Countless people dream of winning ‘big’ in the lottery. But when talking about the million-dollar-plus jackpots, only a small, rarefied group of people can actually lay claim to having accomplished this masterful feat.
As the dollar amount of multi-state games’, e.g., Powerball and Mega Millions, jackpots continue to balloon, players buying tickets in droves are keenly aware of the life-changing amounts at stake.
Whether it be through a diversified portfolio of investments, sizable donations, and/or the purchase of high-priced ticket items, despite having to contend with taxes, big million-dollar-plus jackpot winners (‘BIG winners’) are in a highly enviable position to decide the best way to use their winnings.
Take, for example, some of the ‘BIG winners’ of late, who, buffeted by the largesse of their winnings and help from attorneys/financial advisors, have created their own unique blueprint for moving forward.
By spotlighting the following three big jackpot-winning individuals, we aim to showcase the diverse approaches big-ticket winners have taken following their historic payouts:
Family, animal welfare, & humanitarian efforts
Kelsey Zachow, 2014 - Michigan - Mega Millions $66 million (lump sum cash prize take home $24 million)
After playing for five years every Tuesday and Friday like clockwork, Zachow ironically won on what was a February 13th drawing.
On TikTok, she shared, “I started playing the Lottery because of the chance to win millions. I always dreamed about winning and what I would do with the money, and now that dream is a reality.”
Wanting to be smart with her winnings and having watched shows depicting past winners who lost it all, she said that it was important for her to speak with an attorney and financial advisor before coming forward. It was then she said, “We now have our ducks in a row and can have fun.”
Fun–as she referred to it at the time- turned out to be far a more practical plan of action: purchasing a new vehicle for her and her boyfriend’s daughter to get around town and, in a broader sense, ensuring the welfare and care of her family.
Also, following her win in 2014, as an extension of her personal passion for horses and humanitarian endeavors, she created the Reitz Family Fund. Named after her grandmother, Ruth Reitz, the Fund’s mission, ‘To reflect and impact societal concerns that span generations’, has supported a series of nonprofit organizations whose efforts are to address such issues as:
- Abused, discarded, or homeless animals.
- Low-income, abused, or neglected children or those in the child welfare, juvenile justice, or foster care systems.
- Persons who are terminally ill or in need of patient/consumer support services.
- Senior citizens.
Of her lottery-winning experience, Zachow advises future winners to “Be smart and Stay humble.”
Pride & ownership
Rick Knudsen - 2014 - California - Mega Millions $180 million (lump sum cash pay-out take-home $80 million)
Being a former construction executive, Rick Knudsen knew a thing or two about the development and rehabilitation of houses. Hence, after his significant win of a considerable sum of $26 million, Knudsen purchased, while it was still under construction, the mountain-top mansion known as Eagle Crest Mountain Estate in San Bernardino County.
As was stated in the listing, which touts the value of ‘owning your own mountain, “The five-bedroom house featured a 4,100-square-foot six-bay garage and carport, a three-story elevator, a 17-seat theater with a George Lucas sound system, a fully-equipped gym, a wine cellar, its own water source, sustained internet, and solar power system.”
After work on the site had been completed, in a move to expand the grounds, he purchased additional land for a total of 865 acres so that he could build a restaurant-Knudsen’s Oak Glen Steakhouse and Saloon with a neighboring buffalo farm, a caretaker’s house, and two barns.
With the assistance of his son as manager, the eatery, known for its weekly Sunday brunch extravaganzas and ranch-grown meats, serves as a communal hub for the citizens living in and visiting the area, not to mention a source of pride for the family and for Knudsen who was able to bring both his dream of living on a mountain-top and building something sustainable for his family to live.
However, as the first couple featured on HGTV’s ‘My Lottery Dream Home,’ Knudsen’s dream to own a mega-mansion mountain home in Southern California was short-lived. In 2018, on account of his son’s medical condition (congenital heart disease) and the urging of his cardiologist, he put the piece of real estate on the market to move to a lower-level elevation.
Property, property, property
Edwin Castro, 2020, California, Powerball $2.04 billion (largest jackpot in history), lump-sum, cash pay-out $997.60 million
In February 2023, Castro won BIG, and since then, he has been reported as ‘Living Large’ and buying expensive properties throughout California. For a grand total of $76 million to date, Castro has purchased three multi-million dollar homes: $4 million, $26 million, and the latest of which set in Bel Air has a price tag of $46 million.
The Bel Air home, by anyone’s standards, is decadent and top-level living. Stand-out features in the six-bedroom home include a massive swimming-pool-sized koi pond, an infinity pool, a glass-walled wine cellar, a full-size home theater/screening room, DJ turntables, a champagne tasting room, and a suspended glass walkway.
In addition to adding houses to his portfolio, Castro, who is also said to be a big fan of the local LA nightlife scene and vintage automobiles, can often be seen driving around the Hollywood Hills in his new wheels, a recently purchased 1986 Porsche 911’ which set him back a ‘mere $250,000.’
Yet, aware of the bigger societal implications of his monstrous-sized win, Castro reportedly stated in a prepared statement when he first won the lottery, “As much as I am shocked and ecstatic to have won the Powerball drawing, the real winner is the California public school system.”
Have a plan & spend wisely
As all three of the lottery winners profiled demonstrated, ‘Winning big’ in the lottery certainly has the potential to make one’s wildest dreams come true.
Yet, on the flip side, all dreams are not paved in gold–for there will always remain the elements of realism and humanism where you cannot control all the outcomes.
Should you ever be so fortunate to be counted among the ‘Big Jackpot Winners,’ you may want to bear in mind those wise words Kelsey Zachow said upon winning. “Be Smart and Stay Humble.”
Easy to say, but as you can tell from the stories of previous ‘Big Winners,’ it is not always so easy to do in the real world, especially when one goes from a negative bank account to one with a balance well into (or even beyond) the seven-figure range.
All of a sudden, big winners have doors open to them that were previously closed. A good problem to have - no doubt.
Yet, should you ever find yourself the sole recipient of a high-stakes jackpot, a little financial planning and forethought will surely go a long way in ensuring your unexpected good fortune is there to see you through the long journey ahead.
