Lottery Winner Buys Bikes
An Idaho Powerball jackpot winner decides to spend his money wisely instead of splurging it all on a solid gold house and a rocket car.
Brad Duke, 34, a manager for five Gold’s Gym franchises in Idaho, pocketed a lump sum of $85 million after winning a $220 million Powerball jackpot in 2005.
He does not want to end up like most Powerball winners in the past who would quickly run through his money. Instead he smartly assembled a group of financial advisers to help him achieve more wealth through diversified investments. He did not splurge on much. The first indulgence was a trip to Tahiti for him and 17 of his closest friends. After that he bought bikes including as $12k BMC! This is especially cool when you consider that he bought a 2002 Jetta worth $15k. So he basically has spent more on cool bikes than a new car. No shocking green Lamborghini for this lotto winner. Just a red and black BMC Time Machine perhaps?
You had to have treated yourself to something.
I bought bicycles. I’m probably own upward of 17 bikes. I also bought a 2002 Jetta. I gave my 2005 Jetta to my nephew. So it’s the exact same car except for his is white and mine is black.
Here is a list of his investments:
# $45 million: Safe, low-risk investments such as municipal bonds
# $35 million: Aggressive investments like oil and gas and real estate
# $1.3 million: A family foundation
# $63,000: A trip to Tahiti with 17 friends
# $125,000: Mortgage retired on his 1,400-square-foot house
# $18,000: Student-loan repayment
# $65,000: New bicycles, including a $12,000 BMC road bike
# $14,500: A used black VW Jetta
# $12,000: Annual gift to each family member