23-year-old SD rancher claims $232.1M lottery win
 

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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.

He was wearing a big black cowboy hat and had a huge grin on his face during the brief ceremony.

Wanless, who did not speak publicly about the win until Friday, spoke for only a couple of minutes at a ceremony Friday, reading a prepared statement.

"I want to thank the Lord for giving me this opportunity and blessing me with this great fortune. I will not squander it," he said.

great news....

man, i really hope he doesn't squander it; most do!

good for him

its cool that he won...but mabye if he wasn't spending money on lottery tickets he wouldn't have been behind on tax payments

im jealous

Wait wait... he gets $80 mil out of $232 ?

Just HOW messed up is your financial system?

I believe the lump sum is 50% of the total minus taxes.

yeah, the dollar he spent on a lottery ticket every week would have gone real far towards his taxes you nimrod.. :1orglaugh

is that shirt from the Brad Mitchell Brokeback Mountain Collection?

That's colossally fucked up. :Oh crap:Oh crap

Yeap.. Brad has some cool shirts :thumbsup

When they say the jackpot is $232 thats ONLY if you take it out of 30 years which most people don't do. If you take it all at once it's half of that. Then there is takes which in the US is 35% for that much money.

5m a year for 30 years... Might explain why them eyes be so close together?

Not really. The annuitized jackpot keeps the lottery from going bankrupt, and allows them to make a ton of money by investing that sum over the period its payed out.

If everyone got the annuitized jackpot as a lump sum, we'd have no lottery.

cant blame him for not taking the 30 years, 2012 is right around the corner

Yes 320 acres must mean he is a short term american investor

his families got 320 acres and he just got forclosed on a a trailer? i wonder ff hes gonna share his new found wealth with is family..or just let them live on HIS land rent free while they make the trips to pick up chicken feed ,manure and lotto tickets

Good for him..... But I am still jelly

Good for him :)

What... you guys would bitch about it?

i said that too when i read it, but immediately Im hit with.... oh wait... ITS 88 MILLION DOLLARS!

lucky son of a bitch

I wish I had his luck

That can't be entirely true. Our national lotteries in Canada (6/49, Super 7 Jackpot) are paid in a lump sum. The full amount and no taxes either. They sometimes reach 50Million+ and that's on a population 1/10 the size of the US.

Most of the lottery games here like Powerball is exclusive to only a certain amount of states that can participate. So it's only making money from the participating states. if it they always paid in lump sums it wouldn't make them any money and no lottery will go on

Good for him, $88MIL will help out.

Well now Powerball is in at least half the states. That's more people than Canada. But as has been said lotteries in the US do not pay out jackpots in lump sums. The "jackpot" is for typcially a 25-30 year payout. Otherwise you get about half. See the company that runs Powerball doesn't have $232 million to pay out right now. It only has about half that. That why you only get half as much when you take lump sum because that's the amount they actually have. If you take the yearly pay out then you get basically 1/30 of the Jakcpot ( not really exactly that, but I won't complicate things further ) the rest gets invested and the interest earned on that money is enough to make it come out to $232 over the next 29 years.

And yes in the states you HAVE to pay taxes on your lottery winnings.

yahoo need to learn math. I'm not sure where they get it's $88 million,

Ok Jackpot $232 million. Lump sum is about 51% so that's $118 million. Highest tax bracket in US is 35%. So 65% of $118 million is about $77 million. That's not counting any potential state taxes.

yeah but whats $50 million canadian worth? a few grand US... :1orglaugh

Winner, SD? :1orglaugh:1orglaugh

Guy is about 4 hours from me. Their poverty level up there is TERRRIBLE. Granted he is on a ranch and not the actual reservation that accounts for the poverty things are still pretty bad. Though it was cool when I read an article earlier when he said he was busy earlier in the week bailing hay and working on tractor rather than claim the ticket then.

Winner has some of the best pheasant hunting in the country if you are into that type of thing.

thanks for the info Sosa .... sounds like he really deserved a win!! :thumbsup

I think it's funny that the winner got the ticket from Winner. :thumbsup :1orglaugh:1orglaugh

luckyyyyyyyyyyyyyyy

good for him

the redneck retirement plan prevails!

You don't get "half", you get whatever the current market price of 30 years of payments is... it depends on numerous factors including current interest rates etc...

basically what happens you win 232 million, which really is something like 600k/month for 30 years... then the lottery winner sells that prize to a 3rd party for whatever they are willing to pay... :2 cents:

What is seriously fucked up is that you have to pay taxes on a winnings from a government run lottery.

Congrats to him though, hope he doesn't blow it all.

I'm trying to keep it simple, but most of the time it's close to half. For example this week's jackpot is $34 million the lump sum payout is $16.5 mil. Close enough to HALF in my book. I mean unless you want to quibble between 48.5% and 50%. Now STFU already

In case you need proof

http://powerball.com/

Powerball isn't run by the governent. Even if it was yes you have to pay taxes on winnings because it's INCOME now isn't it? How is that fucked up?

First thing he should buy back is that trailer. It's lucky for some reason.

Exactly!..

:thumbsup:thumbsup

well done him. looks like he needed the money.

good for him!

That i some pretty much money.He will enjoy for sure

Big money to little brain ... how Un-american.

damn, congrats for him

thats sad u win 212, but only get 88
WTF