Stories of lottery winners squandering their winnings?

I’ve heard people talk about how it’s not all that uncommon for lottery winners to completely squander their windfalls because they are poor money managers. I’m looking for a book that goes into depth examining some of these cases. So far all I have found on Amazon are either fictional tales that don’t really get at what I’m looking for anyway, or guides for what to do when you do win the lottery. (considering how few lottery winners there are overall, you’d think those wouldn’t be big sellers… I mean, nobody would buy something like that before they won the lottery, right? :rolleyes:) I’ve also tried Google and found some news stories but not really the detailed sort of account that I want.

Can anyone point me in the right direction?

The most well-known example here in the UK dates back to the 1960s and concerns Vivienne Nicholson. I thought there was at least one book written about her story, but I haven’t been able to track it down online. There is an official website about her life and story, and there was a musical written about her as well. Warning: if you click on the website you will be exposed to one of the songs from the musical, and to some truly horrifying page design.

Here’s a website about such people:

http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/8lotteryWinnersWhoLostTheirMillions.aspx

Here’s the Wikipedia entry about a lottery winner who didn’t lose his money but managed to screw up a lot of people:

My SO knew a guy in Germany who won about $1 million in the lottery in the early 1970’s.
He bought a Mercedes limo, bought a new condo, and then invested most of the rest of the money in his lover’s printing/publishing company. Oh yeah, he also bought lots of gaudy jewelry and took a few vacations.
Fast forward ten years. Business went belly up, he had to sell the jewelry and the Mercedes to pay bills. Plus, he had to go back to work. Luckily - the condo was paid for and he kept that until the day he died. It was his only wise investment.

While I was living in Germany, there was a great article in Stern (a German magazine) about German Lotto winners. Most blew the money quickly, and stupidly; expensive cars, buy a bar, scammed by family and friends, etc.

One nice story - an elderly woman asked her granddaughter to go buy her lottery ticket, as it was cold and lots of snow. After she gave her the money, grandma figured her granddaughter would forget or buy candy instead, and she went out in the cold and snow after all and bought her ticket. There were three winners that week - one guy in another town, and grandma - plus the ticket her granddaughter did indeed buy for her - that woman got 2/3 of the jackpot because she had two winning tickets.

Another story was when the jackpot in Germany was rather high…as usual, they split it by the number of winners. That week, over 200 people won! It was a disaster for the winners - before waiting to see how many people won, many quit their jobs, bought fancy cars and then - when it came out that so many won, instead of getting millions, they wound up getting about $50,000 each. Not bad, but not worth quitting jobs and buying expensive cars. So, how did it happen that over 200 won? Most of those who won lived on the border of Holland and Germany…Holland had their lottery drawn on Fridays, and Germany on Saturdays. It seems many Germans simply picked the winning numbers in Holland to play in Germany the same week! Over 200 people used this “method” to pick their numbers - the good news is that it actually worked once, but the bad news…

Finally, my story.
I worked every summer in Switzerland. Before I left for the summer, I played my lottery ticket in Germany and gave it to my SO. Off I went.
Two months later, I returned from Switzerland and SO and I were headed off to the USA for a six week vacation. I had two days in Berlin. Looking through my huge stack of mail, one letter was from the German Lottery asking when I intended to stop by and pick up my winnings.
My SO had no idea what the letter was about. In Germany, on lottery tickets, you can put in your name and address when you buy the ticket…not everybody does it, but I always did.
So, day before our trip I go to the lottery office.
I had 5 out of 6 numbers - I won $3,500!
I had put both his name, and mine, on the ticket.
The woman at the lottery office said, “Where is your partner?”
“In the car downstairs - he was the one who lost the ticket. That’s why I am here so late.”
She laughed and said, “Fine - then YOU get the money!”
She paid me cash.

Michael Carroll is probably the most recent known British example.

Hey, if you’re going to piss away a fortune, “cars for demolition derby races in his back yard” is certainly the way to go about it.

Jack Whittaker is probably the most famous example of someone who won the lottery and then had their life go to hell. You may remember, he’s the guy who in 2002 won $300 million, at that the largest lottery jackpot ever. But he insisted on making a spectacle of himself, and his trouble apparently started when he walked into a strip bar and flashed a suitcase full of money (you’d figure the first rule of lottery winnings would be not to go around flashing hundred dollar bills, but to each his own I guess). He ended up getting robbed. Then people came from all over to his little town in West Virginia to hit him up for money. The worst of it was when his granddaughter died of a drug overdose.
Last I heard, his wife had filed for divorce and he was getting sued by some casino for bouncing over $1 million in checks.

There’s a timeline here that has a bunch of snippets regarding lottery winners. Since it’s the Rotten Library, I’d have discretion about clicking around to other links if you’re at work (but the page I linked to is safe).

Also, the E! channel had a show whose topic was exactly what you’re looking for – stories of how the lottery ruined people’s lives either by their own causing or otherwise. It was called True Hollywood Story: THS Investigates: Curse of the Lottery. It was pretty interesting and long (2-3 hours maybe?). The next time they’re airing it is apparently April 6th: E! Entertainment Shows, E! Schedule - E! Online

Whittaker’s story is told here It dates from 2005 so times may have changed –for the worst considering this guy’s antics. And while he didn’t exactly blow the whole wad at the time of the writing, he seemed like a class A-asshole and hitting the Powerball jackpot simply amplified the worst in him.

You may also want to check out the documentary “Reversal of Fortune” Wiki link in which the film’s producers give a homeless man a briefcase full of $100,00 in cash. What happens? Well I’d say it’s what you’re looking for based on the OP.

This American Life did a story a few months back about a guy who worked for a company that specialized in getting lottery winners to sign over their annuities in return for a one-time cash payment.

They said this business worked because of all the problems lottery winners often have.

That is kind of odd. As far as I know, most every lottery - if not all of them - already give you the option of taking the annuity, or taking the cash value. Can’t imagine there is much business left for that guy to work with.

Most people opt for the cash payment - and those few who take the annuities are usually younger people who figure a nice check every year for 20 - 27 years isn’t a bad idea. Maybe a few of those few later change their minds?

I would take the cash settlement option. The annuity from a lottery organization might be a good thing, but I would rather have the cash than the promise of cash

Well, if you read French, you might try Les Lavigueur, by Yve Lavigueur, written in 2000. A relatively poor Montreal family wins 7 million in the 1980s and the train wreck begins. I haven’t read the book, but apparently it’s at least partially an attempt by the father of the clan to tell the true story of what happened, since everybody else, from reporters to humorists, had already taken their crack at it. It was the basis for a 2008 TV series that was fairly well-received. Some people, notably those who were ripped in the TV series for having accelerated the clan’s demise, claim the series is full of inaccuracies. The whole situation was pretty brutal, with an awful lot of people delighting in the meltdown, and I don’t think anyone has written the definitive history of this one.

Wiki link. What a heartbreaking story. Mother had died of a heart attack, father had been unemployed for a long time, two children died in infancy of heart problems, and an unemployed Good Samaritan brings back the father’s lost wallet with what the other guy knows is the winning ticket in it. Looks like there were five family members alive at the time of the lottery win and only two are alive today.

Once on vacation in Canada (probably 14 years ago) I watched a CBC documentary about some woman (I think from one of the prairie provinces) who won the lottery and managed to blow it all. She did really stupid things with the money. She lived in a lower middle class neighborhood. Instead of moving to a nice house in an upscale area, she had her old house made-over - imported marble- gold fixtures. But since it was in the old neighborhood it was totally unsellable. She also had a super-generosity streak and bought a whole bunch of people nice cars. Basically pissed the money away and then complained that no one told her how to handle money.

Court report from the local paper, a week or two back: woman who won £140k on the UK lottery is in court for still claiming benefit, about £2000 all told. She can’t pay it back because the £140k has gone on domestic bills… and fruit machines. :smack:

The story was aired more than a few months ago. It’s original air date from the web site is 4/6/07, and IIRC, the guy is talking about a job he had a decade or so before that. He’s written a book about it, too: Money for Nothing.

I heard a story years ago about a guy in, I think, Florida, who won the lottery and then gambled it all away and was found dead in a dumpster within a few years. I can’t find any mention of it on-line though, so now I’m thinking maybe it’s apocryphal.

What in the hell is a fruit machine?

These stories pop up on E! as investigatory documentaries. Some of them are quite sad, because you want to shake the people and say, “What the hell were you thinking??”