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Another lottery winner goes broke

Topic closed. 24 replies. Last post 11 years ago by justxploring.

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United States
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November 16, 2005
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Posted: May 4, 2006, 2:12 pm - IP Logged
Jackpot Winner May Lose House

May 4, 2006 9:06 a.m. EST

Ayinde O. Chase - All Headline News Staff Writer

Palm Beach, FL (AHN) - In what is the talk of the town, an unemployed man that won a Powerball jackpot may be broke again as his $1.2 million Florida home is scheduled to be on the auction block May 22.

The Palm Beach Post has tried to contact David Lee Edwards to no avail.

Post reporters have only been able to ascertain that since he won $42 million in a Kentucky Powerball drawing in 2001, Edwards bought a golf course home in Palm Beach`s BallenIsles community, owned numerous sports cars and was a start-up philanthropist.

However, things weren’t all rosy as he and his wife filed for divorce and both were arrested on cocaine charges last year. The cases are pending.

Other reports have the 51-year-old Edwards ceasing to pay maintenance fees on his home and the local homeowners association is trying to collect more than $8,600 in back fees.

Robert Frein, former president of the BallenIsles Community Association, says Edwards` situation is the talk of the town and that his house is probably worth about $1.5 million now.

 

 

I remember seeing a program about lotto winners with him on it about a year ago. He was going through his huge mansion showing off how he had 2 of these and 3 of these at 100 grand each and you just got the feeling he was going to go broke.

    csfb's avatar - Lottery-001.jpg

    United States
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    May 13, 2005
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    Posted: May 4, 2006, 3:04 pm - IP Logged

    I remember this winner.  Yes, he was featured with other lotto winners in a TV program.  He looked quite flamboyant at that time.  How very sad.

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      md
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      Posted: May 4, 2006, 3:06 pm - IP Logged

      I remember him indeed.  My wife and I came away with the same thought.  That he was arrogant and splurging his money more than he could manage it!  Its unfortunate.  Sad.  Sad.  Sad.

        pigsNtrees's avatar - pigsNtrees
        Mallorn trees of Lothlorien
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        Posted: May 4, 2006, 3:12 pm - IP Logged

        Drug abuse seems to be a common thread in these stories. Face it if you can't live within your means on $50 thousand a year what makes you think you can be fiscally responsible for millions.

        Quando Porca Volare!

        drunk hobbit

          fja's avatar - gnome1

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          Posted: May 4, 2006, 3:14 pm - IP Logged

          You can do a LP search of powerbaoll winner David Lee Edwards,  We hit this topic back in January!  he was supposedly on the run back then

          "Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields                      

            bellyache's avatar - 64x64a9wg

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            Posted: May 4, 2006, 3:18 pm - IP Logged

            I remember watching that lottery program too. He did seem to have a bit of a spending habit. I remember when he was showing off different objects he had bought and he got to the bathroom and there was this one carved piece and he laughed and said he wouldn't even tell anybody how much that piece cost.

            If he had invested his money, kept the spending down, him and his family could have been set for life.

            Dance like no one is watching.

              pigsNtrees's avatar - pigsNtrees
              Mallorn trees of Lothlorien
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              Posted: May 4, 2006, 3:29 pm - IP Logged

              What I do (dreaming of winning the big one) is I take the amount after taxes and divide it into 20 years.

              For example MM is an estimated 22,500,000 after taxes. Which makes my budget 1,125,000 a year. The money I make through safe investments (say bonds) will go on the back in after 20 years.

              Quando Porca Volare!

              drunk hobbit

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                Morrison, IL
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                Posted: May 4, 2006, 3:42 pm - IP Logged

                Once again greed gets the best of a lottery winner.

                  LOTTOMIKE's avatar - cash money.jpg
                  Tennessee
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                  Posted: May 4, 2006, 3:53 pm - IP Logged

                  was this the guy who a person was posting was their brother in law and had been staying at her house with their kids?

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                    New York, NY
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                    Posted: May 4, 2006, 5:04 pm - IP Logged

                    For some people more money means more problems.  It's really a shame that some people do not manage their fiances when they hit a nice jackpot.  I wonder if these people bother to contact financial advisors?

                      fja's avatar - gnome1

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                      Posted: May 4, 2006, 5:08 pm - IP Logged

                      was this the guy who a person was posting was their brother in law and had been staying at her house with their kids?

                      Yeah thats the one but I think it was the sister -in -law that was doing all the jawing about them

                      "Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields                      

                        rundown99's avatar - cigar

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                        Posted: May 5, 2006, 4:29 am - IP Logged

                        If he had won it in a state that allows you to be anonymous, his life would have been completely different.

                        Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

                        If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

                          bellyache's avatar - 64x64a9wg

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                          Posted: May 5, 2006, 6:13 am - IP Logged

                          That may be true rundown, but the guy still went on tv and had other problems going on in his life. (like overspending and drugs) I don't think being anonymous would have kept this guy out of trouble.

                          Dance like no one is watching.

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                            boca raton
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                            Posted: May 12, 2006, 12:03 pm - IP Logged

                            I went to school with David, I was hoping that he was going to get his life on the right track and do the right thing...everyone from our town said that the money and the good life would only last a year if that...I was so hoping that they were all wrong! I did see the show that he was on...the way he was showing off the expensive items that he purchased? such a waste.....I would hate to be in his shoes and have to go back to Ashland! I know how they are in Ashland (small town) like a soap opera...part of me feels bad for him....we did use to be friends...you care about your friends.

                              duckman's avatar - ducklogodrake64x64
                              Jacksonville Florida
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                              Posted: May 12, 2006, 2:36 pm - IP Logged

                              Two words: Money Management

                              Two more words: Common Sense

                              This is a story which happens many times involving people who are instant multi-millionaires. It's one thing to have never had it, but even more sad for someone who has had it (the money) and blew it.

                              On the lighter side, I remember a Saturday Night Live report of a man in New York who won several million. Dennis Miller, the SNL news jokester at the time, commented "The winner was an unemployed cocaine addict. He was quoted as saying the winnings would not change who he was and added that he planned no lifestyle changes."