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"