Down-on-Luck Rancher Wins $232M Powerball

Associated Press ^ | 6-5-09

[Justaham]

PIERRE, S.D. — A 23-year-old rancher whose family has fallen behind in their taxes and recently had a mobile home repossessed claimed a $232.1 million Powerball jackpot on Friday, one of the largest undivided jackpots in U.S. lottery history.

Neal Wanless, who lives on his family's 320-acre ranch near Mission, S.D., bought the winning ticket in the nearby town of Winner late last month during a trip to buy livestock feed. He will take home $88.5 million in a lump sum payment after taxes are deducted.

[Proud_USA_Republican]

Looks like he gets his mobile home back......

[Frantzie]

He looks like a good kid. He mentioned to his horse Elanor, I think before he won, that they needed a bigger ranch of their own for their rides. Nice to see a struggling family in the heartland win.

I hope he does not blow it.

[ButThreeLeftsDo]

Yee Haw!!!

[cranked]

Wow.

[nickcarraway]

That means after taxes etc., he gets $3 million?

[Dallas59]

I’m actually happy for him and his family.

[chalkfarmer]

I love south dakota boys, I married me one 25 years ago!

[Justaham]

Me too. I am happy that he can now support his parents and other members of his family and community.

[GeronL]

Hey Neal, if your a freeper, could I borrow a few at low interest over 30 years??

[Renderofveils]

So he gets 38% of the total sum. And I thought Uncle Sugar took a lump out of my paycheck.

[fwdude]

You mean, they’re LEGAL citizens???

Glad to hear this. It’s always good when actual US citizens win big.

[steveo]

He will take home $88.5 million in a lump sum payment after taxes are deducted.

[Gator113]

Lucky rascal. I would leave the US just to keep the dems from stealing the rest.

[Gay State Conservative]

If he’s like most winners of big lottery jackpots he’ll be in bankruptcy court within five years.

[Talisker]

62% taxes? WTF?

[max americana]

Correct. It’s best for Mr. Wanless to take out all the money and place it offshore before the gubmint takes it away from him.

[Retired Greyhound]

He bought the ticket in the town of Winner.

Cool.

[Justaham]

They’re downright, true blue citizens of the United States of America.

[JasonC]

The reason the figure is so high lottery "jackpot" figures are not the present value of the payments but the literal dollars paid over a period of 20 to 30 years. If you want all 20-30 years of payments up front, that is worth something like 65 cents on the dollar, the rest being the interest. That is, 1/30th of the payment reduced by 29 years interet, the next 1/30th reduced by 28 years interest, etc. Then, on the resulting 65 cents or so, you get to pay about 40% taxes... (maybe more for state income tax too).