$2B before taxes anyway...
It doesn't even have a runway & hangar...
How long before this guy goes broke?
It doesn't even have a runway & hangar...
How long before this guy goes broke?
If he keeps buying hard assets like real estate
I give him six months...
Well the first thing you know ol Jed's a millionaire,
The kinfolk said "Jed move away from there"
Said "Californy is the place you ought to be"
So they loaded up the truck and they moved to Beverly
He should probably spend as much as possible since he's being sued by another guy who claims he's the rightful owner of the winning ticket.
I can't imagine choosing the Hollywood Hills as the place to spend my fortune.
Well the first thing you know ol Jed's a millionaire,
The kinfolk said "Jed move away from there"
Said "Californy is the place you ought to be"
So they loaded up the truck and they moved to Beverly
Assuming you live in a space consisting of 2 or more dimensions, wouldn't you need 9 sections of land? (3x3 grid arrangement)My dream is to have 4 sections of land and live in the middle.
Assuming you live in a space consisting of 2 or more dimensions, wouldn't you need 9 sections of land? (3x3 grid arrangement)
Unless this guy got it for way under market price, I think he is an idiot.
Is he going to be able to resell it without taking a whopping loss?
Being an ex cali resident, I wouldn’t invest in a bag of sand in that state
it is a cool place though
If he keeps buying hard assets like real estate, it will be a really long time before he goes broke. The ones who go broke do it by giving it away and spending extravagantly on things like vacations and stuff that quickly loses value like boats and other toys.
Honestly, I probably wouldn't domicile though, but who cares if one of your places is in a lovely place to visit?Unless this guy got it for way under market price, I think he is an idiot.
Is he going to be able to resell it without taking a whopping loss?
Being an ex cali resident, I wouldn’t invest in a bag of sand in that state
it is a cool place though
Assuming you live in a space consisting of 2 or more dimensions, wouldn't you need 9 sections of land? (3x3 grid arrangement)
Not necessarily. A lottery win is a one time income event. But over buying on things such real estate that isn't generating continuing revenue can bankrupt you just as fast in utilities, maintenance, and property taxes. The purchase price is just the beginning. Real estate can be a decent investment, but it needs to be generating revenue to cover the future expenses.
Oh, come on. Even if we assumed he spent his entire winnings on real estate and that it costs 10% of the purchase price per year to maintain (taxes, repairs, utilities, etc) his properties will be increasing in value by about 5% per year. So, net he's spending 5% of his fortune per year on upkeep. Even in the crazy scenario where he spent his entire billion and never generated any income from anything, it would still take 20 years to burn through his entire nest egg. Not exactly "fast" and not at all what he's likely to do.
That's just the base of operations for the impending spend-o-dome. Once ensconced, he won't be drinking out of the tupperware cups. Every facet of life is going to inflate the same way, and they're starting pretty darn high on the food chain, real-estate wise. I can only assume the crystal, wine and champagne, pampered pets, and household staff are being assessed right now. At similar "grade" to match the house.
Considering where this guy chose to live, the pressure to "keep up with the Joneses" will be pretty strong. He should keep buying lottery tickets just in case...
That doesn't mean he won't try, and that's where the danger lies.He won't fit in with the Joneses anyway. Someone who simply won their wealth will be looked down upon and scorned by the thieves, swindlers, drug dealers, human traffickers, crime bosses, lawyers, and bankers in the neighborhood.
Try twice that, $997.5 million.He reportedly took the cash option, so after taxes he nets about $550M or so.
Real estate can be a decent investment, but it needs to be generating revenue to cover the future expenses.
Maybe. Just saying that he'll have a hard time going broke on hard assets like real estate.
So he spent $25M on a house. The amount of money he has is almost unimaginable. That $25M house cost him as much as someone with a 500,000 net worth buying a used travel trailer for $12k. The travel trailer isn't going to bankrupt someone with 500k in net worth even if it zeros out, and this house isn't going to hurt this guy either and there is zero chance of it zeroing out.
This dude really needs to find the next Enron and make a single large bet on it to get rid of a billion. Even if he bought a superyacht for $500M and spent 10% a year sailing it around, he'd still run through half his money in five years and have a $400M-ish superyacht in his asset list.
Try twice that, $997.5 million.
Spending 2.5% of his winnings on a house is by far not the dumbest thing he could do. Letting everyone know where he lives, however, is.
Doesn’t at all change my point. He had the blessing of a common name and yet his new house wound up on the front of TMZ. That’s a much bigger concern than him spending pocket change on a house.Uuh, no. The cash option is about 52% of the jackpot size, so he starts at 520 million, THEN pays taxes. Federal taxes would be 37% of that 520 million
Double that for 2 billion, but still a lot less than 997.5 million
Letting everyone know where he lives, however, is.