Posted on 12/28/2006 8:04:31 AM PST by commish
ASSOCIATED PRESS
Published on: 12/28/06
The man who won a $208 million Mega Millions lottery jackpot with his wife in April 2005 has died, police and a family spokesman said.
Ralph Stebbins died Saturday at his home in Arcadia Township, Michigan, near Lapeer, Sheriff's Sgt. Andy Engster told the Times Herald of Port Huron. Family spokesman Robert Kolt said he suffered a heart attack. He was 43.
Ralph and his wife, Mary, elected to take a lump-sum payment of $124.7 million, less taxes. They could have chosen to spread $208 million in payments over 26 years.
The couple used part of their winnings to buy a recreational vehicle and said they planned to buy a cow, pay off bills and build a garage to house a 1963 Corvette.
Kolt said he was not aware that Mr. Stebbins had a history of heart problems or that he was feeling ill.
"He seemed healthy and he was a very active guy," Kolt told the Detroit Free Press for a Wednesday story. "I think everybody was surprised."
Mr. Stebbins had previously worked for a well-digging company in Port Huron, where the couple formerly lived, while Mary Stebbins was a $7-per-hour retail sales clerk at a general merchandise store.
Both quit their jobs after winning the jackpot and planned to help several other family members retire.
The Stebbinses purchased their winning ticket at a supermarket in Port Huron and had been buying five easy pick Mega Millions tickets a week on a regular basis.
The couple had been married for 23 years and had three children.
I always wanted to win a lottery but my husband says you have to PLAY the lottery first. Minor technicality!
"Why buy the cow if you can drink the milk...?"
Some expensive drugs of the recreational kind.....or those commonly obained in the pest control section of the local Ace Hardware, my guess offhand.
LOL me first!
"Yeah, I always said I'd buy a COW if I won the lottery...
And now that you've declared that publicly, we'll all be holding you to it.
LoL.
I'd hire a food taster first.....
"So, I wonder how much the Government will try to take from his 'estate'"
Probably nothing. I'm sure their lawyer set up their winnings with rights of survivorship.
Not really, how many dads have dreamed of stabbing (or worse) their daughter's boyfriend. I am sure if he offered a payout, the boyfriend would have dropped the charges.
In reality, yes.
But if it were me, I'd take the money, pay off my debts (which is less than many people have) then splurge on a nice vacation, large down payment on a nice but not "mansionlike" home (something like 3000 square feet with a little land,) a couple nice, but not insanely expensive cars, some consumer electronics toys, give some cash to family, and invest the rest. With of course allowance for the wife-to-be to spend some on herself too. If it was a hundred million like this couple, I'd probably start a business that was fun at at least self-sustaining even if I couldn't per se make a living on the income since I'll be a multimillionaire. If it was a million or so, I'd keep working.
You may have to line up behind John F'n Kerry, although this may not be enough money for him to play gigilo.
I'm sure a stout guy named Guido would gladly do it...for a fee.
Having just seen Little Miss Sunshine, that was my first thought as well. (Didn't like the film, BTW.)
Nopr..I'd wager that the stress of worrying about the money contributed to his demise...here's the rationale..
Look, say there's a $100 million lottery prize...If you take a lump sum, your get $50 million, figure the gummints take 35% in taxes...that leaves you with $35 million. Now you have to worry about investing, managing the money...big problems for 99/9% of the people who never had much...assuming that you don't dip into the principal, you can safely figure on 4% net income after taxes each year..which would be about $1.4 mill net each year to spend. Or, take the payout option, which would be $4 million for 25 years..that will net you $2.8 mill every year. DOUBLE the cash flow...You take $300 k every year, and invest it in a tax preferenced index fund.that will provide when the checks run out in 25 years...The likelihood is that you won't be able to spend all the money anyways after the first few years..so youc na start doling it out nto your kids , family, on an annual basis...the key point is there are far less worries this way..
Let's wait for the autopsy and the investigation of the Missus before we or Jon Kerry go a-courtin'.
please see my #53...
I play a few bucks, few times a year, that's about it.
Is this why I haven't won either? I keep waiting for the lottery office to call me and say I won. Because of all the stress I've endured waiting for them over the years I think they owe me a big winning ticket since I have lottery stress syndrome (just because I haven't played doesn't mean I can't get it)
I really like it when you PC police start acting all proper and say "let's hold off til...." Nobody can have any fun when you guys are around......go find another thread to police.
Just remember: If you are married to a redhead you know space aliens are among us:)
As much as they can get their greedy little hands on, I'm sure.
Carolyn
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.