of low class people, like blasting music and garbage strewn everywhere and curbside engine overhauls and brake jobs and stoop sitting and all night parties and vehicles parked all over the place and attitudes and all the rest. The HOA can prevent or get rid of problems like that for you.
The downside is if you get a few libs on the board, and as libs, they naturally feel it's their job to create new rules and regulations at every board meeting to meet their intrinsic passion to have control over other people. That's when HOAs are a curse.
Second that prayer, May he RIP. ( We are not to judge lest we be judged.)
Wonder if he ever spent any of his windfall on recovery? Only the Good Lord knows.
Hi Coin Toss,
I agree with you because it is definitely a message in his story. He did a combination of things with his money. I like that he did help some of his friends but he went far too too far with some of his purchases. Too extragavant. And the drug problem didn't help either. When he first won, and they did a story on him I thought he was a balanced indivdual. He purchased a Lear Jet and many cars. What happenend to those items?
I believe that's correct, assuming 3 other winners that's a 75% success rate.
It's incredibly difficult for me not to feel sorry for how it all ended for this guy. I don't subscribe to the notion that he was stupid and therefore this was unexpected. These things happen. Guilt. Pressure. Society. Unable to Cope. Past Demons. Being Overwhelmed. Overconfidence. These just a few of the things that winners face. Some are better able to cope than others. Some are fine and relatively grounded, but then family and friends steer them off track. Some are messed up but then family and friends steer them on the right path. This could EASILY happen to any of us. RIP man.
Exactly Gleno. "We are not to judge lest we be judged". Our demons are and can be POWERFUL. Without good family, friends and stable social support. We are, whether we know it or not, easily susceptable to having our demons overcome us. Let's all lottery players and believers ssend a prayer out for him and for future winners....ourselves included!!!
Except for the drugs, he did everything right. You might die tomorrow. Enjoy it while you can. You'll probably be forgotten anyways. No surprise his daughter is only worried about the money.
Red: You know, i'm actaully inclined to agree with you. The drugs is what did him in, not the excessive spending. And considered that he had back/pain issues from an accident PRIOR to winning. It really isn't that surprising he ended up a fein huh? I've seen post critical of his jet purchase, cars and taste ect. but really who cares. He had the right to blow his money on stuff if he wanted. Its just the drug issue that gets to me, especially him paying for drugs for friends only to end up having to bury them from thier overdosing. That's tough stuff.
I remember watching his story on TLCML and thinking that here was a guy that was given a huge second chance to turn his life around. But as the story went on, I realized that even though he changed his surroundings, he didn't change at all. Still had run-ins with the law and still used illegal drugs.
His story made me formulate a plan for what I will do when I win the lottery because I don't want to end up broke. RIP David Lee Edwards.
Rest in peace Mr. Edwards.
Cautionary tale indeed. But it's sad the article didn't mention some of the good he did with his money. If I remember correctly, he helped out a few people when he won. I think he paid for one lady to have eye surgery or something like that.
My guess is taxes and drugs. He could have lost most of the stuff to the government due to having a lot to pay to taxes and no money to pay to the government due to both overspending on items (vehicles and "art" mostly) and addiction to drugs. Other items he could have sold in order to fuel his drug habit or to simply survive. In the article it also mentions he owed thousands to friends/family.
It's that hard to believe someone with drug addiction and a wild spending habit could lose millions. You could give someone like this $500 million and they'd find a way to spend it all. His purchase of a jet shows that he didn't think beyond the immediate future with regards to his money. You wouldn't find me buying a jet no matter how big of a lottery win it was. Same goes for most of the informed players on here.
Nothing sad about this story. The man won the lottery and lived out his dreams. Lets remember that if were all so responsible with money why do we even entertain playing a game with odds stacked against us. I once met an older person at work who constantly would bragg about his investment accounts retirement accounts and his savings. The sad thing thing was that one day about year before he was to retire and enjoy all the benefits of his savings he dropped dead. You only live once YOLO.
Hmm...well said stunna.
He was loved by someone and to that someone, may comfort and condolences be expressed. My heart goes out to the daughter, she lost more then money....she lost her father.And that is irreplaceable.
I remember my wife and I watching him on t.v. and saying he would blow his money. I am sad that he hit the absolute bottom before dying. But in the above post, therein lies the differentiating element between those who end up at the bottom and those who manage well their good fortune - A Game Plan - that has more in it than Spending and accumulating things. Hopefully more players wake up prior to actually winning a huge fortune and think through a game plan.
Sad story. If he had followed what he preached when he initially presented his winning ticket, we may not be reading about his demise.
RIP.
I find it hard to believe that you find it hard to believe someone could blow through $27M when so many others with way more money than him and who don't have substance abuse issues have proven how easy it is to do.
Not only did he have a drug problem but his wife did as well. Not to mention he used to spend his money on expensive nonsense just to piss off his financial advisor. Drug abuse or no drug abuse, he was going to end up broke.
There is no news conspiracy theory here. He spent more money than he had on things that had no return on investment then sold all those things when he needed money to get high. The ex-wife he made a dig at during his press conference was the one who ended up having to take care of him.
Well, on the flip side of that coin are the people who never save a dime, don't die before the age of 65 and when they're supposed to retire they have no money. Instead of enjoying their old age after decades of slaving away, they either have to keep on working or live off what ever handouts they can get. The anomaly of a person who saved, dying before retirement shouldn't stop people from saving. From all accounts, Mr Edwards regretted squandering all his money. I don't think it's anyone's dream to live in a rat and feces infested storage unit.
The point is, had he been even slightly responsible, he could have lived it up, entertained, shopped and had tons of fun while still protecting his assets. It's about the balance, one without the other only ends in misery.
Yes, you are correct, this news article is missing some key pieces included in some past news stories, that 70% of big lottery winners go broke in 5 years.
David Edwards is, unfortunately, in good company.
You are entitled to your opinion as I am entitled to mine. I STILL feel that the total truth has not been told. That is my right.
My response was meant for you Teddi
Great post KY Floyd. You said a novel in 2 sentences.
This is a sad story but not surprising unfortunately. I've seen so many people get paid on Friday and not be happy until they are completely broke with a hangover heading to work on Monday morning. Many will call in sick on Monday if they can to spend the rest and arrive to work Tuesday.
Money burns a hole in their pocket for some reason like this guy. I think somewhere along the lines they want it hard.
Character Counts.
I shouldn't either but I believe that would be number 2, she also had her own problems with drugs including during that time being exposed to that environment and all and IIRC was sent to rehab. Years later she and her boyfriend (I think, it's been a few years) were arrested for trafficking.
As for the comments on how Edwards lived his dream or how you only live once or whatever, well fine if it only affected him. But it didn't and the choices he made and the choices he didn't affected more than just himself.
I remember seeing the news as I lived somewhat near by at the time and seeing him on there thinking he was a well spoken charismatic individual. But then the later stuff happened. He was too generous with "friends" and got taken advantage of by more than a few. As for the cars and whatever he lost it all from not being able to cover his bills, I'm pretty sure they were all auctioned off.
The drugs and the stupid spending absolutely did him in along with not having the sense needed to say "NO" when he had to along with listening to the wrong people. I remember he was going to get his back fixed after winning but then never did. Him foolishly blowing HIS money on a bunch of crap isn't a big deal, but the bad choices he made along with it, including how it affected his daughter are.
You have the right to believe the moon landing was done in the desert or on a sound stage, you are entitled to believe there was a second shooter and so on but it doesn't mean your beliefs are anchored in fact.
If you do the research your answers will be found instead of just looking at this one story.
If I win the lottery can I buy a multi-quote function to these boards?
Yep, and if the few pics I browsed through are recent, it makes me wonder if she's still not using. I hope not, esp. b/c of the baby. Her other child looked healthy and well-cared for, so maybe she's clean. I pray she is.
Yeah, some of those comments annoyed me, esp. one saying we shouldn't have criticized him for what he bought. Well, sorry, other than the cars, house and jet, it was crap and probably depreciated 75%+ as soon as he walked out the door with the stuff. I really wasn't criticizing him, anyway, just SMH at the absurdity of it all. I know from personal experience that people who do drugs or drink to excess aren't happy with their lives. I know "money can't buy happiness" but it sure can lessen a lot of worries. He had a once-in-a-lifetime chance to not only better his own, but the lives of his loved ones and he p*ssed it away.
"YOLO" needs to go away and in fact, I just read an article today saying it's time to retire the phrase. The ironic thing is most people who live by that usually have short lives. Nothing wrong with grabbing for the gusto, just as long as the gusto doesn't grab you.
It's ironic that he was down and out on his luck before he won the lottery, and that's how he died. The lottery only prolonged his fate. I can say from the story that because of the lottery he was able to live out a life long dream of being a millionaire. In my opinion there is a difference between being rich and being wealthy. If you can't manage your money or life for that matter before you come into instant riches then this is what happens more often then not, so I'm not surprised(a fool and his money will soon be parted). Being wealthy on the other hand is more of a mindset. You could have a million dollars and live wealthy. So this notion of 27 million dollars not being a lot of money is just foolish talk. And to all the smart investors out there just have a talk with Bernie Madoff(lol) and see where that gets you.
It is really unbelievable.
A well reasoned post. You touched on sooooo many things here that are right on point. Good stuff Stunna!!!!
@DC81...You need to make better use of your time.
What 'truth' are you looking for exactly? What is it you think is missing here? This guy's journey from rags to riches to rags again has been well documented in the media over the last few years. Considering how many lottery winners end up worse off than before they won, why should his story be the one that's unbelievable?
The first clue that something was really wrong was when he couldn't afford to pay his (relatively small) HOA fees. At the initial news report he 'claimed' that he hadn't been aware that he was owing HOA fees until he saw it in the news and that he would get it taken care of. He wasn't broke and his house wouldn't be put up for auction. That's what he said. But lo and behold, he didn't pay his HOA fees and his house was auctioned off.
He linked up with a shady financial advisor who (unlike the first advisor) condoned him buying whatever nonsense popped into his head. Then when he needed money for drugs, urged him to sell everything at a significant loss.
Him dying broke isn't a shocker to anyone else. Just you.
This isn't some grand conspiracy theory that the media cooked up to toy with your head. He had money. He bought crap. He got high. He went broke. He died. Where is the big mystery you are trying to create.
And yes, you are entitled to your opinion, but if it's flat out wrong, I'm entitled to tell to quit making asinine statements. Especially if those statements are made in large bold fonts in CAPS.
You're definitely right there. $27 million dollars after taxes is an I-never-have-to-work-again-and-can-live-extravagantly-off-the-interest-alone amount of money.
When he started buying planes and spending money just to tick off his advisor, that was the beginning of the end. Not keeping Shawna out of his life when 3 stints in rehab didn't work, sped up the inevitable.
But when he had to borrow money to buy junk to put in his house so that he could show off to the world how great he had it when a tv crew wanted to interview him, he was already long gone. No one should have to borrow money to appear rich after pocketing $27M.
Wow, it was probably difficult for David living: broke, ashamed, demoralized, in debt, on welfare, very sick, in pain, and mainly alone for these past 7.5 years.
I remember this story. Back in September DAC(Destination America Channel) ran an old special called "Jackpot! Overnight Millionaries" and the episode featuring David Lee Edwards is still on my DVR. I also have a very old episode of E! THS featuring Edwards on DVD-R.
R.I.P. David Lee Edwards.
@Teddi. my opinion is mine and yours is yours. I use a large bold font. That is also MY RIGHT!!!!! Just because you read it over and over on the internet does not mean it is true. Too bad you don't have the gift of discernment.
whoopie do. your opinion is your right even if it's wrong. and your bold font is your right even though it's annoying to everyone. go yell at some kids that happen to step on your lawn.
@Faber...Just another troll...mind your own business...You didn't have to read it.
get bent. i'll bet no one turns around in your driveway if you have one. where and why is all this anger stemming from. i'm making it my business. you are no match for me.
@Faber98...LOL..You wish you had a driveway. I am angry? And it is you who attacked me because you are less intelligent and insecure and can't understand freedom of an independent thinker. Sorry troll get away before I get the RAID...
really sad
How are the other 3 winners doing?