23-year-old SD rancher claims $232.1 Powerball win

[depakid]

Source: AP

PIERRE, S.D. (AP) — 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.

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

Wanless said he intends to use the money to help those in need. "My family has been helped by the community and I intend to repay that help many times over." He told lottery officials that since winning, he has spent his time preparing to bale hay and doing other jobs around his family's ranch.

Wanless said he intends to continue ranching, albeit on a larger plot of land. He said he recently told his horse, Eleanor, that "It'd be nice if we go for a longer ride than usual on a bigger ranch of our own."

Read more: http://www.google.com/hostednews/ap/article/ALeqM5gWbI9QCWR7t4W39IRcYToshKTT-gD98KN1DO1

[YOY]

1. Welp...it went to someone who needed it.

Nice when that happens.

[maxsolomon]

3. there were others who needed it

88 million could go a long way towards helping 88 times as many people.

but, good for the kid.

[DissedByBush]

26. It will, no matter what

He'll buy more land, the former owner will get the money and spend it.

He'll need more workers for his new larger ranch.

He'll buy trucks that were made by workers.

He'll invest it, and it'll get invested in companies to help give them capital to hire workers.

All that will happen even if he doesn't give away a dime.

[YOY]

31. IF he's smart he'll do that.

or it could go to someone who sells his house, sits on his asss, invests his money into overseas stocks and it doesn't do bupkiss save live off of the profits.

It doesn't always help.

[brendan120678]

2. Cool. Good for him.

Hope they spend it wisely (not that it is any of my business though).

[Posteritatis]

4. Welp, he's doomed

If I won one of those I'm pretty sure I'd have to change my identity and flee the country just to get away from the amount of harassment that he's going to be getting.

[Cal Carpenter]

5. I'm pretty sure you can claim the winnings anonymously

through a blind trust or something (I read that in an article about all the big lottery winners who have ended up in a gutter). I can't imagine why anyone winning so big would want the publicity.

You may be right, he may be doomed. Rich, but doomed.

[joshcryer]

15. He used the wrong words when he said he wanted to "give back."

People are already writing this guy letters and trying to find him.

[Posteritatis]

16. Well, really, he used the wrong words when he identified himself (nt)

[joshcryer]

21. All winners are publicy identifable.

Taxes and all.

[Cal Carpenter]

27. I'm under the impression you can form a trust of some sort

and claim your winnings that way. Taxes are paid by the trust, not the individual, so they don't have to be identified.

I'd imagine in a case like this word would get out eventually though regardless.

[A HERETIC I AM]

30. Damn straight you can and that's exactly the way to do it.

Hire a lawyer, form a trust and send the attorney to pick up the check in the name of the trust. You meanwhile disappear for 6 to 9 months on a boat or island somewhere, because as mentioned by others, family and old friends will come out of the woodwork with their hands out.

You need to be no where to be found until things calm down.

[No Elephants]

44. Each lottery has its own rules, I guess.

[24601]

60. Some states/drawings let you maintain anonymity

Usually, their lawyer shows up, accepts the check, makes a short statement and rides off into the sunset.

There is no way that I'd want to be publically identified. That just invites threats against family members.

http://www.lotterypost.com/news/194766
http://www.wjla.com/news/stories/0509/618654.html

[CLANG]

36. The powerball winners names are public information

[Cal Carpenter]

37. A quick google gets me a WaPo article saying the opposite:

---snip---

But the winner kept his distance. He dispatched his attorney instead, choosing to remain out of the public eye.

The attorney, David Wilmot, did little to enlighten things. He offered a thumbnail sketch of the winner, an 82-year-old widower from Southeast Washington with 10 children and 47 grandchildren and great-grandchildren. He is a lifelong District resident who "works in his community," Wilmot said.

In addition, Wilmot said, the winner hoped to be able to maintain his privacy, keep from being overwhelmed by publicity and go on with a normal life. "He wants to remain anonymous," Wilmot said. "I have to respect his wishes about privacy."

Technically, the $79.6 million lump sum goes not to the man but to Rockson LLC, a limited liability company. Lottery officials said such a partnership permits the winner to protect his anonymity.

"He does not have to appear in documents," Wilmot said.

more...


http://www.washingtonpost.com/wp-dyn/content/article/2009/05/04/AR2009050402008.html

[No Elephants]

46. That lawyer gave away way too much, IMO. Someone who really wanted to find the winner may be able

to that from that info. I would not have said anything, but grandfather, over 75, if that.

I guess you have to read the rules of each lottery, if it's important to you.

[zonkers]

63. If that lawyer was a good lawyer he could have made the whole grandfather story up. We don't know.

[defendandprotect]

47. Wouldn't it be better to have 232 millionaires rather than one $232 million winner?

Back some way as the pots became so big, we heard stories of wealthy people

pooling and playing most of the combinations of numbers.

Is all of this honest?

[snooper2]

64. Nope, it's all a big scam done by about 1203 people

:rofl:

[CLANG]

56. I guess it depends on the state

Here in Wisconsin is the answer from the WI state Lottery site:


Q: Can a winner remain anonymous?

A: Not in the true sense of the word. Wisconsin has what is called an "open records law." In short, virtually any piece of information state government produces or controls is available to any organization or person requesting. The statutes are specific however, in determining what individual information may be subject to this law. Only information "in the public’s interest" may be released by a government agency. What this means for Lottery winners is two-fold. One, it has been determined that it is in the public’s interest to know there have been lottery winners, as the proceeds of the Lottery are for public use (property tax relief). Two, the Lottery, upon request must release the name of the winner and that person’s hometown. Any other information about the winner, future plans or background information will be released only with the winner’s consent. Likewise, the winner may or may not speak to the media—it is not required, nor can it be prevented.

http://www.wilottery.com/faqs.asp

[Lorien]

39. I've read the same thing. A blind trust is the way to go

sounds like this young man just didn't know any better. It sounds like his heart is in the right place, but I'm afraid that he's in for some rough times and may end up with little in the end. I've read about quite a few lottery winners whose lives were ruined by their "good fortune". If anyone here ever finds themselves with a significant lottery win (which on it's own is a wonderful thing) contact a reputable attorney and set up the trust before contacting lottery officials!

[bluestateguy]

17. Yep

People who win these things have to be very careful. You get "friends" coming all out of the woodwork, people who you haven't spoken to in 20 years, and scammers write you letters claiming to have a child dying of leukemia, and gosh, if we don't come up with $200,000 for the surgery he will die.

[Mythsaje]

6. I've considered what I'd do

(not likely, since I don't PLAY the lottery), but I'm addicted to modest means... I've been terribly poor and I know how much of a boon it is just to have enough to be moderately comfortable. Excess disgusts me. I'd reinvest as much as I could into things that would help as many people as possible. It's good that he wants to help his neighbors, but I'm not sure that's enough.

[givemebackmycountry]

7. WTF! You win $232.1 million and after taxes you get $88.5 million?

"The gub'mint, she do take a bite!"

From my favorite movie, Raising Arizona.

[depakid]

8. You do if you take the lump sum option

[Blue_Tires]

9. well, he also took the lump sum

the annuity would have worked out to be more...

[Kittycat]

10. He chose the lump sum payment vs. lifetime.

That's why it's not as much. Then taxes of course.

[CANDO]

11. Lump sum option pays half of total jackpot minus taxes.

He actually got 116 million minus taxes.

[Synicus Maximus]

13. He had 2 options

He could take it as an annuity and have the $232 million paid out over about 30 years or take it as cash which is typically about 60%,
say about $130 million, then comes the taxes so he ends up with $88 million.

[truthisfreedom]

24. Better to take the immediate pay option. The lifetime payments are streched out over a long, long

period.

[Posteritatis]

29. Well, when you're twenty-three.. (nt)

[Recursion]

48. Actually, at 23 the annuity can be a good deal

But if he wants to buy the farm (as it were) the lump sum is probably better.

[benh57]

54. lump sum is always better

Even at 23, the lump sum is ALWAYS better... presuming you are smart with the money, it will return far more when invested over the same time period.

[Psephos]

59. Wouldn't be a good deal in the coming years of inflation eom

[spooky3]

45. I love that movie. I'm really glad to hear this rancher and his family

won and will help the people who helped them. I hope he gets a good financial team who will keep the money and the family safe from people who want to take advantage of them.

[kestrel91316]

12. Kewl. He gets to keep ranching, in style. Good for him AND his community.

[AlbertCat]

14. Shouldn't he give that $$$ to AIG? They need it!

I guess he will next April anyway.

[PfcHammer]

18. Let the chaos begin

[Odin2005]

19. Awesome! He sounds like a nice guy!

[oxbow]

20. Mr. Wanless Won in Winner?

Kewl...I guess it's the Universe's way of saying, it's not who you are, it's where you're at... :hippie:

[mamaleah]

22. He needs to change his name or disconnect his phone

because everyone who thinks they may be his "kin" will be calling.

[truthisfreedom]

23. No kidding. A huge winner here in Minnesota a few years ago was the accountant

for a local music store where one of my best friends worked. He was close with everyone there... had to change his phone number and move immediately because everything went apeshit after his prize hit the news.

[mamaleah]

25. If I won

I'd buy myself a plane ticket for a few weeks out. Make my plans, go collect my winnings, hop on said plane and disappear. Only the family and friends who have ever been there for me would see a dime. The rest could go pound sand.

[JI7]

38. do the winners of these things have to go public ?

i'm sure people will find out the winner in some way, ,but do they have to do things like hold those stupid public announcement events ?

[Lorien]

40. No. See post #37. nt

[Name removed]

28. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[Toucano]

32. Congratulations,Mr. Neal Wanless.

PM me, PLEASE!!!!!!!

LOL!

[Ptah]

33. I hope he will support programs like 4-H

[Frank Booth]

34. This is a nice story. Here are a few more details:

Dave Assman, who owns farmland next to the Wanless' ranch, said he's happy they won't have to worry about money again.

"They've been real short on finances for a long time," Assman said. "They are from real meager means, I guess you'd say."

[Canuckistanian]

35. The OP title makes it look like $232.10

That little "m" makes quite the difference.

[Algorem]

41. Neal Wanless?Wasn't he the guru of that horse-raping cult?

[Brooklyns_Finest]

42. Does anyone ever take the annuity?

The kid is only 23 years old. I know the whole "current vs future value" of the money arguement, if history shows that most of these people blow their money. Wouldn't it make sense to take a set annuity on a yearly basis? $200 milion over 20 years is $10 million a year. After taxes, they might come out to $6 million a year. I think that would be a pretty sweet deal for the next 20 years. Who needs more than $6 million a year to live GREAT? If he dies, I think the winnings will go to a designated family member, so he is covered on that end.

Then again, if a state is facing financial difficulites, can they choose not to pay out the money? Also, tax rates might fluctuate and the value of the dollar might change as well.

If I won the lottery I would help out my immediate family (mth, fth, brth, sist) and that is it. Nothing special, by them moderately priced homes and a basic car. Besides that, no one gets nothing. I would probably move overseas for a few years.

[Posteritatis]

57. I've never heard of anyone taking it (nt)

[Hawkowl]

61. No guarantee

I agree with your reasoning but, who says the lottery agency won't run out of money and cut your payout in future years? Managing $88 million would be a very great burden indeed and I hope he is able to get some help and improve his life. He sounds like a real nice guy. Though I don't own a ranch, I've said the very same thing to my horse!

[Endangered Specie]

43. Heres some tips on how to keep from being ruined by winning the lotto:

http://www.rotten.com/library/culture/lottery-winners/

[bitchkitty]

49. Feel good news!

Hope springs eternal - next y'all will be reading about a 54-year old disabled woman on social security...

[JackRiddler]

50. 88.5 million - they should at least have the right sum in the headline.

One of the many scams around lotteries is the lie about the amount actually paid out.

[Blue_Tires]

51. it always seems like someone other than me wins it

:silly:

[RantinRavin]

52. I bet the high school hottie

that used to laugh at him will suddenly be looking for a date.

[Arkana]

53. Mary mother of God.

He'll never have to worry about money again.

[Blue_Tires]

58. you mean he and the next half-dozen generations of future descendents

will never have to worry...

[carlyhippy]

55. and he's cute, too....Eleanor will have to step aside for the young filly golddiggers who will ensue

hope he keeps his head when all these little gals try and snag him.

[Hassin Bin Sober]

62. Where does one deposit a check that large?

With my luck, I would deposit in my Citibank account and they would go belly-up before I could split it up. Turning 88 million in to 250k.