A North Carolina grandfather is planning to retire, purchase his dream house, and spoil his 12 grandkids after winning a $10 million lottery prize.
N.C. Education Lottery officials and media gathered at lottery headquarters in Raleigh on Thursday to celebrate the winner, Theodore Duncan. After being greeted by cheers and confetti, Duncan and his fiancée were handed a $10 million check.
"I'm 52, and now that I've won this, I can finally stop working," said Duncan. "I'm going to retire and get a brand new three-bedroom house with a big pool. I'm also going to use some of the money to spoil my 12 grandkids."
He plans to stay in his "little town" of Oxford.
According to Duncan, a 52-year-old machine mechanic from Oxford, he bought a $10,000,000 Colossal Cash scratch-off ticket at the Berea Mini Mart on U.S. 158 West in Oxford on his way to the landfill to dump trash.
When he scratched off the numbers in his truck, he said he couldn't believe what he saw.
"When I saw the money symbol I knew I won something," Duncan said. "When I scratched off the prize I couldn't believe it. I was so shocked I couldn't drive. I said, 'I won, I won, I won. I panicked, I just looked down at it. I had to call my brother to come get me.""
He called his fiancée and his brother, who told him to get to Raleigh immediately to claim his prize.
Duncan chose to take home a lump sum of $4,245,009 after required state and federal tax withholdings. He had the option to take $10 million annuity that has 20 payments of $500,000 a year.
When asked if it was hard to make the decision to leave his job, Duncan laughed and said no. "I have been working since I was 15," he said, adding that he knows someone out there needs his job. "I was blessed. It is a great company," he said.
In addition to spoiling his grandkids, Duncan also plans to donate $100,000 of his money to St. Jude Children's Research Hospital.
"I buy three or four [tickets] a week," Duncan said when he got the check. "I always told people that one day I'd hit the lottery. Today's that day. It feels so good."
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10 million after tax like 8 million or 9 million. 12 grandkids and a new house will go by fast.
He decided to take the lump sum, not the annuity.
He received a check of 4,245,009 after required state and federal tax withholdings. And, he will owe more to the IRS next year when he files his income tax return.
Since they only withhold 24% federal taxes, he will most likely owe the 13% balance (less any charitable contributions).
The article states that "I buy three or four [tickets] a week," Duncan said when he got the check. " Those are $30 tickets x 3-4 each week. That's $90-$120 every week! He can deduct that off his taxes as well.
After all taxes, he will probably net around $3.5 mil.
He get a new house $500,000 cost. Then 12 grandkids. Like $200,000 each. There go all your money.
I checked on Zillow.com and a 3 bedroom house in Oxford, NC can be bought for $300k or less.
Plus, I don't think he will be giving each of his grandchildren a $200k gift.
If he is 52 now and plans to retire, he will need to be a little more prudent than squandering his money like you suggest.
He will have to have enough to last the rest of his life, without having to return to the working class.
While that 3.5 is a nice number, he better be putting 3 away to live comfortably.... Perhaps consider backing off spoiling the grandkids to the excessive side....
Congrats Theodore !!! Have a wonderful relaxing life
If he puts away $3 mil in a CD (no relation to CDanaT), he will net about $50 k / year after taxes.
He is not giving any to Alvin or Simon?
The eternal crybaby generation (Those born between 1945 and 1985) are not known for being prudent or rational. Of course he can be an exception, but odds are good he'll have $5 left in 5 years.
He will be broke by his next birthday ...
Eternal Crybaby generation? So I suppose you would not include yourself. You can thank that eternal crybaby generation for your being.
Or he could put it all in a few Tax free Muni Bond funds and net around $165K per year.
Wow, Theo starts off with $10 mil & ends up with $3 mil plus change?
Reminds me of that Michael Jackson song..
" Like a comet blazing cross the evening sky - gone too soon
Like a rainbow fading in the twinkle of an eye- gone too soon"
Spoil away, enjoy and congrats to the lucky family.
Of course I wouldn't include myself, like the majority of the world I'm Post- Eternal Crybaby.
Go name even one POSITIVE accomplishment that the Eternal Crybaby generation ever did. You can't.
To the eternal pessimist...get a clue.
The guy will own his house. No mortgage. Smart guy.
He'll have plenty left.
Heck I can look at ten years of my income and it sure hasn't been 3 million worth.
Some of us DO know the value of a dollar and a dream .
His grands are blessed just by having him in their life. What a kind soul.
What are you talking about? Chew on these “Crybabies” born between 45-85:
Steve Jobs: Born 1955, Bill Gates: Born 1955, Mark Zuck: Born 1984, Steve Wozniak: Born 1950, Steve Vai: Born 1960, Joe Satriani: Born 1956. - and the list goes on & on.Are you saying they all losers Kingo?
Congrats to the Winner!
Congratulations to the winner & his family. 52 is a nice young age to retire. Good for him.
It's the latest fad of the Millennial's - bashing Boomers, along with wearing skinny jeans, a man bun and being hipsters. They'd rather be SJWs and whine about things such as whether .03% of the population, those with gender dysphoria, can use the bathroom of their choice than try to solve REAL problems of the world.
Hopefully they'll grow up someday...the sooner, the better.
Ever notice KingOfDerp's signature line: "First thing to do after winning a US lottery: Move out of the third world theocratic failed state."?
He'll have to move out of his mother's basement first.
Watch out for Round Two; Derp likes to pull "facts" out of a certain body orifice. Both it, and his "facts" stink.
Congrats to the Winner
Well yeah. If we don't actively fight for basic human rights then the terrorist inbreds will commit mass genocide. The terrorists start by opposing the basic rights of the trans community, if unchecked they'll murder millions of babies "because that's what Jesus wants". You've seen the toothless terrorist inbreds, or as we call them "climate change deniers".
So, letting a guy go pee in a ladies bathroom is a "basic human right"? People with a mental illness need to be treated, not encouraged, aided and abetted in their delusions. How many genders has your generation settled on now? 63? No wonder you're confused.
Derp, you're all over the place. You went from TG rights to mass genocide, to some sort of mini-rant about abortion and religion, then ended with climate change. You need to be coherent to make your point.
Toothless? As usual, your nonsensical blathering has no teeth. Terrorists? Frankly, your generation puts terror into the hearts of the generations before you and that of Gen. Z after you- you've set such a frightening example for them that you're scaring them into being conservatives. At least you've unwittingly done THAT much good for America.
Yep. The climate change denier must be isolated and medicated until it can be turned into a developed human being.
Why are you mentioning conservatives like Obama and Hillary? Unless you're confusing real conservatives with the inbred terrorists that want to murder all "non-straight white christians"
It's people like you that allow genocide to happen. It's your duty to control and isolate the inbred terrorists so that they can't launch their evil plans.
You've seen the inbred terrorists. They deny climate change, vaccines, evolution, and gravity. You've seen the terrorists. Whenever you see one of them, get them involuntarily committed until they are medicated enough to function.
Holy cow Mike, that child’s response is scary. He sounds like he is a tranny with mental issues and rotten privilege attitude.
Oh, puh-leeze cease with the over-the-top hyperbole.
You have said multiple times that Obama and Hillary are conservatives. That tells me right there you have zero comprehension on politics and not much about reality.
I never have mentioned being a climate change denier; in fact, I honestly don't know any. No one with an oz. of critical thinking denies that the Earth's climate changes and has for millions of years. It's just that we refuse to accept that the "science is settled" in regards to it being anthropogenic...or at least to what extent. We're not skeptical of science; just of scientists with an agenda. (you know, those who have altered data to suit their conclusions or those who have been caught lying)
You are worse than those people you decry; you lump everyone who doesn't agree with you into the same mold, call them all terrorists. You're being absolutely absurd with the stuff about evolution, vaccines and gravity, especially if you're talking about me because I believe in evolution, think vaccines have been tremendously beneficial and even though I can't see, smell or taste gravity, I feel it. Trust me, as you grow older you will feel it. (then again, with an attitude like yours, you most likely won't live to be my age)
It's people like you who give Millennials a bad rap. However, I know not all of them are as arrogantly clueless as you are. The rest of us are just waiting for that percentage of your generation to grow up. Until then, maybe we should stuff you and your ilk into barrels and feed you through the bunghole (of the barrel, but yours would be fine too) until you grow up...or quit whining, whichever comes first would be fine by me.
Sounds like he watches too much CNN or SNL.
I do wish he understood that almost everyone on LP worked hard for everything they have. But I and others never expected anything to be handed to them. If one expects entitlements all the time, this person will never move out of his parent's basement. I see the average millennial eat out 3 times a day and spend like millionaires, then they whine about having zero money and being more in debt. We have a young paralegal who must spend $250-300 a week eating out but complains she cannot afford to buy dishes. Prioritize!!! When I graduated, although I had a nice salary, I still brought my lunch every day I was in the office and still do. I bought my home in my 20's with no help from my parents, even though they offered. I would have been insulted to ask anyone to pay my way. I paid my home off at a young age, sold it, and now rent it out. Moved up to a larger one. We all made those sacrifices. But I never spent money I did not have.
Congrats to the winner! I hope he reconsiders splurging with that money or his early retirement dreams ain't gonna last that long.
Off Topic: How do I ignore a user on these forums? Thank you.
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