Here's How A Scottish Lottery Winner Blew Through $50 Million In 8 Years Before Falling Over Dead
How would you blow through lottery winnings?
It's a question many of you have thought about while sitting in an office working a job you hate. It's a question you've pondered while texting with your friends. The responsible side of your brain keeps telling you to save it, donate to charities and be responsible. The irresponsible side of your brain keeps telling you to act like lottery hero Colin Weir from Scotland.
In a new report out this week from The Independent, we're now learning how Weir blew through $50 million of his lottery winnings (total jackpot was $257.6 million, which was a record jackpot at the time) over an eight-year period from 2011 through 2019 when he died at age 72 from sepsis.
By the time Weir died, he had purchased a soccer team, race horses, and a garage full of cars with a fleet that included a Bentley Arnage, Jaguar F-Pace SUV, and a Mercedes-Benz E Class Estate. Colin spent $6 million on home renovations, and he divorced his wife, Chris in 2018, which cost him a huge pile of money.
There was also expensive jewelry, furniture and artwork valued at around $262,000.
Once it was all over, Colin Weir blew through an average of $131,900 per week of his life post-winning the lottery. Kidney failure ended the spending spree. His two kids inherited the rest of the fortune.
Let's face it, those of us in Colin's shoes would've done the same damn thing. He was in his early 60s when all of a sudden he had unimaginable wealth. The guy went nuts. There's no shame in that game whatsoever. Yes, the divorce from his wife was tragic, but Colin clearly wasn't meant for the marriage streets once he had that bank roll at his disposal.
The guy was ready to live it up after 38 years of marriage.
Keep in mind, U.S. courts look at lottery winnings as marital property -- even if you're in the process of going through a divorce when you hit the lottery. If you think Colin Weir got a raw deal when Chris took a pile of his lottery winnings, think about how Michigan lottery winner Richard Zelasko must've felt when a judge ordered the man to give his soon-to-be ex-wife a pile of his $80 million lottery victory.
Zelasko's divorce was awaiting an arbitrator's opinion when he hit the lottery.
The wife got $15 million and half of the couple's remaining assets.
The court said that this was probably not the first lottery ticket Richard had purchased during the marriage and the losses were incurred jointly so the lottery winning was shared jointly. The arbitrator says the money spent (because they hadn't formally divorced) was a joint investment because the money was still marital money.
The couple separated in 2009. Richard hit the lottery in 2013. Yep, she still got half.
Good luck to those of you playing Saturday's $570 million lottery. Someone out there might be giving his estranged wife half of that payday.
Buckle up.