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petergrfn

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Jun 26, 2006, 12:43 pm

The PBG home of lottery winner David Edwards was auctioned for $400,000 in a forfeiture sale at the WPB courthouse. Edwards, who won $42 million in a 2001 Powerball drawing in Kentucky, then moved into a $1.2 million home near the likes of Venus and Serena Williams at BallenIsles, was running behind in his maintenance payments. So the homeowners forced the sale. Real estate investors Gerti Kleikamp and Alfons Schmitt, of Palm Beach, won the 6,000-square-foot golf-course home. "We haven't decided what do to with it, but it's a good deal," Kleikamp said. The two are also on the hook for Edwards' $500,000 mortgage, and they'll have to pay the neighborhood association the $8,642.75 that Edwards owed.
(In case anyone's interested this was a blurb from PalmBeachPost.com.)
Sound to me like the buyers from the auctions are the ones who hit the jackpot. I wonder if Edwards has any of his money left? I remember the show on TLC network with him showing off his house and all the antiques he had $100,000 for this $200,000 for that I didn't think the money would last long. Eventhough he said he had investments making 11-12 grand a day. I'm guessing he's very nearly broke and probably running from the law. Giving Jack Whittaker a run for his money as world's worst lottery winner. Just once let me win a huge jackpot and show these yokels who blow their winnings in a year or two how it's done! I'd love to be the lottery winner who carefully invested his money and became a Billionaire and didn't blow all his money on drugs and mansions. Of course the media wouldn't cover that they only like BAD news.
bellyache

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Jun 26, 2006, 12:49 pm

I don't think they hit the jackpot, but I agree that they got a good deal. I wonder where Edwards is?
Rip Snorter

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Jun 26, 2006, 1:15 pm
Quote: Originally posted by petergrfn on June 26, 2006
The PBG home of lottery winner David Edwards was auctioned for $400,000 in a forfeiture sale at the WPB courthouse. Edwards, who won $42 million in a 2001 Powerball drawing in Kentucky, then moved into a $1.2 million home near the likes of Venus and Serena Williams at BallenIsles, was running behind in his maintenance payments. So the homeowners forced the sale. Real estate investors Gerti Kleikamp and Alfons Schmitt, of Palm Beach, won the 6,000-square-foot golf-course home. "We haven't decided what do to with it, but it's a good deal," Kleikamp said. The two are also on the hook for Edwards' $500,000 mortgage, and they'll have to pay the neighborhood association the $8,642.75 that Edwards owed.
(In case anyone's interested this was a blurb from PalmBeachPost.com.)
Sound to me like the buyers from the auctions are the ones who hit the jackpot. I wonder if Edwards has any of his money left? I remember the show on TLC network with him showing off his house and all the antiques he had $100,000 for this $200,000 for that I didn't think the money would last long. Eventhough he said he had investments making 11-12 grand a day. I'm guessing he's very nearly broke and probably running from the law. Giving Jack Whittaker a run for his money as world's worst lottery winner. Just once let me win a huge jackpot and show these yokels who blow their winnings in a year or two how it's done! I'd love to be the lottery winner who carefully invested his money and became a Billionaire and didn't blow all his money on drugs and mansions. Of course the media wouldn't cover that they only like BAD news.
Just once let me win a huge jackpot and show these yokels who blow their winnings in a year or two how it's done! I'd love to be the lottery winner who carefully invested his money and became a Billionaire and didn't blow all his money on drugs and mansions. Of course the media wouldn't cover that they only like BAD news

Similarly, a lot of people on LP seem to like the bad news, enjoy talking about it (assuming this news is bad, which it mightn't be)
For that matter, why not give Whittaker a breather?
Giving Jack Whittaker a run for his money as world's worst lottery winner
How's he the world's 'worst' lottery winner?
- He had a lousy family. Who doesn't?
- He could have handled his money better. Maybe so could you. I certainly could.
- He had a lot of lousy media coverage, snoopers poking into his financial affairs which were none of their business. So will any winner.
You and I would love to walk a mile in Whittaker's mocassins.
Or, as the Austin Lounge Lizards said of the ambitions of aspiring country/western singers,
"I wanna ride in
The car Hank died in
I wanna lie down in the back
Of that big old Cadillac
And ride that shiny car
To every honkytonk and bar."
Whittaker didn't. His friends, relatives, media friends and lawyers did it for him.
J
Absorb the good, ignore the bad, weigh the ugly.
It's about number behavior.
Egos don't count.

Dedicated to the memory of Big Loooser
DoctorEw220

Yinzer Country, PA
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Jun 27, 2006, 12:39 am

I saw that TLC special as well. I also didn't think his money would last the way he was spending it. I'm guessing that he probably sold some of those antiques as well to have some spare cash. In terms of his unpaid debts, perhaps we'll see him on Judge Judy in the near future.

I've redone my website. Go to www.dr-ew.com. I kept a lot of the old stuff, and I've added some new stuff. Look for more new stuff in the coming weeks.
LOTTOMIKE

Tennessee
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Jun 27, 2006, 8:29 am

i wish i could win a jackwhitakerpot,oops i mean jackpot......
sfilippo

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Jun 27, 2006, 9:28 am

I saw this guy on TLC too.
Gloating on all of his stuff and the price he paid for each piece was silly.
The part that got to me was when he said to his daughter, "You didn't win the lottery. Daddy did, and that's why I have a maid. You have to clean your room yourself."
That little girl just stood there like a victim of a 'carnie' gone mad, stuck on a ride... very sad.

Steve
guesser

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Jun 27, 2006, 11:05 am
Quote: Originally posted by Rip Snorter on June 26, 2006
Quote: Originally posted by petergrfn on June 26, 2006
The PBG home of lottery winner David Edwards was auctioned for $400,000 in a forfeiture sale at the WPB courthouse. Edwards, who won $42 million in a 2001 Powerball drawing in Kentucky, then moved into a $1.2 million home near the likes of Venus and Serena Williams at BallenIsles, was running behind in his maintenance payments. So the homeowners forced the sale. Real estate investors Gerti Kleikamp and Alfons Schmitt, of Palm Beach, won the 6,000-square-foot golf-course home. "We haven't decided what do to with it, but it's a good deal," Kleikamp said. The two are also on the hook for Edwards' $500,000 mortgage, and they'll have to pay the neighborhood association the $8,642.75 that Edwards owed.
(In case anyone's interested this was a blurb from PalmBeachPost.com.)
Sound to me like the buyers from the auctions are the ones who hit the jackpot. I wonder if Edwards has any of his money left? I remember the show on TLC network with him showing off his house and all the antiques he had $100,000 for this $200,000 for that I didn't think the money would last long. Eventhough he said he had investments making 11-12 grand a day. I'm guessing he's very nearly broke and probably running from the law. Giving Jack Whittaker a run for his money as world's worst lottery winner. Just once let me win a huge jackpot and show these yokels who blow their winnings in a year or two how it's done! I'd love to be the lottery winner who carefully invested his money and became a Billionaire and didn't blow all his money on drugs and mansions. Of course the media wouldn't cover that they only like BAD news.
Just once let me win a huge jackpot and show these yokels who blow their winnings in a year or two how it's done! I'd love to be the lottery winner who carefully invested his money and became a Billionaire and didn't blow all his money on drugs and mansions. Of course the media wouldn't cover that they only like BAD news

Similarly, a lot of people on LP seem to like the bad news, enjoy talking about it (assuming this news is bad, which it mightn't be)
For that matter, why not give Whittaker a breather?
Giving Jack Whittaker a run for his money as world's worst lottery winner
How's he the world's 'worst' lottery winner?
He had a lousy family. Who doesn't?
He could have handled his money better. Maybe so could you. I certainly could.
He had a lot of lousy media coverage, snoopers poking into his financial affairs which were none of their business. So will any winner.
You and I would love to walk a mile in Whittaker's mocassins.
Or, as the Austin Lounge Lizards said of the ambitions of aspiring country/western singers,
"I wanna ride in
The car Hank died in
I wanna lie down in the back
Of that big old Cadillac
And ride that shiny car
To every honkytonk and bar."
Whittaker didn't. His friends, relatives, media friends and lawyers did it for him.
J
Well said.

If it was me, as I posted elsewhere, I'd still lock up a fair chunk to live on in my moderate way the rest of my life, I wouldn't buy mansions and penthouses and antiques, I think about all I would do (for myself) would be to buy a slightly larger house (maybe 5,000 sq feet) right here in Nebraska, and then 2 or 3 exotic cars, and travel more.
You can't take it with you, it's silly to 'carefully invest' *ALL* of it.
50% - yes, ALL of it, no.

JMO
foot1

Canada
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July 3, 2006
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Jul 3, 2006, 6:04 am

Quote: Originally posted by sfilippo on June 27, 2006
I saw this guy on TLC too.
Gloating on all of his stuff and the price he paid for each piece was silly.
The part that got to me was when he said to his daughter, "You didn't win the lottery. Daddy did, and that's why I have a maid. You have to clean your room yourself."
That little girl just stood there like a victim of a 'carnie' gone mad, stuck on a ride... very sad.
not giving the kid a maid was the only smart thing he did
justxploring

Wandering Aimlessly
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Jul 3, 2006, 1:31 pm

You can't take it with you, it's silly to 'carefully invest' *ALL* of it.
50% - yes, ALL of it, no.
Guesser, as a single person without children, I would agree with you. Even "just" $2M in a safe investment would yield over $100K a year, which would be plenty income for me. However, I do believe in handling money responsibly and being generous, so I don't think I could ever spend it foolishly, even if I were wealthy. I already wasted too much of my money foolishly when I was poor, so I know better now! I wonder if that makes me the perfect candidate of winning a big jackpot? (fingers crossed)
guesser

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Jul 3, 2006, 11:48 pm

Quote: Originally posted by justxploring on July 3, 2006
You can't take it with you, it's silly to 'carefully invest' *ALL* of it.
50% - yes, ALL of it, no.
Guesser, as a single person without children, I would agree with you. Even "just" $2M in a safe investment would yield over $100K a year, which would be plenty income for me. However, I do believe in handling money responsibly and being generous, so I don't think I could ever spend it foolishly, even if I were wealthy. I already wasted too much of my money foolishly when I was poor, so I know better now! I wonder if that makes me the perfect candidate of winning a big jackpot? (fingers crossed)

I'd still go with 4 million, because you (we) have no idea what the interest rates, taxes, cost of living, inflation, and medical expenses will be for us in 10, 20, 30, 40 years from now.

(not to mention the gov't will be inventing 'new' taxes at some point to drain our retirements. You can bet your hind-end a Roth IRA will 'somehow' be taxed in 20-25 years from now. But they won't call it a 'tax', it will be called a 'fee' or 'surcharge').

I look at it this way: IF I won an average jackpot, let's just say 30 million, I'd actually see about 14.5 million of it. If I could stick 4 mill in the bank to live on the rest of my life, that leaves me 10.5 million to play with. Out of that I'd set up trusts for my nieces and nephews, endow some scholarships, give some to my former high school, give some to other charitable organizations, let's say 5.5 million there. That leaves me with 5 million to play with/blow, so, as easy as it came, I would feel entitled to blow it any way I see fit, be it by spending a year in the South Pacific, China, or anywhere I want to travel, and I'd buy a couple of exotic cars.
I would NOT blow it on multiple homes, antiques or artwork.

And I still have my 4 mill to live on as I spend the 5 mill in a frivilous way.
justxploring

Wandering Aimlessly
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Jul 4, 2006, 3:54 am

SOUNDS LIKE A PLAN, GUESSER...HOPE YOU GET THE CHANCE TO TRY IT!
csfb

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Jul 4, 2006, 7:45 am

Quote: Originally posted by guesser on July 3, 2006
Quote: Originally posted by justxploring on July 3, 2006
You can't take it with you, it's silly to 'carefully invest' *ALL* of it.
50% - yes, ALL of it, no.
Guesser, as a single person without children, I would agree with you. Even "just" $2M in a safe investment would yield over $100K a year, which would be plenty income for me. However, I do believe in handling money responsibly and being generous, so I don't think I could ever spend it foolishly, even if I were wealthy. I already wasted too much of my money foolishly when I was poor, so I know better now! I wonder if that makes me the perfect candidate of winning a big jackpot? (fingers crossed)

I'd still go with 4 million, because you (we) have no idea what the interest rates, taxes, cost of living, inflation, and medical expenses will be for us in 10, 20, 30, 40 years from now.

(not to mention the gov't will be inventing 'new' taxes at some point to drain our retirements. You can bet your hind-end a Roth IRA will 'somehow' be taxed in 20-25 years from now. But they won't call it a 'tax', it will be called a 'fee' or 'surcharge').

I look at it this way: IF I won an average jackpot, let's just say 30 million, I'd actually see about 14.5 million of it. If I could stick 4 mill in the bank to live on the rest of my life, that leaves me 10.5 million to play with. Out of that I'd set up trusts for my nieces and nephews, endow some scholarships, give some to my former high school, give some to other charitable organizations, let's say 5.5 million there. That leaves me with 5 million to play with/blow, so, as easy as it came, I would feel entitled to blow it any way I see fit, be it by spending a year in the South Pacific, China, or anywhere I want to travel, and I'd buy a couple of exotic cars.
I would NOT blow it on multiple homes, antiques or artwork.

And I still have my 4 mill to live on as I spend the 5 mill in a frivilous way.

Your plan spells DISASTER to me! To "stick 4 mill in the bank to live on the rest of your life" is a sure loser. 4 mill is nothing, especially if you have just made yourself accustomed to an extravagant lifestyle, like blowing 5 mill.
I already have a net of 4 mill in diversified assets - and I feel, I am just starting. I can tell you that 4 mill just sitting in the bank is not a good idea, and not enough to retire on.
As starters, develop the mind set of a millionare. As we have just seen, that jackpot winner did not have that mind set from the very beginning. Everybody saw (except himself) that he was heading for DISASTER.
bellyache

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Jul 4, 2006, 1:36 pm

You can't retire on 4 million dollars? Sorry, but speak for yourself. I bet a good many people could retire off that amount, in fact many people have to retire on less then that. Like my grandparents did and they lived fine.
csfb

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Jul 5, 2006, 11:26 am

Quote: Originally posted by bellyache on July 4, 2006
You can't retire on 4 million dollars? Sorry, but speak for yourself. I bet a good many people could retire off that amount, in fact many people have to retire on less then that. Like my grandparents did and they lived fine.
Eh? Certainly, I'm not speaking for you. You're not even in my world, much less my consciousness. Be sorry, but not for me. Obviously, you will NEVER understand what I am talking about.
Tinker

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Jul 5, 2006, 12:11 pm

Quote: Originally posted by csfb on July 5, 2006
Quote: Originally posted by bellyache on July 4, 2006
You can't retire on 4 million dollars? Sorry, but speak for yourself. I bet a good many people could retire off that amount, in fact many people have to retire on less then that. Like my grandparents did and they lived fine.
Eh? Certainly, I'm not speaking for you. You're not even in my world, much less my consciousness. Be sorry, but not for me. Obviously, you will NEVER understand what I am talking about.
I guess I will never understand what you are talking about either.
You must be part of the upper class.
Give me 1 million dollars and I could retire and be happy.

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