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Investment banker cashes in $9.3 million winning Oregon lottery ticket

Oregon LotteryOregon Lottery: Investment banker cashes in $9.3 million winning Oregon lottery ticket

A Seattle investment banker who wants to keep working in spite of his good fortune has cashed the winning $9.3 million Lotto jackpot ticket for Saturday night's drawing.

The prize was the largest jackpot since Washington's Lottery switched from Lotto Plus back to classic Lotto in October of 2003.

Peter Kerr, who works for UBS Financial Services, Inc., of Seattle, selected the cash option for his winnings, providing him with half the jackpot amount, $4.65 million. His wife, Cynthia Wells, was at his side at Washington's Lottery Seattle office on Tuesday.

Kerr said he discovered he was a big winner when he checked the winning numbers in The Seattle Times on Sunday.

"I checked the numbers and they matched the last line on the $5 ticket," he said. "I looked back at the numbers and I'm sure my eyes were bugging out. It was one of those things that I was thinking 'this cannot be real.'"

Kerr said he won't give up his job because he likes what he does. He said the couple plans on sharing their good fortune with their family, including the couple's grandchildren.

"We want to put some aside for their education," he said.

In addition, Kerr and his wife said they want to contribute to a number of charitable causes.

Kerr purchased his winning ticket at Gateway Newstands in Seattle. The Washington Lottery retailer receives a retail selling bonus equal to one-percent of the jackpot amount or $93,000, largest bonus in Lottery history.

AP

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15 comments. Last comment 11 years ago by LOTTOMIKE.
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Greenwich, CT
United States
Member #4793
May 24, 2004
1822 Posts
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Posted: June 15, 2005, 3:15 pm - IP Logged

It's refreshing to see all sorts of people win the lottery....rich and poor.  Makes me believe it's all random in the end.

    LOTTOMIKE's avatar - cash money.jpg
    Tennessee
    United States
    Member #7853
    October 15, 2004
    11338 Posts
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    Posted: June 15, 2005, 3:57 pm - IP Logged

    why in the world would this person want to keep working?

      Avatar
      Greenwich, CT
      United States
      Member #4793
      May 24, 2004
      1822 Posts
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      Posted: June 15, 2005, 4:04 pm - IP Logged

      Maybe he actually likes his job.

        weshar75's avatar - Lottery-042.jpg
        Mcminnville, Oregon
        United States
        Member #3013
        December 13, 2003
        3051 Posts
        Offline
        Posted: June 15, 2005, 6:31 pm - IP Logged

        This guy won the Washington lottery for 9.3 million not the Oregon lottery.  I saw it on the news this afternoon he did not win anything from the Oregon lottery.  Must have been a typo.

          Avatar
          New Member
          WA
          United States
          Member #16050
          May 25, 2005
          1 Posts
          Offline
          Posted: June 15, 2005, 11:07 pm - IP Logged

          I have the plans now all I need is the money:) I play about 30$ a game but the most I have won is 30$!


            United States
            Member #379
            June 5, 2002
            11296 Posts
            Offline
            Posted: June 16, 2005, 10:28 am - IP Logged

            Notice that the cash option was for half the annuity, instead of according to interest rates.

              BabyJC's avatar - Lottery-031.jpg

              United States
              Member #3271
              January 7, 2004
              148 Posts
              Offline
              Posted: June 16, 2005, 11:15 am - IP Logged

              I use to work at a law firm that had wealthy clients who set-up trust funds & wills, etc.  One of the clients (who had never played the lottery before) won a $25 million jackpot.  It was unbelievable!

                Avatar
                New Mexico
                United States
                Member #12305
                March 10, 2005
                2984 Posts
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                Posted: June 16, 2005, 11:17 pm - IP Logged

                I seem to recall reading that Hollywood Henderson spend $100 a draw for two years before he won the jackpot.... I don't recall the size but it might have been upwards of $25 million... Powerball in CO, if my memory serves me right.

                That puts him into it for around $10K before he won.  I'd say old Hollywood was about as deserving as anyone else, given the circumstances.

                Jack

                  LOTTOMIKE's avatar - cash money.jpg
                  Tennessee
                  United States
                  Member #7853
                  October 15, 2004
                  11338 Posts
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                  Posted: June 17, 2005, 12:04 am - IP Logged

                  if i'm correct 'ol hollywood henderson won TWICE,two different occasions i remember reading that in his book,wow he is lucky!

                    four4me's avatar - gate1
                    MD
                    United States
                    Member #1701
                    June 18, 2003
                    8361 Posts
                    Offline
                    Posted: June 17, 2005, 1:08 am - IP Logged

                    why in the world would this person want to keep working?

                    because he's probably addicted to his job and works for salary plus commission, probably has a 6 figure income possibly 7 figures. Anyone making that kind of dough also has a high debt to income ratio. Needs every penny he can make to keep floating the boat.
                      Avatar

                      United States
                      Member #1826
                      July 11, 2003
                      2645 Posts
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                      Posted: June 17, 2005, 1:11 am - IP Logged

                      This might be the last WA Lotto winner for a while. Once everyone gets wind of the draw changes, they'll stop playing. Good thing we still have Maryland Lotto, which is pretty much the same game.

                      (insert signature here)


                        United States
                        Member #379
                        June 5, 2002
                        11296 Posts
                        Offline
                        Posted: June 17, 2005, 1:07 pm - IP Logged

                        Henderson hit Lotto TX; afaik he won ONCE.

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                          Morrison, IL
                          United States
                          Member #4657
                          May 13, 2004
                          1884 Posts
                          Offline
                          Posted: June 19, 2005, 12:07 pm - IP Logged

                          why in the world would this person want to keep working?

                          because he's probably addicted to his job and works for salary plus commission, probably has a 6 figure income possibly 7 figures. Anyone making that kind of dough also has a high debt to income ratio. Needs every penny he can make to keep floating the boat.

                            Yeah, they probably develop a lifestyle where they cannot live off $4.65 million + interest for the rest of their lives.


                            United States
                            Member #379
                            June 5, 2002
                            11296 Posts
                            Offline
                            Posted: June 19, 2005, 1:23 pm - IP Logged

                            Lump sum is better, even if the cash is only half of the annuity.